The RIA Digital Assets Council, based by Ric Edelman, has acquired JV Events Group, which owned the Digital Asset Strategy Summit. JV’s founder and CEO, Don Friedman, who’s additionally co-founder of Inside ETFs, has turn into the council’s president.
The acquisition establishes the council because the “go-to” supply for monetary advisors keen on studying about blockchain and digital property corresponding to Bitcoin, in keeping with Edelman, who’s additionally the founding father of Edelman Financial Engines.
Before forming JVEG, Friedman co-founded Inside ETFs, the world’s largest ETF convention.
“It’s clear that blockchain and digital assets are not going away,” Edelman advised ThinkAdvisor on Tuesday in an interview. “They are fast becoming mainstream, both in commerce and in the financial markets. As a result, financial advisors need to begin to understand how to incorporate these new asset classes into client portfolios.”
The firm has additionally launched a new website and plans to carry its first digital convention, RIADAC Vision, on March 4, 2021.
Edelman stated RIADAC can even launch a certification program within the first quarter. “We’ve given presentations to thousands of financial advisors over the past several years” concerning cryptocurrency, “and we’re about to dramatically increase our activities” with the brand new occasions and certification program.
“My role is to really run the day-to-day business as well as have an eye on what the plans will be moving forward,” Friedman stated within the interview.
The firm can even maintain webinars each different month and interview digital asset thought leaders each two weeks by way of RIADAC TV. The interview will likely be accessible on the web site. Another occasion is deliberate for fall, Friedman added, but it surely’s unclear if it is going to be digital.
As to the present regulatory panorama surrounding cryptocurrency, it stays “a little confusing,” Edelman stated.
“Bitcoin is not a security according to the SEC,” he stated. “The IRS considers Bitcoin to be property; the Fed says that Bitcoin is not a currency. Therefore it’s treated under tax purposes like other property,” corresponding to uncommon cash or art work.
The lack of oversight by the SEC, Edelman continued, makes the realm ripe for fraudsters. “We are hopeful that the SEC will approve of a Bitcoin ETF, because that would become a regulated security that would afford the same protection to investors that other securities provide.”
Friedman added that these within the trade see the Office of the Comptroller of the Currency’s July decision permitting conventional banks to custody crypto as “huge.”
Said Friedman: “That just keeps moving the needle forward.”
Custody and worth manipulation stay two of the SEC’s major considerations in permitting a bitcoin ETF, Edelman famous.
— Check out The One Big Question Ric Edelman Is Hearing Now on ThinkAdvisor.