Subject: Crypto Holdings and Trading Disclosure Policy
Hi everyone! I’m starting work at Fidelity in about two weeks and wanted to clarify the company’s policy regarding cryptocurrency trading. I understand that I need to disclose any brokerage accounts with other firms, but I’m unsure about the rules surrounding crypto, as it seems to fall into a bit of a gray area.
Since cryptocurrencies aren’t classified as securities, I’m having trouble finding specific guidance in the employee handbook or other materials provided to me. My intention is to casually buy and occasionally sell some crypto—will I need approval for each transaction? I realize this might be best addressed by the compliance department, but I thought I’d reach out for any insights. This is my first role at a brokerage firm, so I’m still learning the ropes! 😅 Thanks!
One response
Congratulations on your new position at Fidelity! It’s great that you’re being proactive about understanding the policies before you start.
You’re right that the rules around cryptocurrency can be a bit murky since it doesn’t fall under the same regulations as traditional securities. However, many firms, including brokerages, often have their own internal policies regarding employees trading in cryptocurrencies, particularly to avoid conflicts of interest and ensure compliance with relevant laws.
It’s a good idea to check in with your compliance department for specific guidance, as they will provide the most accurate information regarding disclosures and approvals needed for trading. Even if crypto isn’t classified as a security, many companies still require employees to disclose their holdings to maintain transparency.
In general, even if you’re just casually buying and selling, it might be necessary to inform your employer about your activities, especially if they involve any substantial amounts. So, reaching out to compliance beforehand is definitely the best course of action. Best of luck with your new role!