The SEC has published a "Dear Issuer" letter, directing companies that have issued securities to consider whether they should update their disclosures.There's been a widespread fear of contagion in the crypto industry, and it's bad enough that some worry it could spill out into the rest of the economy."Companies with ongoing reporting obligations should consider whether their existing disclosures should be updated," a preface to the letter states.
The actual letter spells out a long list of ways that a company might be exposed, such as having a shaky custodian, underwriting or other material threats. It also addresses things like steps taken to safeguard the company, and notes: "The sample comments do not address an exhaustive list of the issues that companies should consider."The SEC seems to be saying that companies with funds stuck on platforms with a liquidity crunch — such as FTX, Genesis, BlockFi or Celsius — should probably disclose it right now.
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