Last week the Wall Street Journal published an article, “Firm Tied to Cryptocurrency Entrepreneur Faces SEC Investigation”, in which SALT was referenced. Since its publication, there have been many iterations of the article across different media outlets, all with varying degrees of accuracy. In light of this press, we thought it would be helpful to provide the community with useful information about SALT.
Dedication to Smart Legislation and Regulatory Cooperation
As many of you are aware, since 2017, the SEC has commenced investigations into many high-profile crypto currency companies, generally requesting information to determine adherence to law, as well as to better understand the industry and the need for regulation. It is our policy not to comment on particular regulatory inquiries, including any involving SALT.
Early stage companies often have the big responsibility of helping educate and collaborate with a diverse group of stakeholders. They are often called upon to adapt when in uncharted territory. SALT is contributing in many ways to help develop legislation, standards and education with the goal of responsible and informed business practices and consumer protections. Specifically, on a local level, SALT’s Co-Founder was appointed by Governor Hickenlooper to the Colorado Council for the Advancement of Blockchain Technology, a committee of industry and legislative leaders charged with creating a framework to guide lawmakers in creating smart legislation for SALT’s home state of Colorado. Additionally, on the international stage, SALT’s Co-Founder and Director of Global Strategy is an active advisor to the Organization for Economic Cooperation and Development (OECD), an inter governmental body that provides a form for the creation of standards across the world’s 36 largest economies.
Like many growth-stage companies, we’ve made necessary changes to management in recent months. Along with saying good-bye to several executives, SALT has added four executives with corporate backgrounds and deep functional expertise including Bill Sinclair as Chief Technology Officer and Interim President and CEO, Eric Spencer as Chief Financial Officer, Jennifer Nealson as Chief Marketing Officer, and Amanda Darby as Chief Legal Officer. Bill has over 20 years in technology while Eric, Jennifer and Amanda each have over 20 years in Financial Services and deep lending background. The work they have done, along with the other senior executives, has helped the organization focus on key strategies for growth, understand the legal and regulatory requirements and create process and controls to operate more effectively. We are confident that SALT has the right expertise and resources in place to pursue its vision, not only in terms of growth but in terms of continued innovation.
Ongoing Commitment to Security
Security is a top priority at SALT, especially as it relates to the safety of our customer’s assets and personally identifiable information. SALT maintains an insurance policy to cover loss and theft of cryptocurrency assets. The Company recognized the importance of security in the early days and has improved protocols. To date there have been no losses to investors or customers. To learn more about the security measures that have been put in place, refer to the recent blog.
Best-In-Class Technology Platform
SALT has built and continues to improve its Technology Platform. From the margin call system to the LTV monitoring and portfolio valuation, we stay true to our roots as a technology company. We thank the incredible team of engineers who have dedicated themselves day in and day out to keep the Platform evolving for our loyal and prospective customers.
SALT is a healthy, growing company and has matured significantly in 2018 as the result of intentional improvements and innovations. We are proud to be the category leader and thank our loyal community for using our services and supporting our efforts.