⚖️ The SEC has charged Galois Capital, a cryptocurrency-focused advisory firm, with violating custody rules and misleading investors on return notices. They held crypto assets in non-qualified custody accounts, leading to significant losses during the FTX collapse, losing about half of their assets from early to mid-November 2022. Galois Capital settled by paying a $225,000 civil penalty and agreeing to comply with SEC orders to prevent future violations of the Investment Advisers Act.