Brokers have been trying to bring insurance to the Wild West of crypto. The industry is finally starting to listen.
The hottest service right now by far, however, is known asA D&O policy can cover claims made against directors and key managers from regulators, investors, employees as well as third parties.
Gdanski describes this as the “Gensler effect”, referring to the Securities and Exchange Commission chair Gary Gensler. He explains that if Gensler were to wake up one day and sue a significant number of crypto companies that would be a massive hit for the insurance companies. “You're actually, in many cases, preventing some of the high quality, high calibre, risk minded veterans of various industries joining crypto companies, because there is no D&O insurance,” Gdanski said.“When we were getting insurance — again, SEC regulated, large, profitable, have a high level of big-name advisors around us and things like that — it was very expensive,” said David Siemer, CEO of Wave Financial, describing how only three out of 50 companies would bid on the policy.
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