Definition
A Registered Investment Adviser (RIA) is a firm registered with the U.S. SEC under the Investment Advisers Act of 1940, subject to full disclosure, compliance, recordkeeping, and examination — distinct from exempt reporting adviser status.
Key Points
- Exempt reporting advisers face AUM/strategy caps (e.g., VC or private funds under $150M)
- Full RIA registration lifts those caps and increases regulatory obligations
- securitize Capital LLC became an RIA effective July 22, 2026 (announced July 27)
- Policy context: Commissioner Peirce (July 22) noted certain crypto vaults/lending may implicate adviser rules — contextual timing, not proven causation