Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

UK Crowdfunding Association Highlights Beneficial Policies Revealed in Spring Budget

This week, the Chancellor of the Exchequer, Jeremy Hunt, revealed the UK government’s Spring Budget. While the list of policies and changes is rather long, the UK Crowdfunding Association (UKCFA) has highlighted several changes that will benefit the industry. First, there is an increase in the… Read More

Representative Maxine Waters Hammers the Expanding Access to Capital Act

Representative Maxine Waters, the ranking minority member on the House Financial Services Committee, has issued a blistering statement on the Expanding Access to Capital Act (HR 2799), renaming it the Expanding Access to Fraud Act. Introduced into the House by Representative Patrick McHenry, Chairman of… Read More

Failed Crypto Exchange FTX Reaches Settlement with Bankrupt Crypto Lender BlockFi, Could Pay As Much as $874M

Bankrupt crypto lender BlockFi reportedly reached a $874.5 million in-principle settlement with failed digital currency exchange FTX and Alameda Research estates. This, according to a recent bankruptcy court filing. BlockFi filed for bankruptcy in November of 2022 following the collapse of multiple crypto firms, culminating… Read More

Securities and Environment Commission: SEC Adopts New Climate Disclosure Rules, Legal Challenges to Follow

The Securities and Exchange Commission (SEC) has adopted new climate disclosure rules that fall under the ESG sector [environmental, social, and governmental]. The new rules will require reporting companies to disclose their environmental impact, a process that is difficult to measure accurately and will vex… Read More

Private Intermittent Securities and Capital Exchange System (PISCES): UK Moves Forward with Framework to Trade Private Securities

The UK has proposed a framework for the Private Intermittent Securities and Capital Exchange System (PISCES), which was mentioned in today’s Spring Budget delivered by the Chancellor of the Exchequer, Jeremy Hunt. The consultation aims to establish new parameters to enable private securities to trade… Read More

The SEC’s Poorly Conceived Crypto Policy: Commissioners Peirce and Uyeda Criticize the Commission’s Slapdash Approach to Regulating Digital Assets

Reflecting on the enforcement action taken against ShapeShift, SEC Commissioners Hester Peirce and Mark Uyeda have criticized the Commission’s slapdash approach toward crypto under Chairman Gary Gensler. The Commissioners have issued a dissenting opinion on the enforcement action. In an Administrative Proceeding, it was determined… Read More

Chancellor Jeremy Hunt’s Spring Budget Delivers Mixed Responses from Fintech Insiders

The Chancellor of the Exchequer, Jeremy Hunt, delivered the Spring Budget today, and once again, there was something for everyone to like or dislike. The budget is being described as a “Budget for long-term growth,” highlighting the expectation that inflation will move lower. Hunt said the… Read More

Congressman McHenry Says Expanding Access to Capital Act  Adds to the JOBS Act, the Legislation that Enabled Crowdfunding

Congressman Patrick McHenry, the Chairman of the House Financial Services Committee, discussed the benefits of the Expanding Access to Capital Act (HR 2799). Speaking before the House Committee on Rules, McHenry said HR 2799 builds upon the success of the JOBS Act of 2012 –… Read More

Expanding Access to Capital Act (HR 2799) Goes to a House Floor Vote This Week

The Expanding Access to Capital Act (HR 2799) will go to a floor vote this week. If approved, the legislation will then make its way to the Senate for potential approval. The bill is sponsored by Congressman Patrick McHenry, Chairman of the House Financial Services… Read More

Chancellor of the Exchequer Jeremy Hunt to Reveal Spring Budget, Fintechs Share Opinions

Tomorrow (March 6, 2024), the Chancellor of the Exchequer Jeremy Hunt will reveal the Spring Budget. Will there be tax cuts? Will ISAs be expanded?  Will the inheritance tax go away? We will know soon enough. As there is an election looming, you can expect… Read More

EuroCrowd Announces Partnership with Italian Startup Association InnovUP

EuroCrowd, the pan-European assocation that represents investment crowdfunding platforms across the continent, has announced a partnership with InnovUP,  or the Italian Innovation & Startup Ecosystem association. According to a note from EuroCrowd, the partnership means that EuroCrowd will help represent Italian platforms. This is said… Read More

The Small Business Investor Alliance Strongly Supports Expansion of Accredited Investor Definition

Last week the SEC’s Small Business Capital Formation Access Committee met and one of the topics reviewed was the definition of an Accredited Investor. Once again, the Committee determined that the current definition is too restrictive, voting on expanding the definition to make it more… Read More

American Fintech Council’s Goldfeder Speaks Out on Maryland and Minnesota Proposals, Reintroduction of Financial Services Innovation Act

The American Fintech Council (AFC) last week spoke about proposed legislation in Maryland and Minnesota, while CEO Phil Goldfeder also commented on the reintroduction of the Financial Services Innovation Act. The week began with the AFC supporting the Maryland Commercial Financing – Small Business Truth… Read More

Former COO of Wirecard Jan Marsalek Was a Russian Spy, Now Lives in Russia

A payments provider and once one of the most successful Fintechs in Germany, Wirecard collapsed into a pile of allegations of fraud and misconduct. Wirecard, at one time part of the DAX and valued in the billions of dollars, became a huge embarrassment for regulators… Read More

UK to Freeze Criminal Crypto Assets Starting April 2024

The United Kingdom has taken a decisive step by introducing new legislation aimed at curbing the use of cryptocurrencies in criminal activities. Set to take effect on April 26, 2024, the updated Statutory Instrument under the Economic Crime and Corporate Transparency Act 2023 grants law… Read More

Fintech Firm Chime to Pay $2.5M Fine Linked to Customer Complaints During COVID Outbreak

The California Department of Financial Protection and Innovation (DFPI) announced that it has entered into a consent order with San Francisco-based Chime Financial, Inc.. The order, which includes “a $2.5 million penalty, resolves DFPI’s investigation regarding the accuracy and responsiveness of Chime’s handling of customer… Read More

HashKey Obtains In-Principle Approval from MAS for Major Payment Institution License Application

HashKey Technology Services Pte. Ltd., the over-the-counter trading arm of HashKey Group, has received in-principle approval from the Monetary Authority of Singapore for its Major Payment Institution licence application to provide digital payment token services. The in-principle approval from the MAS, which is described as… Read More

Senator Tim Scott Wants Capital Markets to be More Inclusive, Expand Definition of an Accredited Investor, Make the SEC More Accountable

Senator Tim Scott, the ranking member on the Senate Banking Committee, wants to make the capital markets more inclusive. In a recent op-ed, Senator Scott said his new Empowering Main Street in America Act framework would “enhance financial education programs to increase market understanding and participation,… Read More

NYDFS Superintendent Harris Secures Commitment from Gemini Trust Company to Return At Least $1.1B to Earn Program Clients

New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris announced that Gemini Trust Company, LLC has committed to return at least $1.1 billion to Gemini Earn Program customers through the Genesis Global Capital, LLC  bankruptcy proceeding. In furtherance of that commitment, Gemini… Read More

House Financial Services Committee is Investigating the FDIC Regarding Allegations of “Misconduct”

The House Financial Services Committee has announced that it is investigating the Federal Deposit Insurance Corporation (FDIC) in regard to allegations of “misconduct.” The Committee does not outline exactly what types of misconduct may be occurring but references reports of widespread malfeasance.   🚨 CALLING… Read More

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