Politics, Legal & Regulation

July 18, 2023 @ 10:23 pm By JD Alois  |  

The Australian Securities and Investment Commission (ASIC) has canceled the Australian financial services (AFS) license held by FTX Australia Pty Ltd effective from 14 July 2023. FTX Australia is a subsidiary of FTX that is in bankruptcy in US courts. FTX Australia was placed into… Read More

July 18, 2023 @ 10:13 pm By Omar Faridi  |  

On July 13, 2023, the crypto and blockchain industry got “good news” when Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that Ripple did “not violate securities law in selling its token (XRP) via public exchanges,” the… Read More

July 18, 2023 @ 4:57 pm By JD Alois  |  

The Financial Stability Board (FSB) has published its recommendations for the regulation of digital assets or crypto. The recommendations are described as follows: High-level recommendations for the regulation, supervision, and oversight of crypto-asset activities and markets; Revised high-level recommendations for the regulation, supervision, and oversight… Read More

July 18, 2023 @ 11:13 am By JD Alois  |  

Coinbase (NASDAQ:COIN) CEO Brian Armstrong is expected to meet with Democrat House members to discuss regulatory issues and the ongoing battle with the Securities and Exchange Commission (SEC), according to a report. Reuters says that Armstrong will speak with members of the New Democrat Coalition… Read More

July 18, 2023 @ 10:05 am By JD Alois  |  

Senator Elizabeth Warren has sent a letter to SEC Chair Gary Gensler requesting the Commission investigate Elon Musk and his activities with his two companies – Twitter and Tesla. The premise is that there is a conflict of interest with Musk’s involvement in Tesla and… Read More

July 18, 2023 @ 9:07 am By Omar Faridi  |  

Coin Metrics has taken a data-driven look at digital asset markets after a milestone ruling in the US Securities and Exchange Commission (SEC) v. Ripple Kyle Waters and Matias Andrade Cabieses from Coin Metrics noted in a detailed report that we’ve witnessed a significant development… Read More

July 17, 2023 @ 10:38 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have signed a Memorandum of Understanding (MoU) in order “to collaborate on a Financial Transparency Corridor (FTC) initiative.” The initiative aims “to establish supporting digital infrastructures to facilitate trade and cross-border related… Read More

July 17, 2023 @ 8:38 pm By Omar Faridi  |  

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – recently released a consultation document on its proposal to introduce a new standard condition for certain financial market license holders. The new license condition will “focus on business continuity and technology systems.” Operationally resilient… Read More

July 17, 2023 @ 10:58 am By JD Alois  |  

German financial regulator BaFin has launched an investigation targeting Blackfort Tech based in Estonia. In a consumer warning, BaFin said that the company offers banking business or provides financial and/or investment services on its website Blackfort.exchange, without the required authorization. Blackfort.exchange lists both an address… Read More

July 17, 2023 @ 9:38 am By JD Alois  |  

John Berlau, a policy expert in financial services at the Competitive Enterprise Institute (CEI), has shared his thoughts on the recent court ruling regarding the legal battle between the Securities and Exchange Commission (SEC) and Ripple along with its founders. Berlau notes that XRP was… Read More

July 17, 2023 @ 9:09 am By Omar Faridi  |  

German regulatory authority BaFin has reportedly extended measures at digital bank N26 in an effort to prevent illicit activities. In 2019, BaFin issued an order targeting N26, telling the Fintech to “take appropriate internal safety measures” for the prevention of money laundering and terrorist financing…. Read More

July 15, 2023 @ 7:56 pm By Omar Faridi  |  

On June 6, 2023, the US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase (NASDAQ:COIN) primarily about a small number of assets listed on their platform, but also their retail staking services. The same day, state securities agencies in ten states – Alabama,… Read More

July 14, 2023 @ 6:34 pm By JD Alois  |  

Representative Patrick McHenry, Chairman of the House Financial Services Committee, and Representative GT Thompson, Chairman of the House Agriculture Committee, have jointly issued a statement on the court ruling this week regarding the SEC’s lawsuit against Ripple and its issuance of XRP. McHenry and Thompson… Read More

July 14, 2023 @ 12:23 pm By JD Alois  |  

The court ruling on the SEC v. Ripple – XRP case has generated renewed hope that the SEC will have to back away from its current regulation-by-enforcement approach when it comes to digital assets. CI has received multiple comments from industry insiders and digital asset… Read More

July 13, 2023 @ 11:38 pm By Omar Faridi  |  

VARA is issuing a market alert regarding ongoing supervisory controls, and enforcement actions initiated against BitOasis. VARA in Dubai (United Arab Emirates) confirmed that it is issuing this market alert regarding ongoing supervisory controls, and enforcement actions initiated against digital currency trading platform BitOasis. Investors… Read More

July 13, 2023 @ 9:35 pm By Omar Faridi  |  

Fir Tree Partners, a meaningful shareholder of the Grayscale Bitcoin Trust (GBTC), announced it has reached an agreement with Grayscale Investments (together with GBTC, Grayscale) and has issued the below statements regarding Grayscale’s “continued refusal to conduct a tender offer that would unlock value for… Read More

July 13, 2023 @ 6:47 pm By JD Alois  |  

As was reported earlier today, the courts have issued a ruling on the Ripple-XRP lawsuit filed by the US Securities and Exchange Commission. In brief, the courts have filed an order that was a partial victor for Ripple and its executives. CI has received multiple… Read More

July 13, 2023 @ 6:02 pm By JD Alois  |  

Ripple is claiming victory in a court order issued today that determined the company did not violate securities laws when it initially offered XRP to investors – at least in part. At the same time, the order did indicate that the manner of sale did… Read More

July 13, 2023 @ 3:37 pm By JD Alois  |  

Ripple scored a victory today as the courts have now ruled that the sale of XRP on crypto exchanges did not violate US securities law in a partial win for the digital asset firm. The ruling helped to drive the value of XRP higher –… Read More

July 13, 2023 @ 12:27 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against Celsius Network and its founder and former CEO, Alex Mashinsky. At the same time, the US Department of Justice has filed criminal charges against Celsius, Mashinsky and former Chief Revenue Officer Roni Cohen-Pavon. The SEC… Read More