Politics, Legal & Regulation

May 20, 2023 @ 10:34 am By Omar Faridi  |  

MerQube UK Limited, a key player focused on the development of technology for indexing and rules-based investing, announces that it has been authorized by the UK’s Financial Conduct Authority (FCA) “to carry on the regulated activity of administering benchmarks under Article 34 of the Regulation… Read More

May 19, 2023 @ 5:46 pm By JD Alois  |  

T. Raja Kumar of Singapore is the current president of the FATF, and yesterday he issued a call to the G7 to end the “lawless crypto space.” The Financial Action Task Force is a global group that aims to halt money laundering, terrorist financing and… Read More

May 19, 2023 @ 11:18 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) and the Federal Reserve Bank of New York’s New York Innovation Center  (NYIC) have published a research report sharing the results of the joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+). Singapore is typically viewed as the… Read More

May 19, 2023 @ 10:58 am By JD Alois  |  

In a speech delivered today, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), announced the pilot program launch of e-HKD or the Hong Kong central bank digital currency (CBDC). According to Yue, 16 companies have been selected to participate in the first… Read More

May 19, 2023 @ 10:47 am By JD Alois  |  

A grand jury has issued an indictment in the case of Frank, a Fintech that helped college students gain access to grants and loans, and its founder Charlie Javice. The charges include bank fraud, wire fraud, conspiracy, and securities fraud while demanding the forfeiture of… Read More

May 19, 2023 @ 10:27 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has received a default judgment against Chicago Crypto Capital (CCC) and its founder Brian Amoah and former salesperson Elbert “Al” Elliott. The defendants were previously charged with fraud and the unregistered offering of digital asset securities. The SEC claims… Read More

May 19, 2023 @ 8:27 am By Omar Faridi  |  

Pakistan will reportedly attempt to ban cryptocurrency-related transactions and services. This is not anything new because the country has made similar announcements as far back as 2018 and even earlier. Pakistan‘s Minister of State for Finance and Revenue Aisha Ghaus Pasha recently stated that the… Read More

May 18, 2023 @ 10:23 am By JD Alois  |  

Earlier this week, CI reported that ten companies that raised money under the Regulation A (Reg A+) securities exemption were the targets of enforcement actions by the Securities and Exchange Commission (SEC). All of these issuers settled with the Commission by paying a penalty ranging… Read More

May 18, 2023 @ 7:23 am By JD Alois  |  

Digital asset industry participants are pushing back against the Parliament Treasury Committee’s report on crypto that declared the asset class should be treated like gambling. The statement was predicated on the opinion that many cryptocurrencies hold no intrinsic value – except for speculation. The Chair… Read More

May 17, 2023 @ 5:19 pm By JD Alois  |  

This morning, a Parliament Treasury Committee issued a report that was highly critical of crypto, announcing that it believes this sector should be regulated similarly to gambling. The Committee said many digital assets have no intrinsic value, creating unecessary risk for UK investors. Today, Innovate… Read More

May 17, 2023 @ 9:22 am By JD Alois  |  

On Monday, Coinbase (NASDAQ:COIN) revealed that the Securities and Exchange Commission (SEC) has finally responded to its request for rulemaking on digital assets. That answer was as anticipated as the Commission declined to pursue new rules. Last month, Paul Grewal, the Chief Legal Officer of… Read More

May 16, 2023 @ 11:01 pm By JD Alois  |  

CryptoUK, a UK-based advocacy group supporting digital asset innovation, has slammed comments made by the UK Treasury Committee that has been reviewing the crypto industry in the country. CryptoUK criticized the statement that denigrated digital asset markets, with the Committee describing crypto as follows: “Unbacked… Read More

May 16, 2023 @ 10:31 pm By JD Alois  |  

A UK Parliament Treasury Committee is calling for crypto to be regulated like gambling. This is due to significant risks to consumers as well as the heightened volatility of digital assets. Currently, around 10% of the UK population holds crypto. The Committee, which includes members… Read More

May 16, 2023 @ 3:17 pm By Omar Faridi  |  

The European Union (EU) brings crypto-assets, crypto-assets issuers, and crypto-asset service providers under a regulatory framework. Last month after several delays, the European Parliament adopted MiCA or Markets in Crypto-Assets regulation. This legislative development aims to allow all EU member states to provide digital asset… Read More

May 16, 2023 @ 11:57 am By JD Alois  |  

A digital campaign is ongoing targeting Senator Sherrod Brown, Chairman of the Senate Banking Committee, on the issue of digital assets. On Twitter, the promotion states: “Ohio, it’s time for Sen. Brown to support digital assets. Digital assets help sustain job growth for the American… Read More

May 16, 2023 @ 11:12 am By JD Alois  |  

Today the Senate Banking Committee is holding a hearing on the failure of several banks that helped to drive fear and concern within the entire banking system. The hearing includes the testimony of Gregory Becker, former CEO of Silicon Valley Bank; Scott A. Shay, former… Read More

May 16, 2023 @ 10:07 am By JD Alois  |  

While the Jobs Act of 2012 was signed into law that year, towards the end of the Obama Administration, it took a few more years to complete the rules. The Securities and Exchange Commission eventually completed “Title III” of the JOBS Act, and Reg CF… Read More

May 16, 2023 @ 9:28 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against ten firms that raised money using the Reg A+ (Regulation A) securities exemptions. Each firm has agreed to pay a civil penalty ranging from $5000 to $90,000. Under the JOBS Act of 2012, Regulation A… Read More

May 15, 2023 @ 9:54 pm By JD Alois  |  

Last week a hearing took place that joined the House Subcommittee on Digital Assets, Financial Technology & Inclusion with the House Agriculture Committee’s Subcommittee on Commodity Markets, Digital Assets, and Rural Development entitled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset… Read More

May 15, 2023 @ 12:10 pm By JD Alois  |  

Last week, EY Canada posted a status report on Quadriga – a Canada-based crypto exchange that fell into chaos after the founder died, leaving keys to accounts missing and many questions. It was eventually determined that over CAD $300 million in assets were claimed by… Read More