Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

Coinbase Reveals that the UK Is A Fast-Growing Digital Asset, Web3 Market, as EU to Adopt Markets in Crypto-Assets (MiCA) Regulation

Coinbase (NASDAQ:COIN) notes that we should never doubt the importance of the UK and Europe to their business operations. Coinbase writes in a blog post that they may be a US-listed company but they know that “to succeed in their mission of increasing economic freedom,… Read More

Prepared Testimony from SEC Chair Gary Gensler for House Financial Services Committee Hearing: “Nothing about the crypto markets is incompatible with the securities laws”

Tomorrow (April 18, 20223), SEC Chairman Gary Gensler will testify in front of the House Financial Services Committee. The oversight hearing will “examine the regulatory developments, rulemakings, and activities that the SEC has undertaken in the period since the last hearing on October 5, 2021.”… Read More

Digital Asset Firm Gemini Files Pre-Registration Undertaking With Ontario Securities Commission

Cynthia Del Pozo Garcia, Director, Strategy & Corporate Development at Gemini, notes that as one of the most important and developed markets in the Americas, Canada has “played an essential role in Gemini’s international expansion.” The team at Gemini are glad to show their continued… Read More

Law Firm Tweet Shames Shaq Into Getting Served for FTX Lawsuit

  Multiple reports indicate that Shaquille O’Neal, a former NBA superstar, has finally been served after being hunted for weeks, at least according to the Moskowitz Law Firm. Shaq was one of a handful of celebrities that got caught up in the promotion of FTX… Read More

Bittrex Hit with SEC Enforcement Action for Operating an Unregistered Exchange

Bittrex, a crypto exchange that announced it was ceasing operations at the end of last month, has been hit with an enforcement action by the Securities and Exchange Commission (SEC). The SEC has charged Bittrex and its former CEO William Shihara for operating an unregistered… Read More

Public Companies Worry About Increasing Regulatory Risk as SEC Aggressively Pursues More Rules: Report

The mention of terms in 10-K filings associated with public policy risk, IE regulation has increased by 27% in the last decade, according to a report by the US Chamber of Commerce. The Chamber states that changes in taxes, regulations, and enforcement have increased dramatically… Read More

SEC Expected to Announce Enforcement Action Against Bittrex, a Crypto Exchange that is Already Shutting Down

At the end of March, US-based crypto exchange Bittrex announced that it was shuttering its operations. Bittrex stated that it would cease operations on April 30, 2023, while providing a series of timelines for its users, recommending that accounts are closed as soon as possible…. Read More

Draft Legislation on Stablecoins Posted in Advance of Hearing by House Subcommittee on Digital Assets, Fintech

On Wednesday, April 19, 2023, the House Subcommittee on Digital Assets, Fintech, and Inclusion, will hold a hearing on stablecoins. The hearing is being joined by draft legislation that may end up providing a viable path to regulate this new form of payments and transfers…. Read More

Cross-Border Payments Fintech Thunes Secures Licence in France, Introduces Payout Solutions Across EU

Thunes, a global cross-border payments company, has been granted a new Payments Institution license by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, which will enable the company “to send payments worldwide on behalf of its French or EU customers and partners.”… Read More

Italy: €200M Agreement between European Investment Bank (EIB), illimity to Support SMBs

The European Investment Bank (EIB) is granting a €100 million loan to illimity which, in turn, “undertakes to invest an additional €100 million for small businesses through b-ilty, the illimity Group’s digital bank.” As noted in the update, 30% of the resources will be “channeled to… Read More

FTC, Florida Attorney General Sue Chargebacks911 for “Thwarting” Consumers Trying to Reverse Disputed Charges

The Federal Trade Commission and the State of Florida have filed suit against Chargebacks911 “for unfairly thwarting consumers who were trying to dispute credit card charges through the chargeback process.” In a complaint filed in federal court, the FTC and Florida charged “that, since at… Read More

US Small Business Administration Removes “Outdated Limits” on Non-Depository Lenders to Boost Access to Capital

The US Small Business Administration (SBA) has completed rules that aim to improve access to capital for small businesses in underserved communities, according to a statement by the agency. The final rule makes permanent a program for nonprofit lenders, and removes “outdated limits” on non-depository… Read More

Bank of England Governor Andrew Bailey Discusses Challenges, Mentions CBDCs: “Digital money is about the technology of delivery”

Andrew Bailey, Governor of the Bank of England, recently delivered a speech in which he commented on the major issues the UK faces, and tried to set out how they “fit together and the challenges they give rise to.” Baily said that in recent weeks,… Read More

Calgary Police Service, Chainalysis Introduce Western Canada Cryptocurrency Investigations Centre

The Calgary Police Service and Chainalysis are together launching the Western Canada Cryptocurrency Investigations Centre, an innovative regional center that will enable law enforcement to tackle crime that takes place using blockchain technology. By bringing together law enforcement agencies and personnel from across Western Canada… Read More

Chairman of the House Financial Services Committee Patrick McHenry, Representative Ann Wagner, Criticize SEC Chair for Neglecting Capital Formation Mission

Representative Patrick McHenry and Representative Ann Wagner have sent a letter to Securities and Exchange Commission Chair Gary Gensler criticizing him for neglecting the Commission’s mission to enable access to capital for businesses. McHenry is Chairman of the House Financial Services Committee, and Wagner is… Read More

SEC Re-Opens Comments on Proposed Rule that May Upend Definition of an Exchange, Could Crush DeFi

The Securities and Exchange Commission (SEC) re-opened comments on a proposed rule during a meeting of the Commission that in many respects raised more questions than provided answers. The proposed amendments to the definition of “exchange” under Exchange Act Rule 3b-16 were initially proposed in… Read More

DeFi, Digital Assets and KYC: Do You Know Your Crypto Customers?

Recent headlines have highlighted significant risks associated with investments in cryptocurrency. For instance, in recent months, we have seen the price of various cryptocurrencies plummet, creating a “crypto winter” (though prices have recently been swinging back up, demonstrating the volatility risk associated with cryptocurrency). As… Read More

House Financial Services Committee Leadership Hammers SEC Chair Gary Gensler on Lack of Info on Charges Against Sam Bankman-Fried, FTX Founder

Representative Patrick McHenry, Chairman of the House Financial Services Committee, and Representative Bill Huizenga, Chairman of the Subcommittee on Oversight and Investigations, have joined in sending a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler criticizing him for a failure to provide information… Read More

Bitcoin, Ethereum, Crypto Market Surges, ETH Leads the Way After Shanghai Upgrade

The Bitcoin (BTC) price has increased substantially during the first three months of this year. The flagship cryptocurrency is trading at around $30,000 at the time of writing. Although most industry participants are not sure whether we’re entering a bull market, it is clear that… Read More

Bankrupt Digital Asset Exchange FTX Reportedly Recovers Over $7B in Crypto Holdings

Bankrupt digital currency exchange FTX has reportedly recovered more than $7.3 billion in cash as well as liquid digital assets. This is notably an increase of over $800 million since this past January 2023. This, according to a report from Reuters which referenced the firm’s… Read More

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