JD Alois

This Week: Big Crypto Meetings in Washington, DC as White House Hosts Digital Asset Insiders, CFTC Holds Innovation Advisory Committee Meeting

It is a big week in Washington, D.C., for the crypto and prediction market industries. First, the Securities and Exchange Commission announced new rules, Regulation Crypto Assets, to provide a regulated path to issue and trade certain crypto assets. The move was somewhat surprising, as… Read More

Regulation Crypto Assets: SEC Proposes New Rules for Crypto

The Securities and Exchange Commission (SEC) delivered a bit of a surprise today by proposing new rules for crypto offerings. Regulation Crypto Assets would clarify how securities laws apply to certain digital asset offerings, preempt state authority, and support secondary trading. The Commission had scheduled… Read More

SEC Files Fraud Charges Against Individual, Three Entities, for Selling Pre-IPO Shares to Retail Investors at Undisclosed Marked Up Prices

The Securities and Exchange Commission has charged an individual and three entities they controlled for selling pre-IPO shares at significant markups that were not disclosed. According to an SEC release, Andrew Spaventa and The Spaventa Group LLC, TSG Capital Advisors LLC, and TSG Alpha Partners… Read More

Open Finance Intelligence: Plaid Partners with Personetics

Plaid, an open banking/open finance enabler, has announced a partnership with Personetics in a move designed to provide “Open Finance Intelligence” to the banking sector. Plaid supports many Fintechs and established financial services platforms, streamlining applications like KYC, payments, and more. The company currently works… Read More

Anthropic Has a Revenue Run Rate that Tops $65 billion

Anthropic, the artificial intelligence firm that created Claude and is widely anticipated to pursue an IPO later this year. Is already generating significant revenue. According to CNBC, Anthropic is currently generating annualized revenue of over $65 billion. Reportedly, Anthropic earned over $11.5 billion in the… Read More

CfPA Comments on NetCapital Fraud Allegations

The Crowdfunding Professionals Association (CfPA) has issued a statement on the NetCapital (NASDAQ:NCPL) fraud allegations. As was recently reported, the Securities and Exchange Commission filed fraud charges alleging that NetCapital improperly recorded $14 million in revenue from consulting by John Fanning, a member of the Advisory… Read More

Cash is King: ECB Report on Digital Payments Show Digital Payments Rising but Cash Still a Thing

The European Central Bank (ECB) recently released a report on digital payments, comparing them with cash payments. While crypto payments remain a small share, overall digital payments are rising. At the same time, cash is king. The report outlines payment acceptance among euro area companies… Read More

Blockchain Firm Fireblocks Enlists the Support of Former SEC Commissioner

Fireblocks, a blockchain infrastructure firm that safeguards digital assets, has enlisted the assistance of former US SEC Commissioner Elad Roisman. Over the years, Fireblocks has expanded its digital asset services beyond custody to include wallets, stablecoins, trading, tokenization, payments, and more. The company works with… Read More

Crowdfunding Professional Association (CfPA) Outlines Best Practices for Online Capital Formation

The Crowdfunding Professional Association (CfPA) has posted an annual report on best practices for online capital formation under Regulation CF (Reg CF), specifically addressing Form C-AR. Reg CF is a securities exemption that allows issuers to raise up to $5 million in an online solicitation… Read More

Galaxy Digital Pegs Probability of the CLARITY Act Becoming Law at Just 10%: Now much more about politics than policy

Galaxy Digital head of research Alex Thorn is taking a dim view of the CLARITY Act becoming law. He says there is only a 10% chance the bill will become law. As it stands today, the Senate is scheduled to vote on or around September… Read More

Rentberry Nears Maximum Raise on Republic

Rentberry is raising money on Republic and is nearing the $5 million maximum allowable under Reg CF. Rentberry has raised over $40 million in venture capital and has raised growth funding through previous securities crowdfunding offers under Reg A and Reg CF. This is its… Read More

Blockchain Firm Figure Reports Q2 Results

Figure Technology Solutions (Nasdaq: FIGR; OPEN: FGRS), a capital markets blockchain firm founded by Mike Cagney, reported Q2 earnings, delivering net revenue of $226 million, up 113% from the same period the prior year. The consumer loan marketplace booked $4.3 billion in volume during the… Read More

UK FCA “Baring its Teeth” in Enforcement Action Againts HTX Crypto Exchange, Formerly Huobi

HTX, formerly Huobi, was a prominent crypto exchange that Justin Sun took control of in 2022. In 2023, a series of events caused Huobi to rebrand as HTX. More recently, HTX has faced sanctions allegations over activity in Russia. In May, the Financial Conduct Authority (FCA… Read More

Texas Rising: Migration from High Tax, Big Regulation States Continues to Fuel Economic Growth for the Lone Star State – Launch of TXSE is Emblematic

Texas is one of the states growing rapidly, experiencing population migration as firms seek business-friendly jurisdictions. Texas is one of a handful of states without a state income tax. A recent ranking of states by overall tax burden ranked Texas 1st in the US for… Read More

SEC Open Meeting on Regulation Crypto Postponed

The Securities and Exchange Commission has postponed today’s open meeting of the Commission, scheduled to address new rules for digital assets, also known as Regulation Crypto Assets. The meeting was apparently canceled because of a scheduling conflict and is expected to be revisited later. The agenda… Read More

Tether Announces Audit by KPMG, Reports Positive Opinion from Auditor

Tether, the issuer of the USDT stablecoin, has long been dinged for questions about the reserves backing its digital dollar, the leading digital asset in the stablecoin sector. Today, Tether shared that KPMG US has issued a positive opinion on the firm following a complete audit. The… Read More

Wellington Now Holds 13.3% of Happen Shares, Formerly LendingClub

Wellington Management Group has filed a Form 13-G with the Securities and Exchange Commission (SEC), indicating that it controls 13.3% of Happen’s (NASDQ:HAPN) shares. Happen previously did business as LendingClub. The filing indicates it is a passive investment and does not seek control. Wellington now… Read More

Risk-Based Approach to AI Regulation Requested by American Fintech Council

The American Fintech Council (AFC) has issued a statement calling for risk-based artificial intelligence (AI) regulation in financial services. The AFC was responding to a request from House Financial Services Committee Ranking Member Maxine Waters. The AFC urged Congress to “pursue a unified, risk-based, and context-specific… Read More

Fidelity Digital Assets Pumps Bitcoin

Fidelity Digital Assets says that “markets may appear quiet, but the digital asset landscape isn’t standing still.” In a post on X, FDA reported that “Spot BTC ETP inflows have reaccelerated” and “30-day realized volatility is hovering near multi-year lows.” Bitcoin has been stuck in… Read More

FinCen Reverses Rule that Mandated Beneficial Ownership by Indviduals

The US Department of the Treasury, Financial Crimes Enforcement Network (FinCEN), has reversed requirements that mandated individuals to report beneficial ownership in companies. The final rule will become effective after it is published in the Federal Register. The rule adopts what was proposed this past… Read More

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