Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

New York Attorney General Tells Two Unregistered Crypto Lenders to Stop Lending, Investigates Three Other Crypto Platforms

The New York Attorney General has ramped up its regulation of crypto firms operating in the state by demanding two “unregistered crypto lending platforms” to halt operations while revealing the AG has initiated investigations regarding three more crypto service providers. The move aligns with the… Read More

SEC Commissioners Comment on Meme Stock Report: Is There a Problem Here?

Earlier today the Securities and Exchange Commission (SEC) published its “meme stock” report – otherwise known as the Staff Report on Equity and Options Market Structure Conditions in Early 2021. As was covered earlier, this report addresses the Gamestop/Robinhood/Reddit odyssey where retail investors created a short… Read More

SEC Issues Report on Market Structure Including Meme Stocks: Observers Say Nothing New Here

The Securities and Exchange Commission (SEC) has issued its anticipated report on market structure, including the emergence of Meme stocks – like GameStop. Some observers said there was little new in the report as it towed the line of SEC Chairman Gary Gensler’s recent proclamations…. Read More

FinAccel’s P2P Lending Subsidiary KrediFazz Issued Operational License by Indonesia’s OJK

KrediFazz, a subsidiary of FinAccel that operates as a P2P lending Fintech, has been issued a business license from the Financial Services Authority (OJK) via the Decree of the OJK Board of Commissioners Number: KEP-81 /D.05/2021, dated August 24, 2021. KrediFazz, a Fintech firm with… Read More

CFTC Commissioner Stump Comments on Tether/Bitfinex Enforcement Action: Concerned About Regulatory Confusion on Stablecoins

At the same time the CFTC announced its enforcement actions against Bitfinex and Tether, Commissioner Dawn D. Stump has issued a statement regarding the action by the regulator. Commissioner Stump says she agrees with the action taken by the Commission while expressing her concern regarding… Read More

Tether, Bitfinex Ordered to Pay Over $42 Million in Fines by CFTC

The Commodity Futures Trading Commission (CFTC) has ordered Tether and Bitfinex (iFinex) to pay $42.5 million in fines, according to a statement by the regulator. Tether, a leading dollar-based stablecoin, must pay $41 million in regards to claims that Tether (USDT) was fully backed by… Read More

House Members Send Letter to Secretary Janet Yellen Requesting Clarification on Stablecoins

Warren Davidson

US House of Representatives Patrick McHenry, Tom Emmer, and Warren Davidson have co-authored a letter addressed to the Secretary of the US Department of Treasury Janet Yellen. The Congressmen have requested that Yellen clarify her position on stablecoins – digital assets typically tied to fiat… Read More

SEC Creates Capital Raising Navigator Tool

The Securities and Exchange Commission (SEC), Office of the Advocate for Small Business Capital Formation, has announced the creation of a capital raising navigator tool for firms seeking growth capital. A part of the SEC’s website, the tool covers the spectrum of options for entrepreneurs… Read More

Tinkoff Bank Named Systemically Important Russian Lender, Founder Pays $500M+ Fine in US

Tinkoff Bank has been added to the Bank of Russia’s list of 13 systemically important lenders, the institution said this week. They said the decision was based on such factors as higher than average business growth and an extensive customer base. The move comes days… Read More

House Task Force on Artificial Intelligence to Hold Hearing on Ethics

On Wednesday, October 13, the House Committee on Financial Services, Task Force on Artificial Intelligence (AI) will hold a hearing to discuss ethics and AI. According to the hearing memo, in financial services, AI systems often tackle complex problems including credit underwriting, customer service, cybersecurity… Read More

Former Chancellor of the Exchequer Joins Digital Asset Firm Copper

Copper, an “institutional gateway to digital asset investing,” has added former Chancellor of the Exchequer Philip Hammond to its board of advisors. Lord Hammond is one of only three people to have served continuously in the UK cabinet from 2010 to 2019, serving under Prime Ministers David Cameron… Read More

National Cryptocurrency Enforcement Team: Department of Justice Creates Group to Pursue Crypto Criminals

The US Department of Justice has announced a new National Cryptocurrency Enforcement Team (NCET).  According to the DOJ, the NCET builds upon MLARS’s Digital Currency Initiative and will be informed by the Department’s Cryptocurrency Enforcement Framework, released in October 2020. The NCET will not only… Read More

SEC Chairman Gary Gensler Looks to Rein in Crypto Exchanges, Digital Assets and Stablecoins

Yesterday, SEC Chairman Gary Gensler testified in front of the House Committee on Financial Services sharing his perspective on the goals of the SEC and why it needs more money to fulfill its mission. As anticipated, much of the testimony swirled around digital assets and… Read More

Ethereum Experiences Burst of New User Adoption in Q3 due to NFTs, Bitcoin Records Steady Gains: Report

The team at Coin Metrics, including researchers Nate Maddrey and Kyle Waters have released their State of the Network Q3 2021 wrap-up report. In the latest edition of the State of the Network report, the Coin Metrics team has taken a data-driven look at what… Read More

International Organization of Securities Commissions Issues Report on Stablecoins as Regulation is Certain

Stablecoins, typically described as digital assets pegged to another asset or basket of assets, are designed to replicate a fiat currency in a digital environment. Stablecoins are frequently utilized in the digital asset sector to seamlessly move between other crypto-assets and into an asset that… Read More

Hemp Firm CanaFarma Hit with Fraud Charges from SEC

The Securities and Exchange Commission (SEC) has leveled fraud charges against erstwhile hemp firm CannaFarma Hemp Products Corp, (CSE:CNFA) and its founders. According to the SEC, the company allegedly committed fraud in a securities offering that raised $15 million from investors. The SEC claims that… Read More

California Passes Public Banking Act, May Create Zero Fee Bank Accounts, Debit Services

California Governor Gavin Newsom has signed the California Banking Act into law. The legislation establishes the BankCal Program (BankCal) to provide Californians with zero-fee and zero-penalty transaction accounts and debit card services. HISTORIC! Today Governor @GavinNewsom signed #AB1177, the California Public Banking Option Act, which… Read More

Will We See a Bitcoin ETF This Year? Maybe…

Recently, SEC Chairman Gary Gensler voiced his opinion that a Bitcoin ETF may provide sufficient investor protection for a fund to move forward with the regulatory process. More specifically, Gensler appeared to support Bitcoin Futures ETFs – and not spot-priced funds. Gensler has long stated… Read More

In Advance of Committee Hearing, Representative McHenry Requests SEC Chairman Gensler Clarify Contradictory Statements on Digital Assets

At 12 noon today, the House Committee on Financial Services will hold a hearing with SEC Chairman Gary Gensler testifying on behalf of the Commission. The regulation of digital assets (crypto assets) will be a pointed topic of discussion as has been already indicated in… Read More

SEC Chairman Gary Gensler Talking Points: “Rules mostly adopted 16 years ago do not fully reflect today’s technology”

In prepared remarks distributed prior to the House Committee on Financial Services hearing later today, SEC Chairman Gary Gensler outlined his talking points as he asks the Committee for a significant budget increase while outlining his agenda for his term at the SEC. As should… Read More

Send this to a friend