Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

European Central Bank Paper Addresses Crypto Assets and Impact on Financial Stability

As part of their ongoing “Occasional Paper Series,” the European Central Bank (ECB) has published a missive entitled, Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures.” The paper was produced by the ECB Crypto-Assets Task Force. The ECB has monitored digital… Read More

House Financial Service Committee’s New Task Forces Schedule First Hearings on Fintech Regulation and AI

The House Financial Services Committee under the leadership of Representative Maxine Waters announced the creation of two new task forces earlier this month. The Committee created a task force on Fintech  (Financial Technology) and AI (artificial intelligence). Yesterday the Committee included the first two meetings… Read More

Theresa May is Out. Brexit Worries Rise as Uncertainty Increases Risk Meanwhile Fintechs Persevere

Long-embattled Prime Minister Theresa May has announced she will depart her office on June 7th thus initiating a scramble as to who will replace her in a historically important time for the UK. The ramifications of Brexit are profound and inestimable. But it is clear… Read More

Loatian Central Bank Reiterates Total Ban on Cryptocurrencies

The Central Bank of Laos’ Transaction System Management Department is reminding businesses and the public that the buying, selling and/or use of cryptocurrencies is banned in the country, English-language Laotian newspaper The Vientiane Times (VT) reports. The warning has reportedly been issued after the department noticed ads… Read More

SEC Sues Daniel Pacheco, Purveyor of Alleged $26.5 Million Crypto Pyramid Scheme “IPro”

The SEC has filed a civil suit against Daniel Pacheco, 45, of San Clemente, California, alleging he pervaded a cryptocurrency-based pyramid scheme called “IPro” that collected more than $26.5 million USD from investors: “The SEC’s complaint, filed Wednesday, alleges that from January 2017 through March… Read More

Van Eck Bitcoin ETF Proposal Delayed Again as SEC Seeks Specific Feedback from the Public

The US Securities and Exchange Commission (SEC) has once again delayed Van Eck/Solid X’s application (for a rule change) to sell shares for a Bitcoin-based exchange-traded fund (ETF) on the Cboe’s BZX exchange. The request for a rule change to enable the Van Eck Bitcoin… Read More

French Digital Asset Association Gears Up to Champion Digital Assets in Europe and Beyond

Riding on the wings of the success of the Paris Blockchain Week, members of the French Association for the Management of Cryptoassets have decided to set up a larger and more formal association to take their endeavor to the next level.  Today, the founding members… Read More

Mixer Down: Cryptocurrency Anonymizing Service Shut Down by Europol

Police in the Netherlands and Luxembourg have seized six servers hosting Bestmixer.io, “one of the three largest mixing services for cryptocurrencies.” The seizures, cooperatively executed by the Dutch Fiscal Information and Investigation Service (FIOD), Europol and the authorities in Luxembourg, have resulted in the complete shutdown… Read More

SEC Commissioner Hester Peirce Gives Props to Bermuda and Crypto Custody Approach

Securities custody is a challenging service even for analog firms. Crypto brings with it a whole host of nuanced hurdles when providing custody for digital assets. There are a few firms that have successfully launched custody for crypto – such as PrimeTrust. Fidelity is providing… Read More

Circle Fires 30 Employees Due to “Restrictive Regulatory Climate in the US”

Digital asset firm Circle has let go 10% of its workforce or 30 individual employees. Circle founder and CEO Jeremy Allaire explained the move in a series of tweets. Allaire said: “We made these changes in response to new market conditions, most importantly, an increasingly… Read More

Dutch Man Charged for Running Fraudulent 100 Million Euro Bitcoin Mining Scheme

A 33-year-old man in the central-Netherlands city of Apeldoorn has been arrested for allegedly using a fake cryptocurrency mining scheme to defraud 100 investors out of €100 million ($112 million USD), de Gederlander reports. Officers from The Tax Information and Investigation Service of the tax authorities (FIOD)… Read More

SEC Halts Diamond Related ICO, Charges Crypto Business Argyle Coin & Jose Angel Aman with Multi-Million Ponzi Scam

The Securities and Exchange Commission (SEC) has receved another emergency court order halting an alleged initial coin offering (ICO) fraud. According to the SEC, a $30 million Ponzi scheme, led by South Florida-based Argyle Coin, and its principal Jose Angel Aman, targeted over 300 US… Read More

UK Financial Conduct Authority: Over £27 Million Lost to Crypto & Forex Fraud as Scams Triple Versus Year Prior

The UK Financial Conduct Authority (FCA) has published a report addressing frauds and scams in the cryptocurrency and Forex sector. According to the FCA, over £27 million has been lost from these scams during the 2018/2019 period. Reports of scams topped 1,800 – 3X versus… Read More

Circle CEO Jeremy Allaire Pleads Case for US Policy Change Regarding Crypto

Jeremy Allaire, CEO and founder of digital asset firm Circle, took to the pages of the site’s blog to lament the state of regulation in the US when it comes to crypto. Allaire said his post was driven in part to their decision to “geofence,”… Read More

Loi Pacte: France to Allow Initial Coin Offerings which are Not Securities Beginning in June

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Crowdfund Insider has just received a note that the Loi Pacte (Pacte Law) has been finalized and will become actionable beginning in June. The new regulatory regime will enable initial coin offering (ICO) issuers to raise capital online and sell digital assets which are not… Read More

The SEC and CFTC Join in Signing IOSCO Multilateral Memorandum of Understanding on Cross Border Enforcement

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have both signed the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU). The announcement comes following the 44th Annual International Organization of Securities Commissions… Read More

UK Economic Secretary to the Treasury Says Fintech is Flourishing in Speech at CityWeek

The UK Economic Secretary to the Treasury, John Glen, delivered a speech today during CityWeek 2019. In his presentation, Glen spoke about the robust strength of the UK economy even while Brexit questions remain. Glen noted that unemployment is down, wages up, inflation is steady…. Read More

New German Crowdfunding Regulation: Major Enhancements, A Few Regrets

The German Crowdfunding Association, the federal industry association which represents 85% of the German crowd investment market, welcomed last week the adoption by the German Parliament of the new and improved legal framework for crowdinvesting, albeit with a few regrets. Major Expansion of the Scope… Read More

Comptroller Otting Discusses Fintech Charter During House Financial Services Committee

Last week, Comptroller of the Currency Joseph Otting testified in front of the House Financial Services Committee. The hearing was entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.” The Office of the Comptroller of the Currency… Read More

Malaysia Updates Crowdfunding Framework, Securities Commission Malaysia Affirms its Support for Fintech

The Securities Commission Malaysia (SC) has updated crowdfunding rules to better fit the emerging market of online capital formation while announcing the approval of multiple new platforms targeting different sectors of digital finance. During a routable organized by the SC which included the participation of… Read More

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