Politics, Legal & Regulation

March 1, 2021 @ 12:00 pm By JD Alois  |  

This past week the European Securities and Markets Authority (ESMA) issued a consultation paper addressing standards for the previously approved pan-European crowdfunding regulation. As covered in the past, the European Union has passed legislation to enable online securities offerings across its member nations. After many… Read More

March 1, 2021 @ 10:07 am By JD Alois  |  

At the end of 2020, the Securities and Exchange Commission (SEC) issued a statement on the custody of digital assets by “special purpose broker-dealers.” At that time, the SEC said that they were seeking to “encourage innovation around the application of Securities Exchange Act Rule… Read More

February 28, 2021 @ 11:57 pm By Omar Faridi  |  

Currencycloud, a cross-border payment platform, notes in a blog post that UK businesses have been struggling to deal with various issues ever since the country voted in 2016 to leave the European Union (EU). While the agreement reached between the United Kingdom and European Union… Read More

February 28, 2021 @ 9:44 pm By Omar Faridi  |  

Robinhood Markets Inc, the leading zero-fee stock trading app provider, stated on Friday (February 26, 2021) that US regulatory authorities were investigating the firm’s temporary trading restrictions on these so-called “meme stocks” earlier in 2021. These activities have come under increased scrutiny as the shares… Read More

February 28, 2021 @ 6:20 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) Investor Advisory Committee has scheduled a meeting for March 11, 2021. Included on the agenda is a panel discussion on the hot Special Acquisition Company (SPAC) market. According to the agenda, the panel will be moderated by Christopher Mirabile,… Read More

February 28, 2021 @ 5:22 pm By Xu Gao  |  

NUCC: Online Payment Transactions Reach ¥4.98 Trillion During the Spring Festival Holiday During the Spring Festival Holiday of 2021 (February 11th to February 17th), NetsUnion Clearing Corporation (NUCC) processed a total of 7.937 billion online payment transactions, equal to 4.98 trillion yuan. Compared with the… Read More

February 26, 2021 @ 1:22 pm By JD Alois  |  

The US House Committee on Financial Services will revisit the GameStop/Reddit/Robinhood fiasco once again in mid-March. The Committee distributed an email last night indicating that a virtual hearing will take place on March 17th, at 12 noon, entitled, “Game Stopped? Who Wins and Loses When… Read More

February 26, 2021 @ 9:34 am By JD Alois  |  

The long-anticipated report on the UK Fintech ecosystem and recommendations as to how to keep the robust market growing in a post-Brexit world has been published today. The Kalifa Review of Fintech seeks to provide a roadmap for the UK to maintain its prominence in… Read More

February 25, 2021 @ 10:14 pm By JD Alois  |  

The US Department of Treasury has issued a statement on the Financial Action Task Force’s (FATF) second plenary meeting during the German Presidency of the global regulatory agency. According to Treasury, FATF advanced its work on several issues, including finalizing a non-public report on terrorist… Read More

February 25, 2021 @ 9:56 pm By Omar Faridi  |  

Rebecca Schot-Guppy, CEO at FinTech Australia, says that her organization thinks that Australia is on the right path in terms of financial technology adoption and its overall approach to developing its economy. Rebecca, whose comments came during the Select Committee on Financial Technology and Regulatory… Read More

February 24, 2021 @ 6:34 pm By Omar Faridi  |  

Long Island Iced Tea Company had rebranded itself as the Long Blockchain Corp (OTC:LBCC) back in 2017, which was during the historic crypto market bull run that had briefly led to Bitcoin surging to nearly $20,000 before crashing to below $4,000 by December 2018. Long… Read More

February 24, 2021 @ 12:19 pm By JD Alois  |  

Today, Jerome Powell, Chairman of the Federal Reserve, returned to Capitol Hill for a hearing on the House side pertaining to Monetary Policy and the State of the Economy. Once again, much of the discussion hovered around COVID, monetary policy and his opinion on the… Read More

February 24, 2021 @ 9:48 am By JD Alois  |  

Following the Gamestop/Reddit/Robinhood melodrama, the discussion of when trades settle has become a topic of concern. Currently, if you purchase shares from a broker you must pay for those shares within two days of the trade (T+2), something the Securities and Exchange Commission adopted in… Read More

February 24, 2021 @ 9:12 am By JD Alois  |  

The Financial Conduct Authority (FCA) has announced that it has obtained High Court Approval to return £3.42 million to victims of an unauthorized deposit-taking and collective investment schemes. The FCA states that Digital Wealth Limited, aka Digital Wealth Society (DWS), and Outsourcing Express Limited (OEL)… Read More

February 24, 2021 @ 8:10 am By Omar Faridi  |  

MoneyGram International, Inc. (NASDAQ: MGI), a major cross-border P2P payments and money transfers service, has confirmed that it will no longer be using American Fintech Ripple Labs’ XRP-powered liquidity product. MoneyGram stated that it decided to stop using the technology due to the “uncertainty” surrounding… Read More

February 24, 2021 @ 1:05 am By Omar Faridi  |  

After a proposal from the Bank of Lithuania, the European Central Bank (ECB) has reportedly issued a specialized banking license to the Lithuanian capital company UAB SME Digital Financing. It’s now expected that after acquiring such a permit, UAB SME Digital Financing will begin accepting… Read More

February 23, 2021 @ 3:51 pm By JD Alois  |  

A New York judge has tossed a lawsuit filed against Bancor, or BProtocol Foundation, that claimed the sale of unregistered securities, according to an Order Granting Motion to Dismiss received by CI. Judge Alvin Hellerstein dismissed the case and the Plaintiff’s offer to re-plead was… Read More

February 23, 2021 @ 11:52 am By JD Alois  |  

During testimony provided at the US Senate Banking Committee hearing today, Federal Reserve Chairman Jerome Powell commented on the possibility of launching a “digital dollar” calling it a high-priority project for them. Powell was testifying in front of the Senate Banking Committee as part of… Read More

February 23, 2021 @ 11:28 am By JD Alois  |  

Letitia James, Attorney General of New York, says that Bitfinex must stop allowing trading for New York investors. The AG says that Bitfinex’s activities are “illegal” in New York.  The agreement requires Bitfinex and Tether to discontinue any trading activity with New Yorkers while paying… Read More

February 22, 2021 @ 6:33 pm By JD Alois  |  

Last year, the European Union approved pan-European crowdfunding rules that will apply to all member states thus finally offering a harmonized approach to online capital formation. Crowdfunding advocates and European platforms had long recognized the unnecessary friction intrinsic to raising capital based on national regulations… Read More