Politics, Legal & Regulation

October 21, 2020 @ 10:44 pm By JD Alois  |  

Last week, the G20 Finance Ministers and Central Bank Governors welcomed the efforts of the FATF to identify the money laundering and terrorist financing risks that have arisen during the COVID-19 pandemic.  The G20 said that the COVID health crisis is being exploited by criminals… Read More

October 21, 2020 @ 9:51 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC), Division of Swap Dealer and Intermediary Oversight (DSIO) has issued an advisory to futures commission merchants (FCMs) regarding the holding of virtual currency in segregated accounts. The advisory, in the form of a Staff Letter, provides guidance to FCMs… Read More

October 21, 2020 @ 8:56 am By JD Alois  |  

Earlier this month, the UK Financial Conduct Authority (FCA) announced a ban on the sale of crypto derivatives and exchange-traded notes (ETNs) that reference cryptoassets for retail investors. The ban is scheduled to go into effect on January 6, 2021. Many cryptoasset insiders have criticized… Read More

October 20, 2020 @ 9:16 pm By JD Alois  |  

The long saga of Kik Interactive’s battle with the Securities and Exchange Commission appears to finally be at an end. A document filed in US District Court today indicates that both sides have come to an agreement on a settlement with a $5 million penalty…. Read More

October 20, 2020 @ 8:29 pm By JD Alois  |  

The Financial Crimes Enforcement Network (FinCEN) has targeted Larry Dean Harmon, of Akron, Ohio, the founder of Helix and Coin Ninja in a first enforcement action targeting a crypto mixer. In a release, FinCEN said Harmon and his operations were assessed a $60 million civil… Read More

October 19, 2020 @ 6:57 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) issued a litigation release today alleging charges of microcap fraud that involved an attorney prominent in the US crowdfunding sector. According to the SEC complaint, Jillian Sidoti, affiliated with the law firm known as CrowdfundingLawyers.net, facilitated alleged fraudulent dumping… Read More

October 19, 2020 @ 6:36 pm By JD Alois  |  

Earlier this month, the European Union approved new crowdfunding rules, including a €5 million funding cap, that will apply to all member states finally creating a pan-European approach to online capital formation. Currently, the securities crowdfunding market in Europe struggles under bespoke national rules that… Read More

October 19, 2020 @ 9:55 am By JD Alois  |  

Jerome Powell, Chairman of the Board of Governors of the US Federal Reserve, participated in a virtual panel today hosted by the International Monetary Fund (IMF) on the topic of Central Bank Digital Currency (CBDCs). Powell said the Fed is committed to considering a CBDC… Read More

October 19, 2020 @ 9:00 am By Omar Faridi  |  

Paul Grewal, Chief Legal Officer at Coinbase, says that trust is built through “transparency and honesty.” Grewal, the former VP and Deputy General Counsel at Facebook, writes in a blog post that as Coinbase continues its journey toward becoming the “most trusted” venue for traders… Read More

October 16, 2020 @ 2:30 am By Omar Faridi  |  

  We recently spoke to Meltem Demirors, the Chief Strategy Officer at CoinShares, a digital asset treasury management firm that manages over $1 billion in assets. Demirors talked about how financial markets reacted after US President Donald Trump tested positive for COVID-19. She also discussed… Read More

October 15, 2020 @ 12:00 pm By JD Alois  |  

Last week, the US Department of Justice published a white paper, crafted by the Cyber-Digital Task Force, that outlines its approach to enforcement when it comes to digital assets (or cryptoassets). US Attorney General William Barr issued the following statement on the framework: “Cryptocurrency is… Read More

October 15, 2020 @ 10:30 am By JD Alois  |  

  The New York Department of Financial Services (DFS) has scheduled its first-ever “Techsprint” that will take place in 2021. The event will focus on digital regulatory reporting for virtual currency companies. As New York is a global financial hub, many Fintech firms are based… Read More

October 15, 2020 @ 8:46 am By Omar Faridi  |  

The European Banking Authority, a regulatory body of the European Union that’s headquartered in Paris, has revealed plans to allow banks to include software-based assets in their capital requirement calculations. This should help lenders with strengthening their safety buffers, the agency noted. At present, banking… Read More

October 14, 2020 @ 11:41 am By JD Alois  |  

The US House of Representatives has refused to cut a deal with the White House and come to terms with a second COVID-related stimulus package as leadership fears it will help the Trump campaign as the election nears. Many observers and policymakers believe a second… Read More

October 14, 2020 @ 9:41 am By Omar Faridi  |  

Chainalysis, a leading blockchain analysis firm, has revealed that it managed to grow its revenue 100% year-over-year. The New York-based firm says it’s now preparing for an expected surge in private sector business. Chainalysis claims that it has managed to grow its customer base by… Read More

October 13, 2020 @ 3:15 pm By JD Alois  |  

Last week, the UK Financial Conduct Authority announced a ban on the sale of crypto derivatives and exchange-traded notes (ETNs) that for retail investors. The ban, which goes into effect on January 6, 2021, has no impact on spot trading of cryptoassets. Some crypto-industry insiders criticized… Read More

October 13, 2020 @ 11:59 am By JD Alois  |  

A speech delivered today by Victoria Cleland, Executive Director, Banking, Payments, and Innovation at the Bank of England, tackled the topic of faster payments and cross-border transfers. Cleland highlighted the three-stage process to advance cross border payments being pursued at the international level and then… Read More

October 13, 2020 @ 7:49 am By Omar Faridi  |  

Polish-British Fintech Symmetrical.ai, which helps employees maintain financial well-being, has been issued a small payment institution license. The company said that the new permit should allow it to make Symmetrical-backed salaries “even faster, more flexible, and empowering.” Currently, there are 69 different small payment institutions… Read More

October 12, 2020 @ 2:31 pm By JD Alois  |  

Coinciding with DC Fintech Week (DCFW), LabCFTC, the innovation branch of the US Commodities Futures Trading Commission (CFTC), will host an event on October 21, 2020, entitled, “Empower Innovation 2020.” According to the CFTC, This is the second of three interactive virtual events hosted by… Read More

October 12, 2020 @ 2:13 pm By Omar Faridi  |  

Binance alum Fetch.ai, an established blockchain-focused AI firm launched by former DeepMind investors and developers, had introduced Mettalex, a “decentralized” crypto and commodities derivatives trading platform (back in August 2020). Mettalex had stated in August that it would be working with a consortium of steel… Read More