Politics, Legal & Regulation

May 20, 2024 @ 5:18 pm By JD Alois  |  

Following a highly critical independent review and calls for his registration, FDIC Chairman Martin Gruenberg has decided to resign from the agency. Rumblings about poor management at the regulatory agency have been rife for some time now. Gruenberg issued the following statement: “It has been my… Read More

May 20, 2024 @ 3:54 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) has sued the online lending platform SoLo Funds for claims the Fintech deceived borrowers about the total cost of loans. The CFPB notes that SoLo markets itself “as a consumer-friendly alternative to high-cost, short-term loans.” Solo is a Fintech… Read More

May 20, 2024 @ 3:12 pm By Omar Faridi  |  

The Federal Trade Commission (FTC) released its Fiscal Year 2023 Annual Report outlining the agency’s work to protect consumers and promote competition. FTC Chair Lina M. Khan said: “The FTC is focused on ensuring that American consumers, workers, and entrepreneurs can enjoy honest markets and… Read More

May 20, 2024 @ 11:09 am By JD Alois  |  

The Crowdfunding Professional Association (CfPA) has issued a Policy Platform containing eighteen recommendations for the investment crowdfunding industry. The CfPA believes the recommendations will help to fuel the growth of online capital formation using the Reg CF securities exemption. Brian Christie, the 2024 President of… Read More

May 20, 2024 @ 10:53 am By JD Alois  |  

The UK government has announced that the AI Safety Institute will open an office in San Francisco. This is said to be the first overseas office in San Francisco and is described as a “pivotal step” that will help the UK engage with the emerging… Read More

May 20, 2024 @ 7:39 am By Omar Faridi  |  

While sharing insights at the European Anti-Financial Crime Summit, Deputy Governor of the Central Bank of Ireland Derville Rowland said: “The commitment of European leaders to introduce a single rulebook for Anti-Money Laundering (AML) and the creation of a new European AML supervisory and financial… Read More

May 19, 2024 @ 1:42 pm By Omar Faridi  |  

Ripple releases the quarterly XRP Markets Report to voluntarily provide transparency and regular updates on the company’s views on the state of crypto markets, relevant XRP Ledger and XRP-related announcements, and market developments over the previous quarter. As an XRP holder, Ripple believes in “proactive… Read More

May 19, 2024 @ 9:32 am By Omar Faridi  |  

Mark Branson, President of the German Federal Financial Supervisory Authority (BaFin), warns against trying to pay for the green and digital transformation of the European economy by weakening capital requirements. Branson said at the BaFin’s conference in Frankfurt am Main on 14 May: “Otherwise we… Read More

May 19, 2024 @ 7:22 am By Omar Faridi  |  

France Mayer has reportedly been appointed Retail Investor Relations and Protection Director at the Autorité des Marchés Financiers (AMF). France Mayer is currently Market Intermediaries Supervision Director “at the Data and Markets Directorate of the Autorité des Marchés Financiers (AMF).” She will take over as… Read More

May 17, 2024 @ 1:43 pm By Omar Faridi  |  

Countries need to urgently step up their efforts to target the huge illicit profits generated by transnational organized crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations, according to an update shared by FATF. This was the unprecedented call to action from the… Read More

May 16, 2024 @ 6:33 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced it is looking for candidates for the  Small Business Capital Formation Advisory Committee (SBCFAC). The SBCFAC crafts recommendations to submit to the Commission advocating on behalf of smaller firms in need of capital. This includes feedback on… Read More

May 16, 2024 @ 2:34 pm By JD Alois  |  

Following approval in the House earlier this month, the US Senate has voted on and approved HJ Res. 109, which overturns the SEC’s Staff Accounting Bulletin (SAB) 121 under the Congressional Review Act (CRA). When the House approved the resolution. Chairman of the House Financial… Read More

May 16, 2024 @ 11:36 am By Omar Faridi  |  

A US Department of Justice (DOJ) indictment was unsealed, charging Anton Peraire-Bueno, 24, of Boston, and James Pepaire-Bueno, 28, of New York, with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The charges in the indictment arise “from an alleged… Read More

May 16, 2024 @ 11:15 am By JD Alois  |  

The US Supreme Court has published its opinion on Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA), affirming the constitutionality of the agency’s funding mechanism. The decision was 7-2. Justice Alito wrote the dissenting opinion. Justice Gorsuch joined in dissenting…. Read More

May 16, 2024 @ 9:38 am By JD Alois  |  

The Autorité des Marchés Financiers (AMF) in France is telling investors to “exercise the utmost vigilance with regard to proposal investments made to the public residing in France by the digital asset trading platform BYBIT.” BYBIT operates elsewhere, including in Dubai where it received a… Read More

May 15, 2024 @ 1:10 pm By Omar Faridi  |  

Blockdaemon officially announces expansion into the United Arab Emirates (UAE), with a new office and corporate entity established in Abu Dhabi under the Registration Authority of Abu Dhabi Global Market (ADGM). With this expansion, Blockdaemon will now “offer institutional-grade node and validator infrastructure solutions, and… Read More

May 15, 2024 @ 8:04 am By Omar Faridi  |  

On May 13, 2024, President Biden issued an order prohibiting the purchase and requiring the divestment of certain real estate operating as a cryptocurrency mining facility located within one mile of Francis E. Warren Air Force Base (F.E. Warren AFB). The order also requires the… Read More

May 13, 2024 @ 10:39 am By JD Alois  |  

FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDQ:FAT) has been hit with allegations of fraud. This past Friday, the Securities and Exchange Commission (SEC) filed fraud charges against FAT, its former CEO and current Chairman, Andrew Wiederhorn, and its former CFOs, Ron Roe and Rebecca Hershinger,… Read More

May 13, 2024 @ 9:39 am By Omar Faridi  |  

SoFi’s (NASDAQ: SOFI) brokerage division will be required to pay a $1.1 million penalty to the Financial Industry Regulatory Authority (FINRA) for alleged fraud detection shortcomings which reportedly enabled fraudsters to create SoFi Money accounts by using fake or stolen identities online. SoFi Securities allegedly… Read More

May 13, 2024 @ 7:42 am By Omar Faridi  |  

Upstart has reportedly received a subpoena from the US Securities and Exchange Commission (SEC) pertaining to the Fintech company’s disclosures as they relate to use of its AI algorithms/models and loans. This, according to Upstart’s quarterly filing released this past Tuesday. The California-headquartered alternative lender… Read More