Politics, Legal & Regulation

July 11, 2024 @ 8:16 am By Omar Faridi  |  

Global cryptocurrency exchange BitMEX has pleaded guilty to a Bank Secrecy Act offense, according to the US Department of Justice (DOJ). BitMEX willfully “flouted” U.S. Anti-Money Laundering (AML) laws, claims the DOJ. Damian Williams, the United States Attorney for the Southern District of New York,… Read More

July 10, 2024 @ 4:55 pm By JD Alois  |  

Congressman Patrick McHenry took to the floor of the House today to criticize the actions of President Joe Biden regarding his veto of HJ Res. 109 as well as the inability of FIT21 – digital asset legislation – to become law. McHenry noted that HJ… Read More

July 10, 2024 @ 3:37 pm By JD Alois  |  

Recently, the Securities and Exchange Commission (SEC) updated its website. SEC Chairman Gary Gensler said the “changes will benefit investors, issuers, and the broader public.” “I’m pleased that these updates will improve our website’s compliance with federal standards.” While you will probably always have to hunt… Read More

July 9, 2024 @ 10:50 am By JD Alois  |  

In her first speech as Chancellor, Rachel Reeves announced a new National Wealth Fund with an objective to invest in “new and growing industries.” The fund is also expected to “catalyse private sector investment.” It has been reported this new fund will be funded with £7.3 billion. At the… Read More

July 8, 2024 @ 6:18 pm By JD Alois  |  

Beyond some of the most vocal policies currently being promoted by former President Donald Trump, the 2024 GOP platform promises to “Make America Great Again” while supporting innovation in the US. As part of the innovation initiative, crypto gets a shout-out—something diametrically opposed to the… Read More

July 8, 2024 @ 3:49 pm By JD Alois  |  

SoLo Funds, a peer to peer lender, has settled allegations brought by the Attorney General of Pennsylvania. In a public statement, the AG claimed that Solo Funds “deceptively led borrowers to belive they were receiving interest free loans.” Allegedly, the loans actually incorporated “outrageously inflated… Read More

July 8, 2024 @ 3:32 pm By JD Alois  |  

Multiple US Senators and House Representatives joined recently to issue an Amicus Brief challenging the Securities and Exchange Commission’s attempt to establish climate rules in regard to reporting firms. The Investor Choice Advocates Network (ICAN), a non-profit that advocates on behalf of investors and entrepreneurs, … Read More

July 8, 2024 @ 2:40 pm By JD Alois  |  

The Financial Technology Association (FTA) has published a policy brief on the issues the association is focusing on to advance innovations in financial services. The FTA represents many different types of Fintechs with names like PayPal, Stripe, Wise, Chime, and other well-known names on the… Read More

July 8, 2024 @ 10:46 am By Omar Faridi  |  

Chainalysis has been sharing detailed insights on issues related to MiCA’s Stablecoin Regime and its remaining challenges. Despite the extensive work by the EBA and ESMA, in close cooperation with national regulators, Chainalysis points out that MiCA still leaves “some room for interpretation and uncertainty,… Read More

July 7, 2024 @ 8:56 am By Michael Wong  |  

North Carolina Governor Roy Cooper has vetoed House Bill 690 (HB 690), which sought to prohibit the state from using or participating in the testing of central bank digital currencies (CBDCs) conducted by the Federal Reserve, according to reports. The bill, titled “An act to… Read More

July 6, 2024 @ 1:51 pm By Omar Faridi  |  

UK’s PensionBee, an online pension provider, has officially responded to the 2024 General Election result. Becky O’Connor, Director of Public Affairs at PensionBee, commented: “Today, we welcome a new government, and as they take office, we anticipate significant advancements in several key areas of pension… Read More

July 6, 2024 @ 1:42 pm By Michael Wong  |  

Canada’s financial regulator announced on Friday that it will delay the implementation of new rules requiring banks to change how they calculate lending risks, a move intended to give the country’s banks more time to adapt, Bloomberg has reported. The Office of the Superintendent of… Read More

July 5, 2024 @ 4:04 pm By JD Alois  |  

FATF [Financial Action Task Force ] met last month and provided a brief update on the global association’s attempt to reign in the cryptosphere. FATFA established the “Travel Rule” while the US held the chair of the group. This rule requires buyers and sellers of… Read More

July 5, 2024 @ 10:06 am By JD Alois  |  

As the Tories lick their wounds after a historic defeat in the polls, we wonder what Labour’s rise will mean for the vital Fintech industry and tech in general. While incoming Prime Minister Keir Starmer has published a hundred-day plan, it is not yet apparent… Read More

July 5, 2024 @ 8:28 am By Omar Faridi  |  

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle “the abuse of such transfers for money laundering and terrorist financing purposes.” The Guidelines… Read More

July 5, 2024 @ 8:25 am By Omar Faridi  |  

The Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) are pleased to announce their collaboration relating to wholesale central bank digital currency (wCBDC). The BDF and the HKMA have been “maintaining a close partnership in promoting financial innovation.” The latest collaboration is… Read More

July 4, 2024 @ 1:27 pm By Omar Faridi  |  

The former Solicitor General Paul Clement, who had previously represented the Loper Bright fisherman in the SCOTUS Chevron case, has reportedly filed an amicus brief on behalf of the nascent crypto and blockchain sector in Custodia Bank‘s appeal versus the Federal Reserve. Notably, Paul Clement… Read More

July 4, 2024 @ 1:26 pm By Omar Faridi  |  

On Friday, June 28, 2024, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia appeared to have struck a major blow to the US Securities and Exchange Commission (SEC) Chair Gary Gensler’s “regulation-by-enforcement” campaign being carried out against secondary crypto-asset… Read More

July 4, 2024 @ 9:31 am By Omar Faridi  |  

Paul Grewal, Chief Legal Officer at Coinbase (NASDAQ:COIN), confirmed via social media that Coinbase has responded to the US Securities and Exchange Commission’s (SEC) effort to block “reasonable discovery” from SEC Chairman Gary Gensler in a case that it—not Coinbase—chose to file. Democracy, as well… Read More

July 3, 2024 @ 3:40 pm By JD Alois  |  

The Subcommittee on Financial Institutions and Monetary Policy, part of the House Financial Services Committee, has scheduled a hearing entitled Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services. This specific hearing is a “field hearing” and will take place outside of… Read More