Politics, Legal & Regulation

May 31, 2024 @ 9:24 am By Omar Faridi  |  

Ripple, the provider of enterprise blockchain and crypto solutions, announced today a $25 million contribution to Fairshake, a federal super PAC committed to supporting pro-crypto, pro-innovation political candidates during the 2024 elections. This investment is in addition to the $25 million Ripple contributed “to Fairshake… Read More

May 30, 2024 @ 9:46 pm By Omar Faridi  |  

The Canadian Securities Administrators (CSA) recently announced that rule amendments supporting the move to a shorter settlement cycle for equity and long-term debt market trades came into force in Canada. The amendments to National Instrument 24-101 Institutional Trade Matching and Settlement align with the industry’s… Read More

May 30, 2024 @ 11:48 am By JD Alois  |  

SEC Commissioner Hester Peirce has publicly shared a comment on a consultation in the UK. Launched last April, the proposal is for a Digital Securities Sandbox (DSS) initiated by the UK Financial Conduct Authority and the Bank of England. The deadline for feedback from interested… Read More

May 30, 2024 @ 10:03 am By Omar Faridi  |  

The New York Department of Financial Services (NYDFS) has shared a consumer alert update for Gemini Earn customers. Gemini Trust Company, a New York State chartered virtual currency entity, has reportedly returned more than $2 billion in digital assets to Earn customers. The NYDFS has… Read More

May 28, 2024 @ 12:35 pm By JD Alois  |  

Ryan Salame (30), a former top executive of FTX, has been sentenced to 7 1/2 years in prison for his role in the crypto firm’s activities. Sam Bankman Fried, the founder and CEO of FTX, was eventually sentenced to 25 years in prison for his… Read More

May 27, 2024 @ 9:57 pm By Omar Faridi  |  

SilverRock Bank recently announced the granting of its banking authorization with restrictions by the Prudential Regulation Authority after the completion of a £50m investment round. SilverRock’s business model and overall strategy is mainly said to be built to partner with non-bank and other lenders to… Read More

May 26, 2024 @ 5:27 pm By Tony Zerucha  |  

This week, Marqeta welcomed the recent Consumer Financial Protection Bureau (CFPB) rule on BNPL providers. In a statement, Marqeta said it appreciates the agency’s efforts to promote consistent consumer protection standards, including for BNPL. “As BNPL providers reach greater levels of mainstream adoption, industry standardization… Read More

May 24, 2024 @ 10:15 am By JD Alois  |  

Stand with Crypto, an advocacy group that supports appropriate regulation of the digital asset sector, has set up shop in the UK. While the UK is moving forward with bespoke regulation, it has been more challenging in the US. The US House of Representatives recently… Read More

May 24, 2024 @ 8:57 am By Omar Faridi  |  

The European Central Bank (ECB) is focused on carrying out DLT or distributed ledger technology trials, which are currently underway. The Eurosystem is currently testing distributed ledger technology (DLT) for wholesale transactions in central bank money. During these trials, 16 private firms as well as… Read More

May 23, 2024 @ 2:26 pm By JD Alois  |  

The US House of Representatives has approved legislation aimed at deterring the use of a central bank digital currency, or CBDC. The CBDC Anti-Surveillance State Act (HR 5403) vote was 216 for and 192 against.  22 members did not vote. While all of the Republicans… Read More

May 23, 2024 @ 10:44 am By JD Alois  |  

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule impacting buy now pay later (BNPL) providers. BNPL providers have emerged as a popular alternative to credit cards, as their interest rates are typically lower than credit cards. At the same time, many platforms… Read More

May 23, 2024 @ 8:48 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has fined HSBC £6,280,100 for the poor treatment of its customers. According to the FCA, HSBC failed to properly consider people’s circumstances when they had missed payments. This transgression took place between June 2017 and October 2018. The FCA… Read More

May 22, 2024 @ 7:09 pm By JD Alois  |  

After an impassioned debate by multiple Democrats criticizing the legislation, the Financial Innovation and Technology for the 21st Century Act (FIT21), HR 4763, has been approved by the US House of Representatives. The final vote showed solid support as 208 Republicans were joined by 71… Read More

May 22, 2024 @ 4:32 pm By JD Alois  |  

The Financial Innovation and Technology for the 21st Century Act (FIT21) incorporates a Digital Asset Exemption that enables issuers to raise up to $75 million. The current language allows participation by both Accredited and Non-Accreditd Investors. For individuals who are not Accredited, there are limitations,… Read More

May 22, 2024 @ 3:35 pm By JD Alois  |  

House Financial Services Committee Chairman Patrick McHenry, along with Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill, and Oversight and Investigations Subcommittee Chairman Bill Huizenga, have joined to ask the Securities and Exchange Commission to provide information on Prometheum’s move to provide custody… Read More

May 22, 2024 @ 12:48 pm By JD Alois  |  

SEC Chairman Gary Gensler has posted commentary on the Financial Innovation and Technology for the 21st Century (FIT21) Act. First introduced in 2023, the legislation has recently re-emerged, moving forward in the House and a looming floor vote. The legislation aims to clarify the digital… Read More

May 22, 2024 @ 12:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has penalized the Intercontinental Exchange (NYSE:ICE), the operator of the New York Stock Exchange, for failing to notify the SEC promptly of a cyber intrusion. ICE has agreed to pay a $10 million penalty to settle the allegations without… Read More

May 22, 2024 @ 10:45 am By JD Alois  |  

This past week, the California state legislature approved an Artificial Intelligence (AI) bill, SB 1047 that is being described as undermining innovation and hampering the development of the new technology. Joe Lonsdale, founder of Palantir (NYSE:PLTR) – a firm engaged in AI development, slammed the… Read More

May 22, 2024 @ 9:24 am By JD Alois  |  

Today, the UK Payment Systems Regulator (PSR) has decided that cards do not face effective competition. The PSR states that it has “provisionally” determined there is not enough competition in the supply of scheme and processing services to acquirers. Additionally, pricing is complicated, having risen… Read More

May 22, 2024 @ 8:35 am By Omar Faridi  |  

The European Council has now approved a law aiming to harmonise rules on artificial intelligence, the so-called artificial intelligence act. The flagship legislation follows a ‘risk-based’ approach, which means “the higher the risk to cause harm to society, the stricter the rules.” It is the… Read More