Politics, Legal & Regulation

December 16, 2024 @ 11:14 am By JD Alois  |  

Everyone knows the definition of an Accredited Investor is broken. The rule sets a monetary hurdle for individuals who may participate in certain private securities offerings. It is obvious to all that wealth is not necessarily an indicator of sophistication. Still, the SEC has failed… Read More

December 16, 2024 @ 10:19 am By JD Alois  |  

The Committee on the Judiciary and the Select Subcommittee on the Weaponization of the Federal Government issued its interim report this month outlining the abuse of financial data by the federal government. Whether you are a Republican or Democrat, you should be outraged by this… Read More

December 14, 2024 @ 3:48 pm By Tony Zerucha  |  

This week, Independent Community Bankers of America president and CEO Rebeca Romero Rainey spoke out against the Consumer Financial Protection Bureau’s final rule on overdraft services. Despite the Consumer Financial Protection Bureau’s overdraft rule’s exemption for community banks under $10 billion in assets, Rainey said… Read More

December 13, 2024 @ 4:38 pm By Omar Faridi  |  

Faced with “dense” and complex information, the AMF in France is encouraging financial institutions to continue their efforts to “improve the transparency of their Taxonomy reporting.” In a report covering the first alignment reporting of seven French banks and insurers, the Autorité des Marchés Financiers… Read More

December 13, 2024 @ 11:56 am By JD Alois  |  

Elon Musk, founder and CEO of multiple firms including Tesla and SpaceX, has leveraged X, another one of his companies, to lambast outgoing SEC Chairman Gary Gensler.   Oh Gary, how could you do this to me? 🥹 pic.twitter.com/OoooQI77ZS — Elon Musk (@elonmusk) December 12,… Read More

December 13, 2024 @ 11:31 am By JD Alois  |  

The initial coin offering (ICO) era came to a screeching halt following a statement made by the Securities and Exchange Commission that effectively told issuers to halt the process. During the wild and crazy days of ICOs, millions or billions were both made and lost…. Read More

December 13, 2024 @ 11:17 am By JD Alois  |  

Yesterday, the Securities and Exchange Commission charged Cantor Fitzgerald, LP, and two Special Purpose Acquisition companies (SPACs) it controlled with “making misleading statements to investors ahead of their initial public offerings (IPOs).” SPACs are companies that go public with the intent to acquire a private… Read More

December 13, 2024 @ 10:44 am By Omar Faridi  |  

The Bitcoin and crypto industry is now focused on blocking or preventing the re-nomination of  SEC Commissioner Caroline Crenshaw as the Senate Banking Committee prepares to vote on her appointment to another term at Wall Street’s main regulatory authority. Crenshaw, a Democrat, was appointed to the commission by President Donald… Read More

December 13, 2024 @ 9:25 am By JD Alois  |  

The Consumer Bankers Association (CBA), American Bankers Association (ABA), America’s Credit Unions, Mississippi Bankers Association, and other individual banks have joined in a lawsuit challenging the final rules issued by the Consumer Financial Protection Bureau impacting overdraft regulations. Yesterday, the CFPB issued rules that manage… Read More

December 12, 2024 @ 4:51 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has announced a final rule that addresses the overdraft system for consumers who need credit beyond an existing balance. The new rule allows large banks several options for overdrafts: They can choose to charge $5; To offer overdraft as… Read More

December 12, 2024 @ 4:11 pm By JD Alois  |  

Representative French Hill is slated to take over the powerful House Financial Services Committee following the exit of popular Chairman Patrick McHenry. Multiple news outlets are reporting the selection of Hill, who has edged out several others interested in the chairman position. The Digital Chamber… Read More

December 12, 2024 @ 9:16 am By JD Alois  |  

A recent report shares that Nasdaq Private Markets (NPM), a secondary trading platform for shares in private firms, has booked $6 billion in trades so far this year. In total, since its creation, NPM reports over $55 billion in transactional value and more than 250… Read More

December 11, 2024 @ 3:14 pm By JD Alois  |  

Today, the Consumer Financial Protection Bureau (CFPB) testified before the Senate Banking Committee. Chairman Rohit Chopra outlined his accomplishments while at the agency in his opening statement, mentioning that they are working on addressing the challenges of debanking. Blocking people from the banking system has emerged… Read More

December 11, 2024 @ 11:09 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against three Nigerian nationals for scamming investors out of $2.9 million. According to the SEC, the trio impersonated legitimate investment advisors and conning around 28 investors. At the same time, the United States Attorney’s Office for… Read More

December 11, 2024 @ 10:38 am By JD Alois  |  

The Cambridge Centre for Alternative Finance (CCAF) has published a report on central bank digital currencies (CBDCs), more specifically, wholesale central bank Digital Currencies (wCBDCs), which may limit these digital assets to institutional use. While CBDCs continue to be debated and some jurisdictions are actively experimenting… Read More

December 11, 2024 @ 8:23 am By JD Alois  |  

Expectations are high that the Trump Administration will support financial innovation and entrepreneurship. Many Fintechs are elated with his election, as it contrasts to the difficult environment during the Biden Administration. The Financial Technology Association (FTA) has published a “Fintech Policy Roadmap” that the administration… Read More

December 11, 2024 @ 7:37 am By Tony Zerucha  |  

A representative from digital identity platform SPACE ID believes the ECB’s [European Central Bank] work on the digital euro leaves plenty to be desired, especially regarding privacy. Alice Shikova made the comments following the release of the ECB’s second progress report. “The ECB’s second progress… Read More

December 10, 2024 @ 10:12 pm By Omar Faridi  |  

Cross River CEO Gilles Gade has applauded David Sacks’ nomination, calling it a win for Fintech, crypto, and AI regulation. Gilles Gade, Founder and CEO at Cross River Bank, noted that David Sacks’ nomination as ‘AI & Crypto Czar’ could be a pivotal moment for… Read More

December 10, 2024 @ 5:27 pm By JD Alois  |  

The SEC Investor Advisory Committee met today, and one of the topics reviewed was access to alternative assets. More specifically, the fast-growing private securities markets. Private securities in both debt and equity markets have boomed in recent years. Meanwhile, public securities have diminished due to… Read More

December 10, 2024 @ 3:21 pm By Omar Faridi  |  

Taxbit noted that the IRS has released an updated draft, but “likely final,” version of Form 1099-DA. According to the update shared by Taxbit, the revised form includes one primary update to the prior draft released earlier this year that “aims to streamline compliance for… Read More