Politics, Legal & Regulation

November 24, 2024 @ 6:42 pm By Michael Wong  |  

Australia’s Department of the Treasury has initiated a consultation on implementing the Organisation for Economic Cooperation and Development’s (OECD) Crypto Asset Reporting Framework (CARF). The framework is designed to enhance tax transparency and improve compliance by standardizing the collection and exchange of tax-related information on… Read More

November 24, 2024 @ 6:40 pm By Michael Wong  |  

South Korea’s Financial Supervisory Service (FSS) plans to enhance the monitoring of abnormal transactions in virtual asset exchanges as market volatility intensifies, particularly following the U.S. presidential election. This move aims to address gaps in current systems and bolster consumer protection measures. Virtual asset exchanges… Read More

November 23, 2024 @ 6:24 pm By Tony Zerucha  |  

Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, fears the incoming chair of the Federal Communications Commission, Brendan Carr, could stifle the decentralized telecommunications industry if he moves to repeal net neutrality once again. While Carr’s anti-Big Tech stance could be helpful… Read More

November 23, 2024 @ 5:53 pm By Omar Faridi  |  

The Commodity Futures Trading Commission’s (CFTC) Global Markets Advisory Committee, sponsored by Commissioner Caroline D. Pham, advanced a recommendation to expand the use of non-cash collateral through the use of distributed ledger technology. The GMAC’s Digital Asset Markets Subcommittee presented on the progress of its… Read More

November 22, 2024 @ 4:35 pm By Omar Faridi  |  

The Malta Financial Services Authority (MFSA) is participating in an EU Technical Support Instrument (TSI) project which will support Malta in the area of financial literacy, with the purpose of improving the financial literacy levels of the Maltese population, “including retail investors.” The project is… Read More

November 22, 2024 @ 10:56 am By JD Alois  |  

On November 18th, Trump Media (NASDAQ:DJT) filed a Trademark application for TRUTHFI, a crypto service. This report follows the news that Trump Media was in discussion to acquire Bakkt (NYSE:BKKT), a crypto trading platform controlled by ICE, the parent company of the New York Stock Exchange…. Read More

November 21, 2024 @ 5:46 pm By JD Alois  |  

Elon Musk, the owner of X (neé Twitter), Tesla, and SpaceX, responded to an X by outgoing SEC Chairman Gary Gensler in a stinging retort. Gensler’s exit from the Commission was announced today with the Chairman dragging it out until the day President-elect Donald Trump… Read More

November 21, 2024 @ 3:05 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced that Chairman Gary Gensler will exit the agency on January 20, 2025, the same day President-elect Donald Trump will be sworn in. While some pundits predicted that Gensler would exit sooner, giving another Commissioner a chance to… Read More

November 21, 2024 @ 2:52 pm By JD Alois  |  

Earlier today, the Consumer Financial Protection Bureau (CFBP) issued final rules on non-bank firms providing payments and transfers. Digital payments have become the norm as people adopt digital wallets, hosted on their smartphones, as simpler and quicker way to transfer funds. While there are many… Read More

November 21, 2024 @ 11:17 am By JD Alois  |  

The Financial Technology Association (FTA) has issued a statement criticizing the Consumer Financial Protection Bureau’s new rules addressing digital payments and transfers. The CFPB revealed final rules today that are said to “strengthen oversight of large technology firms in consumer financial markets” that offer digital… Read More

November 21, 2024 @ 7:33 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has announced final rules for non-bank digital payments and transfers. The payments sector of Fintech is one of the hottest segments of innovation, as users have quickly adopted digital wallets and more efficient payment methods. The CFPB’s move is… Read More

November 21, 2024 @ 7:17 am By Omar Faridi  |  

The European Central Bank (ECB) sees elevated financial stability vulnerabilities in a volatile environment, according to its November 2024 Financial Stability Review. Risks to euro area economic growth have shifted to the downside as inflation has moved “closer to 2%,” while financial markets have “experienced… Read More

November 20, 2024 @ 2:18 pm By JD Alois  |  

Regulation D (Reg D), the leading securities exemption for private offerings, is a huge market measured at over a trillion annually. Under the JOBS Act of 2012, Reg D received an update: old Reg D (506b) was joined by new Reg D (506c), an exemption that… Read More

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

The Bank of England has launched a consultation on Fundamental Rules for Financial Market Infrastructures and shares its approach to FMI supervision. The Bank aims to introduce a set of Fundamental Rules for UK Financial Market Infrastructures (FMIs), essential to the safe operation of the… Read More

November 19, 2024 @ 10:34 pm By Omar Faridi  |  

The Central Bank of Brazil (BCB) noted in an update that Pix now has security rules that apply for registering new devices. As mentioned in the update from BCB, cellphones, computers, and tablets being used in Brazil must now be registered with the bank to… Read More

November 18, 2024 @ 10:04 pm By Omar Faridi  |  

South Korean authorities are reportedly investigating crypto exchange Upbit for numerous KYC (Know Your Customer) violations. Due to these reported compliance failures at the Korean exchange, Upbit might have to pay fines as high as $71,500 for each case along with potential issues with its… Read More

November 18, 2024 @ 5:28 pm By JD Alois  |  

BIT Mining, formerly known as 500.com, has been charged with Foreign Corrupt Practices Act (FCPA) violations by the Securities and Exchange Commission (SEC). According to a statement issued by the SEC, BIT Mining has resolved the allegations by paying a $4 million civil penalty. 500.com… Read More

November 18, 2024 @ 11:42 am By JD Alois  |  

MiCA, or Markets in Crypto Assets regulation, is a transformative change in the European Union that provides regulatory clarity for digital assets that are not deemed to be securities. As the market is quite large, MiCA should help boost crypto innovation in the region—something other regions, like… Read More

November 18, 2024 @ 11:05 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority FINMA has posted its Risk Monitor for 2024. According to the regulator, there are nine top principal risks for the financial sector aggravated by heightened geopolitical challenges. These highlighted risks are as follows: Risks associated with real estate and… Read More

November 15, 2024 @ 11:45 am By JD Alois  |  

The past few years at the Securities and Exchange Commission (SEC) have been tough for innovators during the tenure of Chairman Gary Gensler. When Gensler was selected to lead the top financial regulator, hopes were high that his extensive experience in markets and understanding of… Read More