Politics, Legal & Regulation

February 13, 2024 @ 5:29 pm By Omar Faridi  |  

Federal Trade Commission data show that consumers reported losing more than $10 billion to fraud in 2023, “marking the first time that fraud losses have reached that benchmark.” This marks a 14% increase “over reported losses in 2022.” Consumers reported losing more money “to investment… Read More

February 12, 2024 @ 10:58 am By Omar Faridi  |  

New York Attorney General Letitia James recenty filed an amended complaint, expanding the Office of the Attorney General’s (OAG) lawsuit against Digital Currency Group, Inc., DCG’s CEO, Barry Silbert, and Genesis Global Capital, LLC and its affiliates’ (Genesis) former CEO, Soichiro Moro, for allegedly “defrauding… Read More

February 9, 2024 @ 4:23 pm By Tony Zerucha  |  

The American Fintech Council (AFC), an association representing Fintech companies, has requested that the Consumer Protection Financial Bureau (CFPB) immediately convene relevant stakeholders for a comprehensive conversation on EWA products and consideration of formal rulemaking. “Director Chopra and the CFPB have been thoughtful partners and… Read More

February 9, 2024 @ 10:27 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has assessed a combined penalty of $81 million to sixteen financial services firms for transgressions involving electronic communications. Each penalized firm has agreed to the penalties. The SEC Division of Enforcement said there have been “pervasive and longstanding uses… Read More

February 8, 2024 @ 10:11 pm By JD Alois  |  

The Digital Assets, Financial Technology and Inclusion Subcommittee, part of the House Financial Services Committee, has scheduled a hearing entitled, “Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.” The hearing is scheduled for Thursday, February 15, 2024, at 2 PM ET…. Read More

February 8, 2024 @ 3:01 pm By JD Alois  |  

Earlier this week, the Secretary of the Treasury, Janet Yellen, testified in front of the House Financial Services Committee. The hearing was scheduled to review the Financial Stability Oversight Council (FSOC). This is a group of federal financial regulators, and others, gathered to address risks… Read More

February 7, 2024 @ 1:48 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed another enforcement action targeting a digital asset firm. The SEC has filed charges against TradeStation Crypto, alleging an unregistered offering of a “crypto asset lending product.” TradeStation Crypto has settled the charges without admitting or denying the… Read More

February 7, 2024 @ 8:13 am By JD Alois  |  

The Financial Technology Association (FTA) has issued a statement on the Protecting Innovation in Investment Act. The FTA supports the legislation, explaining that it will support consumers ability to benefit from wealth-building services by blocking the Securities and Exchange Commission (SEC) from undermining tech advancement… Read More

February 7, 2024 @ 7:50 am By Omar Faridi  |  

Binance announced that it will delist several crypto tokens, including privacy coin Monero. The list includes ANT, MULTI, VAI, and XMR, which will be removed on February 20th, 2024. Binance claims it regularly reviews each digital asset it lists to ensure that it “continues to… Read More

February 6, 2024 @ 3:48 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) continues to issue new rules at a breakneck pace. Today, the Commission has adopted new rules that impact “market participants who engage in certain dealer roles.” These market participants who shoulder significant liquidity roles in markets must soon register… Read More

February 5, 2024 @ 7:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has posted a note that the California court has entered judgments against former Bitwise CEOs Jake Soberal and Irma Olguin, Jr. The SEC alleged that the two former executives had misled investors about the company’s finances. Without admitting or… Read More

February 5, 2024 @ 8:44 am By Michael Wong  |  

Senior members of the House Financial Services Committee have formally questioned the Federal Deposit Insurance Corporation (FDIC) over its approach towards Fintech and innovation. Committee Chairman Patrick McHenry (NC-10), along with Subcommittee Chairmen Andy Barr (KY-06) and French Hill (AR-02), addressed their concerns in a… Read More

February 2, 2024 @ 5:33 pm By JD Alois  |  

The Securities and Exchange Commission has filed fraud charges against American Bitcoin Academy operated by Rockwell Capital Management and founder Brian Sewel. The company and Sewel have agreed to settle the charges without admitting or denying the allegations. Rockwell Capital Management has also agreed to… Read More

February 2, 2024 @ 1:41 pm By JD Alois  |  

In an X, Congressman Mike Flood revealed a Joint Resolution to revoke the authority of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121. This SAB was enacted in 2022 and impacted the digital asset industry. The SAB addressed the “accounting for obligations to… Read More

February 2, 2024 @ 1:18 pm By JD Alois  |  

Earlier this week, the North American Securities Administrators Association (NASAA) issued a comment letter criticizing the Expanding Access to Capital Act (HR 2799). This legislation was introduced into Congress last year but has yet to move forward with a Committee vote. Sponsored by the Chairman… Read More

February 1, 2024 @ 10:34 pm By JD Alois  |  

The European Union (EU) is pursuing a policy to improve the environment for listings on the various European stock exchanges. According to a statement issued today, the European Council and Parliament have now reached a consensus on a “provisional agreement” for a package that will… Read More

February 1, 2024 @ 8:15 am By Omar Faridi  |  

Celsius Network LLC announced that it has emerged from bankruptcy by completing the transactions under its confirmed plan of reorganization. The plan was reportedly “approved by approximately 98% of the company’s account holders and confirmed by the Bankruptcy Court for the Southern District of New… Read More

January 31, 2024 @ 7:05 pm By JD Alois  |  

Ram Ahluwalia, founder of PeerIQ (sold) and now founder of Lumida, has slammed Chairman Gary Gensler, claiming the damage he has done to the Securities and Exchange Commission (SEC) is significant. Ahluwalia references an article that quoted former SEC Commissioner Michael Piwowar. In the article… Read More

January 31, 2024 @ 11:19 am By JD Alois  |  

The European Securities and Markets Authority (ESMA) posted two consultations on crypto this week—one consultation on reverse solicitation and another on the classification of crypto-assets as financial instruments. The European Union (EU) has approved bespoke rules for crypto under MiCA or Markets in Crypto Assets regulation…. Read More

January 31, 2024 @ 8:00 am By April M. Minarik  |  

Domain names serve as a vital gateway to the digital world, defining and distinguishing the online presence of any business. In a rapidly evolving cyber realm, the implications of domain names span business integrity, intellectual property (IP) rights, and brand identity. This article explores domain… Read More