Politics, Legal & Regulation

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

May 21, 2024 @ 9:35 am By JD Alois  |  

The British Business Bank has posted new data for the third iteration of its Recovery Loan Scheme, which allows smaller firms to raise up to £2 million. Businesses can use the loans for any purpose, including cashflow management, investment, and growth. The terms of the… Read More

May 21, 2024 @ 8:53 am By Omar Faridi  |  

KPMG has commented on the important step on the road to ISSB adoption in the United Kingdom. KPMG recently shared key insights on the announcement that the UK Government has established the UK Sustainability Disclosure Technical Advisory Committee. Providing their perspective on the announcement that… Read More

May 21, 2024 @ 8:37 am By Omar Faridi  |  

The Digital Identity Regulation has reportedly entered into force. This means that the solution will become available by 2026. A digital ID and personal digital wallet for EU citizens, residents and businesses should help with enabling more frictionless experiences in an online environment. As noted… Read More

May 20, 2024 @ 5:18 pm By JD Alois  |  

Following a highly critical independent review and calls for his registration, FDIC Chairman Martin Gruenberg has decided to resign from the agency. Rumblings about poor management at the regulatory agency have been rife for some time now. Gruenberg issued the following statement: “It has been my… Read More

May 20, 2024 @ 3:54 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) has sued the online lending platform SoLo Funds for claims the Fintech deceived borrowers about the total cost of loans. The CFPB notes that SoLo markets itself “as a consumer-friendly alternative to high-cost, short-term loans.” Solo is a Fintech… Read More

May 20, 2024 @ 3:12 pm By Omar Faridi  |  

The Federal Trade Commission (FTC) released its Fiscal Year 2023 Annual Report outlining the agency’s work to protect consumers and promote competition. FTC Chair Lina M. Khan said: “The FTC is focused on ensuring that American consumers, workers, and entrepreneurs can enjoy honest markets and… Read More

May 20, 2024 @ 11:09 am By JD Alois  |  

The Crowdfunding Professional Association (CfPA) has issued a Policy Platform containing eighteen recommendations for the investment crowdfunding industry. The CfPA believes the recommendations will help to fuel the growth of online capital formation using the Reg CF securities exemption. Brian Christie, the 2024 President of… Read More

May 20, 2024 @ 10:53 am By JD Alois  |  

The UK government has announced that the AI Safety Institute will open an office in San Francisco. This is said to be the first overseas office in San Francisco and is described as a “pivotal step” that will help the UK engage with the emerging… Read More

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

While sharing insights at the European Anti-Financial Crime Summit, Deputy Governor of the Central Bank of Ireland Derville Rowland said: “The commitment of European leaders to introduce a single rulebook for Anti-Money Laundering (AML) and the creation of a new European AML supervisory and financial… Read More

May 19, 2024 @ 1:42 pm By Omar Faridi  |  

Ripple releases the quarterly XRP Markets Report to voluntarily provide transparency and regular updates on the company’s views on the state of crypto markets, relevant XRP Ledger and XRP-related announcements, and market developments over the previous quarter. As an XRP holder, Ripple believes in “proactive… Read More

May 19, 2024 @ 9:32 am By Omar Faridi  |  

Mark Branson, President of the German Federal Financial Supervisory Authority (BaFin), warns against trying to pay for the green and digital transformation of the European economy by weakening capital requirements. Branson said at the BaFin’s conference in Frankfurt am Main on 14 May: “Otherwise we… Read More

May 19, 2024 @ 7:22 am By Omar Faridi  |  

France Mayer has reportedly been appointed Retail Investor Relations and Protection Director at the Autorité des Marchés Financiers (AMF). France Mayer is currently Market Intermediaries Supervision Director “at the Data and Markets Directorate of the Autorité des Marchés Financiers (AMF).” She will take over as… Read More

May 17, 2024 @ 1:43 pm By Omar Faridi  |  

Countries need to urgently step up their efforts to target the huge illicit profits generated by transnational organized crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations, according to an update shared by FATF. This was the unprecedented call to action from the… Read More