Politics, Legal & Regulation

May 7, 2024 @ 3:27 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against Curt Kramer and his wholly-owned businesses Power Up Lending Ltd., Geneva Roth Remark Holdings, Inc., and 1800 Diagonal Lending, LLC (formerly known as Sixth Street Lending LLC), for operating as unregistered securities dealers. According to… Read More

May 7, 2024 @ 12:35 pm By JD Alois  |  

Coinbase co-founder and CEO Brian Armstrong welcomed Robinhood (NASDAQ:HOOD) to the Wells Notice club. This past week, it was reported that Robinhood has received a Wells Notice from the Securities and Exchange Commission (SEC). A Wells Notice indicates that SEC staff is recommending an enforcement action by… Read More

May 7, 2024 @ 8:49 am By Omar Faridi  |  

Robinhood Markets, Inc. (NASDAQ:HOOD) announced that it had received a Wells Notice from the US Securities and Exchange Commission (SEC) staff. As reported on May 6, 2024, Robinhood Crypto (RHC) received a Wells Noticer “indicating [staff] will recommend that the Commission file an enforcement action.”… Read More

May 6, 2024 @ 8:57 pm By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has issued new regulations mandating that banks and other financial institutions report significant incidents related to money laundering, terrorism financing, and proliferation financing within 24 hours. The directive, outlined in a circular signed… Read More

May 6, 2024 @ 2:24 pm By JD Alois  |  

After discussing the activity of the Regulation Crowdfunding (Reg CF) market, the Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has decided to recommend raising the threshold for reviewed financials from $124,000 to $350,000. Currently, reviewed financials cost around $5000 to… Read More

May 6, 2024 @ 10:44 am By JD Alois  |  

The Securities and Exchange Commission (SEC) and Small Business Capital Formation Advisory Committee (SBCFAC) have finally issued their recommendation regarding the definition of Accredited Investors. This definition impacts the Reg D marketplace, an ecosystem that enabled around $3 trillion in funding in 2023. Just about… Read More

May 3, 2024 @ 6:59 pm By Tony Zerucha  |  

A report from the Small Business Payments Alliance (SBPA) finds that the majority of small businesses oppose new government payment network mandates. They believe the Durbin-Marshall bill, aka the Credit Card Competition Act, will disproportionately benefit the top five businesses in the United States by creating a… Read More

May 3, 2024 @ 2:22 pm By Tony Zerucha  |  

The American Fintech Council (AFC), an industry association representing Fintech companies, including the largest earned wage access (EWA) providers, has joined with members in a letter to the South Carolina House Committee on Labor, Commerce and Industry endorsing legislation to regulate the burgeoning financial service… Read More

May 3, 2024 @ 9:33 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged BF Borgers CPA PC and its owner, Benjamin F. Borgers with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings… Read More

May 2, 2024 @ 8:47 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has scheduled an “AI Day” for today (May 2, 2024). In advance of this gathering, the CFTC has appointed its first Chief Artificial Intelligence Officer.  CFTC Chairman Rostin Behnam has selected Dr. Ted Kaouk for the new role. Currently,… Read More

May 1, 2024 @ 4:05 pm By JD Alois  |  

The Securities and Exchange Commission, Office of the Advocate for  Small Business Capital Formation, has posted a report on minotry and women activity in the Reg CF securities crowdfunding sector. Reg CF is one of the exemptions that enables online capital formation as well as… Read More

May 1, 2024 @ 8:02 am By Omar Faridi  |  

The Malta Financial Services Authority (MFSA), through its Financial Supervisors Academy (FSA), recently carried out a session focused on “The Future of Securities Supervision: A 2035 Outlook.” Chaired by MFSA Chief Officer Supervision, Christopher P. Buttigieg, the discussion brought together figures from European Union regulatory… Read More

May 1, 2024 @ 8:00 am By JD Alois  |  

Community Round Ventures says it will create a “naughty list” for firms that raised money using Reg CF (Regulation Crowdfunding) that have not filed their mandated Form C-AR [Annual Report]. Form C-AR is mandated for issuers that use the Reg CF securities exemption. The annual… Read More

April 30, 2024 @ 7:35 pm By Omar Faridi  |  

Pakistan’s Finance Minister Muhammad Aurangzeb recently stated that the nation’s government is looking into integrating digital currency transactions within the Asian country’s financial ecosystem. While addressing attendees at the World Economic Forum (WEF) special meeting held in in Riyadh, Minister Aurangzeb commented on Pakistan‘s efforts… Read More

April 30, 2024 @ 3:46 pm By JD Alois  |  

Roger Ver, aka Bitcoin Jesus, has been charged with tax fraud. According to a statement by the US Department of Justice, Ver was arrested this weekend in Spain. He has been charged with mail fraud, tax evasion and filing false tax returns. Ver had acquired… Read More

April 30, 2024 @ 3:39 pm By JD Alois  |  

Binance founder and former CEO Changpeng Zhao (CZ) was sentenced to four months in prison last November after pleading guilty. Zhao was also required to pay a $50 million penalty. According to WSJ.com, Zhao told the court he was sorry for his behavior and regretted… Read More

April 30, 2024 @ 11:40 am By JD Alois  |  

Earlier this month, Equitise, a securities crowdfunding platform operating in New Zealand and Australia, received an “infringement notice” from the New Zealand Financial Markets Authority (FMA). According to the FMA, Equitise had failed to file its financial statements prior to the deadline, among other concerns about… Read More

April 29, 2024 @ 2:20 pm By JD Alois  |  

Companies that raised money online using Reg CF or Regulation Crowdfunding must file Form C-AR by today (April 29, 2024). Form C-AR references the required filing of the company’s annual report. While there have been thousands of firms that have leveraged the JOBS Act securities… Read More

April 29, 2024 @ 10:20 am By JD Alois  |  

Crypto mixer zkSNACKs and Wasabi Wallet service is now blocking US citizens from using its service. Crypto mixers have gained the ire of the US Department of Treasury, which believes that they are frequently used by bad actors to cover their tracks for nefarious activities…. Read More

April 29, 2024 @ 7:29 am By Omar Faridi  |  

Liz Oakes has been appointed and Carolyn Wilkins has been reappointed as external members of the Financial Policy Committee (FPC), the Chancellor of the Exchequer, Jeremy Hunt, has announced. The Chancellor of the Exchequer, Jeremy Hunt, has appointed Liz Oakes as “an external member of… Read More