Politics, Legal & Regulation

August 14, 2024 @ 11:22 am By JD Alois  |  

The Australian Stock Exchange (ASX) was once viewed as a pioneer in transitioning from legacy exchange technology – CHESS –  to blockchain or distributed ledger technology. The strategy was to create a “database architecture that solves a data reconciliation issue.” This has nothing to do… Read More

August 13, 2024 @ 10:58 am By JD Alois  |  

  Yesterday, it was reported that the Securities and Exchange Commission (SEC) had filed fraud charges against NovaTech, and its founders as well as several other executives. The SEC claims that over $650 million was pilfered in the operation, which saw early investors receive payouts… Read More

August 13, 2024 @ 10:04 am By JD Alois  |  

Tomorrow, the UK government will update the country on the status of inflation.  The last reading, released in June, showed an inflation rate of 2.8% – higher than the benchmark target of 2% inflation – the same goal held in the US. Last November, inflation… Read More

August 12, 2024 @ 10:17 pm By Omar Faridi  |  

The Securities and Exchange Commission (SEC) in Thailand is introducing the Digital Asset Regulatory Sandbox to facilitate experiments and the development of innovations supporting the efficient provision of digital asset services in the real-life context. Interested parties are welcome to “participate in the Sandbox to… Read More

August 12, 2024 @ 10:13 pm By Omar Faridi  |  

In June 2023, the Financial Services Agency of Japan (FSA) amended the Payment Services Act (PSA) to provide an updated regulatory framework for crypto assets and stablecoins. According to an update from Blockdaemon, these regulations have clear implications “for Crypto Asset Exchange Service Providers (CAESP)… Read More

August 12, 2024 @ 10:12 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against NovaTech Ltd. and its founders, Cynthia and Eddy Petion. The charges allege a $650 million crypto fraud involving over 200,000 investors worldwide. NovaTech’s alleged pyramid scheme was registered in St. Vincent and the Grenadines. It… Read More

August 12, 2024 @ 2:11 pm By Omar Faridi  |  

On August 9, 2024, Celsius Network Limited, acting through the Blockchain Recovery Investment Consortium, LLC, filed suit against Tether Limited, and certain of its affiliates, in the United States Bankruptcy Court for the Southern District of New York. This “baseless” lawsuit against Tether proves the… Read More

August 12, 2024 @ 1:56 pm By JD Alois  |  

Last week, it was reported that Ripple had paid a $125 million penalty to settle an enforcement case brought by the Securities and Exchange Commission (SEC). Ripple, the issuer of XRP, was found guilty of selling unregistered securities, but the penalty was far smaller than… Read More

August 12, 2024 @ 11:53 am By JD Alois  |  

The Financial Technology Association (FTA) has posted a comment letter directed towards the US Department of Treasury in regard to a request for feedback on the use of Artificial Intelligence (AI) in financial services. The FTA advocates on behalf of the benefits of AI, urging… Read More

August 12, 2024 @ 10:43 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges against Ideanomics and several of its executives. All respondents have settled with the SEC. Ideanomics (OTC:IDEX) is described as “a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing… Read More

August 10, 2024 @ 11:01 am By Tony Zerucha  |  

Tax lawyer David W. Klasing warns the IRS anticipates a surge in cryptocurrency-related tax evasion cases. That is driven by anonymity and decentralization, which complicate the ability to track income and enforce laws. “The IRS expects a rise in crypto tax evasion cases as taxpayers file their… Read More

August 10, 2024 @ 10:52 am By Omar Faridi  |  

Consumer protection is a strategic pillar for the Malta Financial Services Authority (MFSA) and enabling financial literacy is part of this key objective. By supporting financial literacy and promoting a stable financial system, the Authority is committed to “fostering responsible and informed financial decision-making by… Read More

August 9, 2024 @ 9:31 am By JD Alois  |  

The Democrat party’s initial outreach to repair its broken relationship with the crypto industry has not gone very well, according to a report. Fox News says multiple investors and executives from firms like Coinbase, Ripple, Kraken, etc., participated in a call with Democrat bigwigs that… Read More

August 8, 2024 @ 3:56 pm By JD Alois  |  

The Commodity Futures Trading Commission is reporting that the US District Court for the Southern District of New York has entered a consent order of permanent injunction and other relief against FTX Trading and Alameda Research. The duo has been ordered to pay $12.7 billion in… Read More

August 8, 2024 @ 2:17 pm By JD Alois  |  

While the UK is pretty crypto-friendly compared to the US, this does not mean you can flout existing rules. Yesterday, the Financial Conduct Authority (FCA) issued a statement warning digital asset firms to comply with rules. If certain unnamed firms do not improve, “we will act,” the… Read More

August 8, 2024 @ 8:47 am By JD Alois  |  

Ripple, the issuer of XRP, has long been ensconced in a legal battle with the Securities and Exchange Commission over allegations of offering an unregistered security. However, it appears to have been let off lightly by paying a penalty of $125 million. Ripple CEO Brad… Read More

August 7, 2024 @ 12:18 pm By JD Alois  |  

Legislation has been introduced in the US Senate to establish a strategic Bitcoin reserve. Submitted by Senator Cynthia Lummis, well known for her support of digital assets, S.4912, the Bitcoin Act, officially entitled, Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act was sent… Read More

August 7, 2024 @ 9:38 am By Omar Faridi  |  

As a result of a Federal Trade Commission lawsuit, the owners and operators of a sprawling credit repair operation known as Financial Education Services (FES) will end the practices that the FTC alleged “created a pyramid scheme and also violated the Credit Repair Organizations Act.”… Read More

August 5, 2024 @ 10:45 pm By Omar Faridi  |  

PBOC and HKMA has reportedly signed an MOU that is focused on cross-boundary linkage of payment systems between the Mainland and Hong Kong. Mr Lu Lei, Deputy Governor of the People’s Bank of China (PBOC), and Mr Howard Lee, Deputy Chief Executive of the Hong… Read More

August 5, 2024 @ 10:44 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) announced that a Review Group has been set up to recommend measures to strengthen equities market development in Singapore. The Review Group will be chaired by Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Board… Read More