Politics, Legal & Regulation

October 23, 2023 @ 2:22 pm By JD Alois  |  

Update: The Subcommittee hearing has been postponed until a later date. Tomorrow, the Subcommittee on Capital Markets, part of the House Financial Services Committee, will hold a hearing entitled “Examining the SEC’s Agenda: Unintended Consequences for U.S. Capital Markets and Investors.”  According to the Hearing… Read More

October 23, 2023 @ 10:29 am By JD Alois  |  

The UK government launched various programs to support businesses during the difficult days of the COVID crisis. While there is plenty of rear-view commentary today, at that time, things looked pretty dire for the UK economy, and supporting businesses that were hammered during the lockdowns… Read More

October 22, 2023 @ 5:35 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has received a judgment in its enforcement action against Thor Technologies. In 2022, the SEC filed an enforcement action against Thor alleging an unregistered security offering as Thor had issued a “crypto asset security” and did not qualify for… Read More

October 22, 2023 @ 12:12 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation. The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of… Read More

October 21, 2023 @ 9:00 pm By Michael Wong  |  

In a bid to augment the funding pool for burgeoning growth sectors, Japan’s financial watchdog, the Financial Services Agency (FSA), intends to amplify the amount retail investors can allocate to unlisted startups, as reported by Nikkei Asia. The current regulation allows retail investors to contribute… Read More

October 20, 2023 @ 1:33 pm By JD Alois  |  

FinCEN has issued a statement on funding of the terrorist Hamas group following the atrocities the group perpetrated in Israel. FinCEN urged financial services firms to be vigilant in any activity that may be used to fund Hamas. This is inclusive of virtual asset service… Read More

October 20, 2023 @ 1:19 pm By JD Alois  |  

It was reported yesterday that the Securities and Exchange Commission (SEC) had dropped its charges against Ripple executives Brad Garlinghouse (CEO) and Chris Larsen (Chairman). Charges remain for Ripple itself. Ripple has posted a release on the legal victory, calling it a “stunning capitulation by… Read More

October 20, 2023 @ 10:07 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has proposed new rules that aim to boost Open Banking (Open Finance) in the United States, according to a statement by the agency. Open Banking is a concept where financial data and access to this data is easily shareable… Read More

October 19, 2023 @ 9:45 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has dismissed the charges, with prejudice against Ripple principles Brad Garlinghouse and Chris Larsen. This is according to an X (Tweet) distributed by lawyer James Filan and reposted by Stuart Alderoty, Chief Legal Officer at Ripple. Alderoty stated: “The… Read More

October 19, 2023 @ 11:45 am By JD Alois  |  

The House Financial Services Committee has added several new hearings to the October calendar. As was previously reported, the Committed has already scheduled several hearings, even while the House is missing a Speaker, and the Committee Chair, Patrick McHenry, may end up as Speaker Pro-Tem…. Read More

October 18, 2023 @ 7:57 pm By JD Alois  |  

Elon Musk and Mark Cuban have joined with Phillip Goldstein, Nelson Obus, Manouch Moshwayedi, and the Investor Choice Advocates Network (ICAN) in filing an Amicus brief in regard to a Securities and Exchange Commission (SEC) court case. The case has to do with Patriot28 and… Read More

October 18, 2023 @ 10:59 am By JD Alois  |  

While a decision is not yet final, the European Central Bank (ECB) has entered the “preparation phase” to issue a digital Euro. The ECB has been ruminating on the pros and cons of a central bank digital currency (CBDC) for some time now. This most… Read More

October 18, 2023 @ 10:21 am By JD Alois  |  

The UK Consumer Prices Index (CPI) rose by 6.7% in the 12 months to September 2023, the same rate as in August, according to the UK Office for National Statistics. The CPI rose by 0.5% in September 2023, the same rate as in September 2022…. Read More

October 18, 2023 @ 7:20 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has reportedly agreed with Fintech Modulr to place customer onboarding restrictions until the service provider adheres to applicable regulatory guidelines. At the start of this month, the FCA had placed a restriction for the firm, which prevents it from… Read More

October 17, 2023 @ 9:48 pm By JD Alois  |  

The House Financial Services Committee has announced several upcoming hearings on various issues. On Tuesday, October 24, the Capital Markets Subcommittee will hold a hearing entitled: “Examining the SEC’s Agenda: Unintended Consequences for U.S. Capital Markets and Investors.” The same day, the Financial Institutions &… Read More

October 17, 2023 @ 11:53 am By JD Alois  |  

MiCA, or markets in crypto assets regulation, was approved by the European Union earlier this year. The aim is to provide regulatory clarity for digital assets in the EU. Today, the European Markets and Securities Authority (ESMA) has issued a statement cautioning crypto investors that… Read More

October 16, 2023 @ 6:58 pm By JD Alois  |  

  The largest economy in Europe has been slow to create a sustainable regulatory environment for investment crowdfunding platforms to thrive. Under ECSPR or European Crowdfunding Service Provider Regulations, an approved platform may raise up to €5 million across the European Union. The kicker to… Read More

October 16, 2023 @ 5:19 pm By JD Alois  |  

Binance UK will stop accepting new users as of today (Monday, October 16, 2023). The announcement follows the denial of approval for a third party to provide marketing services to the UK iteration of the world’s largest crypto exchange. This month, the UK Financial Conduct… Read More

October 16, 2023 @ 4:43 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Division of Examinations, has posted its 2024 examination priorities, including digital assets and Fintech items. The Division of Enforcement noted that last year, it established specialized teams within the various examination programs, including “crypto assets, financial technology [Fintech], such… Read More

October 16, 2023 @ 10:06 am By JD Alois  |  

It has been widely reported that the Securities and Exchange Commission (SEC) has decided not to appeal a decision by the courts that reflects favorably on Grayscale’s push to launch a Bitcoin ETF. Grayscale currently lists a Bitcoin Trust on OTC Markets, along with other… Read More