Politics, Legal & Regulation

March 19, 2024 @ 10:09 pm By Omar Faridi  |  

FINRA announced that it has fined M1 Finance LLC $850,000 for social media posts made by influencers on the firm’s behalf that were not fair or balanced, or contained exaggerated, unwarranted, promissory or misleading claims. This case arises from FINRA’s targeted exam of firm practices… Read More

March 19, 2024 @ 5:22 pm By JD Alois  |  

Earlier this month, the Securities and Exchange Commission (SEC) enacted new climate disclosure rules for public companies. This represents part of a broader political agenda at the SEC that aims to enact new rules that align with ESG or Environmental, Social, and Governance activist policies. The… Read More

March 19, 2024 @ 11:24 am By JD Alois  |  

Genesis Global Capital, LLC has settled charges filed by the Securities and Exchange Commission (SEC) that emerged due to the Commission’s claims that its Gemini Earn program involved the sales of securities. The Earn program, powered by Genesis, allowed crypto investors to generate income while… Read More

March 18, 2024 @ 12:04 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against two firms claiming these entities made “misleading statements” in regard to the utilization of artificial intelligence (AI). Delphia (USA) Inc. and Global Predictions Inc. have both agreed to settle the SEC’s charges and pay $400,000… Read More

March 18, 2024 @ 8:44 am By Tony Zerucha  |  

The American Fintech Council (AFC), an industry association representing fintech companies and banks, delivered testimony before the Rhode Island Senate Committee on Commerce and Policy and the D.C. Council Business and Economic Development Committee opposing recently introduced legislation. Phil Goldfeder, AFC CEO and former member… Read More

March 18, 2024 @ 7:57 am By Omar Faridi  |  

Generative AI (Gen AI) became popular or more widespread with consumers in 2022, when several user-friendly text-based AI systems were released to the public, according to a recent update shared by KPMG. Yet despite its infancy, respondents to a new KPMG UK poll have “expressed… Read More

March 16, 2024 @ 5:21 am By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC) recently announced a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) (NYSE: JPM) related to deficiencies in its trade surveillance program. The OCC found that JPMC allegedly operated “with gaps in trading venue… Read More

March 15, 2024 @ 3:03 pm By Omar Faridi  |  

Nigeria is reportedly planning to further extend the detention of Binance executives. As reported by Reuters, Nigerian authorities have requested an Abuja court to prolong the detention of key Binance executives who are allegedly now part of the nation’s wide-ranging cryptocurrency crackdown. This, after an… Read More

March 15, 2024 @ 8:53 am By Omar Faridi  |  

Democrats Senator Jack Reed and Senator Laphonza Butler have sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler requesting that the regulatory agency step in to ensure that broker-dealers are providing investors with adequate disclosures regarding Bitcoin (BTC) ETFs or exchange-traded funds… Read More

March 14, 2024 @ 6:56 pm By Omar Faridi  |  

Federal Reserve Financial Services (FRFS) introduced the new FedNow User Group to continue promoting collaboration among the 607 participating financial institutions and their service providers on the FedNow Service network. The FedNow User Group aims to “facilitate regular engagement between FRFS and FedNow participants to… Read More

March 14, 2024 @ 6:47 pm By JD Alois  |  

The Securities and Exchange Commission has filed charges against CryptoFX LLC, alleging a $300 million crypto Ponzi scam. The SEC states that 17 individuals have been charged in a plot based in Texas that targeted the Latino community in the US as well as other… Read More

March 14, 2024 @ 8:44 am By Omar Faridi  |  

The European Banking Authority (EBA) published the final draft Regulatory Technical Standards (RTS) that set out the requirements, templates, and procedures for handling complaints received by issuers of asset reference tokens (ARTs). The draft RTS fulfilled a mandate conferred “on the EBA in the Markets… Read More

March 13, 2024 @ 3:52 pm By JD Alois  |  

The Canadian Securities Administrators (CSA) has recognized the launch of the Canadian Sustainability Standards Board’s (CSSB) consultation on Canadian Sustainability Disclosure Standards. This has to do with climate disclosure. The CSA pointed to the fact that the US has recently added climate disclosure regulations, requiring… Read More

March 12, 2024 @ 3:38 pm By JD Alois  |  

Slamming the Securities and Exchange Commission (SEC) as pursuing a “power grab” by utilizing enforcement actions, Coinbase (NASDAQ:COIN) has launched another missile in the ongoing battle with the nation’s top securities regulator. The opening brief filed with the US Court of Appeals challenges the decision… Read More

March 12, 2024 @ 12:25 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained a default judgment against Sameer Ramani, a friend of a former Coinbase (NASDAQ:COIN) employee, pertaining to insider trading claims regarding crypto. Last year, the SEC filed an enforcement action against Coinbase executive Ishan Wahi and his brother, Nikhil Wahi…. Read More

March 12, 2024 @ 11:58 am By Howard Marks  |  

Look, I’m the CEO of an equity crowdfunding company, so believe me when I say that I want Regulation Crowdfunding [Reg CF] to work. But I’m deeply concerned that an apparent recent trend of non-compliance with SEC filing requirements could erode investor trust and pose… Read More

March 12, 2024 @ 10:24 am By JD Alois  |  

Tether, the largest stablecoin issuer in the world (USDT), says it helped Uncle Sam battle an alleged tech scam. Tether says that it assisted the Feds in seizing $1.4 million in stolen funds from a fraud. The company said this highlights its commitment to fighting… Read More

March 12, 2024 @ 9:39 am By JD Alois  |  

Last week, the Securities and Exchange Commission (SEC) adopted new climate disclosure requirements that align with the agency’s ESG ambitions [environmental, social, and governmental]. The new rules have been criticized by opponents as not aligning with the SEC’s mission while creating a situation where both… Read More

March 11, 2024 @ 6:51 pm By JD Alois  |  

This past week, the Consumer Financial Protection Bureau (CFPB) finalized its rules on credit late fees by reducing the legal lime to $8 from a typical fee of $32. The CFPB said that an average saving per year for consumers would be around $220, as… Read More

March 11, 2024 @ 5:40 pm By JD Alois  |  

Last week, the US House of Representatives approved HR 2799, or the Expanding Access to Capital Act. The legislation incorporated a long list of items aimed at supporting entrepreneurs and innovators while helping investors participate in promising offerings. House Representatives voted along party lines. Some items… Read More