Politics, Legal & Regulation

September 21, 2023 @ 12:42 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) is considering raising the wealth threshold for the definition of an Accredited Investor. Currently, in brief, an Accredited Investor is an individual who earns over $200,000 a year or has a net worth of over $1 million. The net… Read More

September 21, 2023 @ 8:47 am By JD Alois  |  

The House Financial Services Committee has approved multiple bills, which may now move to a floor vote. Included in the roster of legislation is the “CBDC Anti-Surveillance State Act” (HR 5402). Majority Whip Tom Emmer, a longtime digital asset supporter, sponsored this bill. The bill… Read More

September 20, 2023 @ 10:50 am By JD Alois  |  

Yesterday, the Secretary of the Treasury Janet Yellen, announced its ambitions in regard to “net zero financing and investment,” outlining their goal of net zero commitments and how they can compel financial services firms to adhere to their ideology. Secretary Yellen said: “Going forward, the… Read More

September 20, 2023 @ 10:33 am By JD Alois  |  

The parents of jailed FTX founder Sam Bankman-Fried have been sued by what remains of the company. According to a court filing, Joseph Bankman and Barbara Fried, both Stanford University professors, allegedly enriched themselves prior to the collapse of what was once one of the… Read More

September 19, 2023 @ 4:30 pm By JD Alois  |  

The New York State Department of Financial Services (NYDFS) has published “guidance” for the US digital asset industry building upon its already widely utilized Bit Licence rules. Superintendent Adrienne A. Harris issued a statement explaining her goal of prioritizing regulations for “virtual currency policy” to… Read More

September 19, 2023 @ 10:38 am By Nick Morgan  |  

The world of investment banking has witnessed significant transformations over the decades, particularly concerning small-cap IPOs and access to capital. In this Capital Ideas interview with Vince Molinari, the CEO of Fintech.TV and an experienced figure in investment banking, ICAN’s Dara Albright and Nick Morgan… Read More

September 19, 2023 @ 8:36 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has released its initial report on potential discrimination at UK banks. The report follows the saga of Nigel Farage, a vocal political personality and former UKIP leader, who had his account shuttered at Coutts after management decided his values… Read More

September 19, 2023 @ 6:12 am By Omar Faridi  |  

The Saudi Central Bank (SAMA) licensed “Al-tizam for electronic insurance brokerage” and “Altheqa Insurance Brokers” in order to “provide insurance aggregation services (soft launch).” With Al-tizam and Altheqa, there will “be five authorized insurance aggregation companies operating in Saudi Arabia.” This decision reflects SAMA‘s endeavor… Read More

September 17, 2023 @ 2:35 pm By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) has issued a public advisory warning against crypto businesses that are presenting themselves as “banks” or labeling their products as “deposits”. The regulatory body emphasizes that such misrepresentations may violate the Banking Ordinance. There have been instances of crypto… Read More

September 17, 2023 @ 10:07 am By Omar Faridi  |  

CME Group, the derivatives marketplace, and The Depository Trust & Clearing Corporation (DTCC), the post-trade market infrastructure for the global financial services industry, announced their enhanced cross-margining arrangement has received Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approvals. The arrangement will… Read More

September 16, 2023 @ 9:30 am By Omar Faridi  |  

The US Treasury’s proposed ‘broker’ rules expand surveillance “well beyond a ‘third party doctrine’ that’s already stretched thin,” according to the team at Coin Center, a crypto policy think tank. Peter Van Valkenburgh, Director of Research at CoinCenter, Board Member at the Zcash Foundation, notes… Read More

September 15, 2023 @ 12:17 pm By Omar Faridi  |  

US-headquartered crypto firm Ripple recently stated that it intends to keep fighting the current lawsuit with the US Securities and Exchange Commission (SEC). The dustup with the regulator is emblematic of the broader challenges digital asset firms face in the US as the SEC has… Read More

September 15, 2023 @ 10:30 am By JD Alois  |  

The Securities and Exchange Commission (SEC), Investor Advisory Committee will meet next week and will discuss two very important policy items that impact capital raising for private firms. The first panel discussion will review exempt securities offerings under Reg D. This exemption, only available to… Read More

September 13, 2023 @ 7:23 pm By JD Alois  |  

Earlier today, the Securities and Exchange Commission (SEC) announced an enforcement action against Stoner Cats and the creation of non-fungible tokens (NFTs) that were sold to the public. In total, Stoner Cats sold over $8 million in these NFTs which then were available for resale… Read More

September 13, 2023 @ 4:17 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has posted the agenda for its second meeting of 2023. SBCFAC will hold three separate panels, the first being a primer of the operations of the SEC’s Division of Corporate Finance (CorpFin)…. Read More

September 13, 2023 @ 3:40 pm By JD Alois  |  

Stoner Cats 2 LLC has been charged by the Securities and Exchange Commission (SEC) for pursuing an unregistered securities offering with the issuance of non-fungible tokens (NFTs). This is the second enforcement action targeting an NFT issuer as it broadens its targets in the digital… Read More

September 12, 2023 @ 6:44 pm By JD Alois  |  

Virtu, one of the most active firms in the payment for order flow sector, has been hit with an enforcement by the Securities and Exchange Commission (SEC). According to the SEC’s allegations, Virtu allowed access to material, nonpublic information (MNPI) which could have been used… Read More

September 12, 2023 @ 3:17 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) says it has settled charges against Yieldstreet, a top alternative investment platform mainly serving accredited investors. According to the SEC, Yieldstreet failed to disclose critical information pertaining to an asset-backed securities offering that totaled $14.5 million. Yieldstreet has settled… Read More

September 12, 2023 @ 2:58 pm By JD Alois  |  

The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion has posted the witnesses on its forthcoming hearing on a digital dollar. Entitled the Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives, the hearing is paired… Read More

September 12, 2023 @ 9:26 am By JD Alois  |  

NASAA (North American Securities Administrators  Association) says there has been a decline in “top reported violations” in regard to the most recent state registered investment advisor review. NASAA collects the data every two years provided by state securities regulators. NASAA President Andrew Hartnett says the… Read More