Politics, Legal & Regulation

July 23, 2023 @ 10:31 pm By Omar Faridi  |  

European investment platform Bondora says it remains committed to improving the credit industry for all customers. Pärtel Tomberg, CEO and Founder of Bondora, has said: “So far, we have issued credit agreements in accordance with the law and previous guidelines. We don’t foresee significant changes… Read More

July 23, 2023 @ 2:34 pm By Omar Faridi  |  

The Banque de France recently shared key lessons from its wholesale CBDC experiments using distributed ledger technologies (DLTs). Following the publication of an initial report in 20211, the Banque de France is now “releasing a new set of conclusions and lessons learned, covering the first… Read More

July 21, 2023 @ 6:25 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against the issuer of DWE and BPC alleging the issuance of unregistered securities.  The SEC claims that  Alexander Elbanna and his affiliated entities have committed fraud. According to the SEC, between February 2018 and April 2021,… Read More

July 21, 2023 @ 11:29 am By JD Alois  |  

The Digital World Acquisition Corporation (NASDAQ:DWAC), a special purpose acquisition company (SPAC) has been charged with material misrepresentations by the Securities and Exchange Commission (SEC). DWAC has agreed to a cease-and-desist order and to pay an $18 million penalty in the event it closes a… Read More

July 21, 2023 @ 10:21 am By JD Alois  |  

The Subcommittee on Digital Assets, Financial Technology and Inclusion, part of the House Financial Services Committee, and the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, part of the House Agriculture Committee, have revealed the Financial Innovation and Technology for the 21st Century Act… Read More

July 20, 2023 @ 1:37 pm By Omar Faridi  |  

Fintech firm Ripple considers the recent court ruling (in the case Ripple v. US Securities and Exchange Commission (SEC) ) to be a “landmark victory” for the company and the entire crypto industry. As noted in a blog post, the recent ruling finds that XRP… Read More

July 20, 2023 @ 11:41 am By JD Alois  |  

FedNow went live today. FedNow is a payments and transfers service provided by the US Federal Reserve. Approved financial institutions may use the service to enable immediate payments and transfers. Currently, there are 35 approved institutions out of around 9000 banks and credit unions in… Read More

July 20, 2023 @ 11:27 am By JD Alois  |  

FedNow, an instantaneous payments and transfer service brought to you by the US Federal Reserve, is now live. FedNow is available 24/7/365 for approved institutions. According to a statement by the Fed, 35 banks and credit unions, along with the U.S. Department of the Treasury’s… Read More

July 19, 2023 @ 11:31 am By JD Alois  |  

New legislation has been submitted by Senator Jack Reed, co-sponsored by Senators Mark Warner,  Mike Rounds, and  Mitt Romney. The Crypto Council for Innovation has slammed the legislation as “arbitrary and ill-defined.” The bill (S.2355) is described as “a bill to clarify the applicability of… Read More

July 18, 2023 @ 10:23 pm By JD Alois  |  

The Australian Securities and Investment Commission (ASIC) has canceled the Australian financial services (AFS) license held by FTX Australia Pty Ltd effective from 14 July 2023. FTX Australia is a subsidiary of FTX that is in bankruptcy in US courts. FTX Australia was placed into… Read More

July 18, 2023 @ 10:13 pm By Omar Faridi  |  

On July 13, 2023, the crypto and blockchain industry got “good news” when Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that Ripple did “not violate securities law in selling its token (XRP) via public exchanges,” the… Read More

July 18, 2023 @ 4:57 pm By JD Alois  |  

The Financial Stability Board (FSB) has published its recommendations for the regulation of digital assets or crypto. The recommendations are described as follows: High-level recommendations for the regulation, supervision, and oversight of crypto-asset activities and markets; Revised high-level recommendations for the regulation, supervision, and oversight… Read More

July 18, 2023 @ 11:13 am By JD Alois  |  

Coinbase (NASDAQ:COIN) CEO Brian Armstrong is expected to meet with Democrat House members to discuss regulatory issues and the ongoing battle with the Securities and Exchange Commission (SEC), according to a report. Reuters says that Armstrong will speak with members of the New Democrat Coalition… Read More

July 18, 2023 @ 10:05 am By JD Alois  |  

Senator Elizabeth Warren has sent a letter to SEC Chair Gary Gensler requesting the Commission investigate Elon Musk and his activities with his two companies – Twitter and Tesla. The premise is that there is a conflict of interest with Musk’s involvement in Tesla and… Read More

July 18, 2023 @ 9:07 am By Omar Faridi  |  

Coin Metrics has taken a data-driven look at digital asset markets after a milestone ruling in the US Securities and Exchange Commission (SEC) v. Ripple Kyle Waters and Matias Andrade Cabieses from Coin Metrics noted in a detailed report that we’ve witnessed a significant development… Read More

July 17, 2023 @ 10:38 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have signed a Memorandum of Understanding (MoU) in order “to collaborate on a Financial Transparency Corridor (FTC) initiative.” The initiative aims “to establish supporting digital infrastructures to facilitate trade and cross-border related… Read More

July 17, 2023 @ 8:38 pm By Omar Faridi  |  

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – recently released a consultation document on its proposal to introduce a new standard condition for certain financial market license holders. The new license condition will “focus on business continuity and technology systems.” Operationally resilient… Read More

July 17, 2023 @ 10:58 am By JD Alois  |  

German financial regulator BaFin has launched an investigation targeting Blackfort Tech based in Estonia. In a consumer warning, BaFin said that the company offers banking business or provides financial and/or investment services on its website Blackfort.exchange, without the required authorization. Blackfort.exchange lists both an address… Read More

July 17, 2023 @ 9:38 am By JD Alois  |  

John Berlau, a policy expert in financial services at the Competitive Enterprise Institute (CEI), has shared his thoughts on the recent court ruling regarding the legal battle between the Securities and Exchange Commission (SEC) and Ripple along with its founders. Berlau notes that XRP was… Read More

July 17, 2023 @ 9:09 am By Omar Faridi  |  

German regulatory authority BaFin has reportedly extended measures at digital bank N26 in an effort to prevent illicit activities. In 2019, BaFin issued an order targeting N26, telling the Fintech to “take appropriate internal safety measures” for the prevention of money laundering and terrorist financing…. Read More