Politics, Legal & Regulation

June 2, 2023 @ 4:25 pm By JD Alois  |  

Under the leadership of Republicans, the US House of Representatives continues to push forward on financial services policy matters that aim to support Fintch innovation. Today, the Chair of the House Financial Services Committee, Patrick McHenry, and the Chair of the Committee on Agriculture, Glenn… Read More

June 2, 2023 @ 3:38 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has posted its first agenda following the new incarnation of the Committee with an almost completely new group of members. The agenda for the meeting, available below, includes Member Observations on the… Read More

June 1, 2023 @ 5:15 pm By JD Alois  |  

The US House of Representatives has passed several bills designed to improve access to capital and to level the playing field for retail investors. The legislation will now move over to the Senate for consideration and, perhaps, then move to the White House to be… Read More

June 1, 2023 @ 1:07 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has issued a statement that “billions” of dollars held on payment Apps may not possess federal insurance. The CFPB said these funds may not be safe during times of “financial stress,” alluding to the recent banking crisis. Rohit Chopra,… Read More

June 1, 2023 @ 12:54 pm By JD Alois  |  

MiCA or Markets in Crypto-Assets – the legislation designed to create a regulatory ecosystem for digital assets in the European Union, has officially been signed into law. While the law had been previously approved and the signing is a formality, the legislation is now enforceable,… Read More

May 31, 2023 @ 10:41 pm By JD Alois  |  

On June 1, 2023, new rules regarding digital assets go into effect, which may make Hong Kong a crypto hub. Earlier this month (May 2023), the Hong Kong Securities and Futures Commission (SFC) concluded the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators. According… Read More

May 31, 2023 @ 12:24 pm By JD Alois  |  

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) have announced a move to strengthen policy collaboration on financial services, including digital assets. The announcement was revealed during a bilateral meeting in Abu Dhabi earlier this week. According to… Read More

May 31, 2023 @ 10:22 am By JD Alois  |  

Singapore securities regulator, the Monetary Authority of Singapore (MAS), has announced a partnership with Google [Alphabet] (NASDAQ:GOOG). According to a statement by MAS, the regulatory will work with Google Cloud to collaborate on generative artificial intelligence (AI) solutions to advance the development and use of responsible… Read More

May 31, 2023 @ 9:10 am By Omar Faridi  |  

Priority Technology Holdings, Inc. (NASDAQ: PRTH), a platform for unified commerce that delivers integrated payments and banking at scale, has announced that it has entered into a definitive agreement “as the stalking horse bidder to acquire substantially all of the assets of Plastiq, Inc and… Read More

May 30, 2023 @ 5:15 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has issued a staff advisory on the expansion of Derivatives Clearing Organization (DCO) clearing of digital assets. The advisory was said to be driven by the rising interest of DCOs to provide services in regard to crypto. The Advisory… Read More

May 30, 2023 @ 4:20 pm By JD Alois  |  

Former Coinbase (NASDAQ:COIN) executive Ishan Wahi and his brother, Nikhil Wahi, have agreed to settle charges leveled by the Securities and Exchange Commission (SEC). In mid-2022, the SEC announced the charges alleging insider trading. The defendants were allegedly benefiting from information prior to it becoming public… Read More

May 30, 2023 @ 10:46 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Francis Sabo (aka Ricky Bobby) regarding a $100 million securities fraud ploy. The SEC said that charges were “partially settled” while explaining the defendants included several others who allegedly used social media to manipulate shares of securities… Read More

May 29, 2023 @ 10:48 am By Omar Faridi  |  

Instant Cash, a company within the FINTX portfolio, the fintech arm of Emirates Post Group, has received the Retail Payment Services and Card Scheme Regulation (RPSCS) Category 2 License from the Central Bank of the UAE (CBUAE). This reportedly makes it “the first Money Transfer… Read More

May 28, 2023 @ 12:55 pm By Omar Faridi  |  

In response to the rapid emergence of new and powerful generative AI tools, on Thursday, UNESCO held the first global meeting of Ministers of Education “to explore the immediate as well as far-reaching opportunities, challenges and risks that AI applications pose to education systems.” Over… Read More

May 27, 2023 @ 5:57 pm By Omar Faridi  |  

From fragmented monitoring and enforcement to differing classifications of crypto assets, many barriers hinder global coordination on crypto-asset regulation efforts. A new study from the World Economic Forum identifies “the importance of a global approach to crypto-asset regulations and provides potential solutions to these barriers.”… Read More

May 26, 2023 @ 5:20 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained final consent judgments against The Hydrogen Technology Corporation, its former CEO, Michael Ross Kane, and Tyler Ostern, CEO of Moonwalkers Trading Limited.  The SEC’s case involved the offering of unregistered securities in regard to the issuance of… Read More

May 26, 2023 @ 9:15 am By JD Alois  |  

The European Systemic Risk Board (ESRB) has published a report providing a succinct outline of the global digital asset industry while outlining policy recommendations to regulate crypto and decentralized finance (DeFi). Similar to other reports, the ESRB views crypto as not systemically risky while noting… Read More

May 25, 2023 @ 5:14 pm By JD Alois  |  

Digital Innovation for America, a lobbying group advocating on behalf of digital assets, has updated its campaign to highlight the ability of crypto to streamline transfers or payments globally by promoting the need for Ukrainians living in the US to support the ongoing war against… Read More

May 25, 2023 @ 11:33 am By JD Alois  |  

Yesterday, in a Twitter Spaces interview which was delayed due to overwhelming interest, Florida Governor and candidate for President Ron DeSantis expressed his support for Bitcoin while re-iterating his opposition to central bank digital currency (CBDC). Florida has passed a law that they do not… Read More

May 25, 2023 @ 10:39 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed an enforcement action in the US District Court for the Central District of California against David Carmona, Juan Arellano Parra, Moses Valdez, David Brend, and Marco A. Ruiz Ochoa, who were all doing business as a company… Read More