Politics, Legal & Regulation

May 16, 2023 @ 10:31 pm By JD Alois  |  

A UK Parliament Treasury Committee is calling for crypto to be regulated like gambling. This is due to significant risks to consumers as well as the heightened volatility of digital assets. Currently, around 10% of the UK population holds crypto. The Committee, which includes members… Read More

May 16, 2023 @ 3:17 pm By Omar Faridi  |  

The European Union (EU) brings crypto-assets, crypto-assets issuers, and crypto-asset service providers under a regulatory framework. Last month after several delays, the European Parliament adopted MiCA or Markets in Crypto-Assets regulation. This legislative development aims to allow all EU member states to provide digital asset… Read More

May 16, 2023 @ 11:57 am By JD Alois  |  

A digital campaign is ongoing targeting Senator Sherrod Brown, Chairman of the Senate Banking Committee, on the issue of digital assets. On Twitter, the promotion states: “Ohio, it’s time for Sen. Brown to support digital assets. Digital assets help sustain job growth for the American… Read More

May 16, 2023 @ 11:12 am By JD Alois  |  

Today the Senate Banking Committee is holding a hearing on the failure of several banks that helped to drive fear and concern within the entire banking system. The hearing includes the testimony of Gregory Becker, former CEO of Silicon Valley Bank; Scott A. Shay, former… Read More

May 16, 2023 @ 10:07 am By JD Alois  |  

While the Jobs Act of 2012 was signed into law that year, towards the end of the Obama Administration, it took a few more years to complete the rules. The Securities and Exchange Commission eventually completed “Title III” of the JOBS Act, and Reg CF… Read More

May 16, 2023 @ 9:28 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against ten firms that raised money using the Reg A+ (Regulation A) securities exemptions. Each firm has agreed to pay a civil penalty ranging from $5000 to $90,000. Under the JOBS Act of 2012, Regulation A… Read More

May 15, 2023 @ 9:54 pm By JD Alois  |  

Last week a hearing took place that joined the House Subcommittee on Digital Assets, Financial Technology & Inclusion with the House Agriculture Committee’s Subcommittee on Commodity Markets, Digital Assets, and Rural Development entitled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset… Read More

May 15, 2023 @ 12:10 pm By JD Alois  |  

Last week, EY Canada posted a status report on Quadriga – a Canada-based crypto exchange that fell into chaos after the founder died, leaving keys to accounts missing and many questions. It was eventually determined that over CAD $300 million in assets were claimed by… Read More

May 12, 2023 @ 3:13 pm By JD Alois  |  

The French crowdfunding association, Financement Participatif France (FPF), has issued a statement regarding the potential for securities crowdfunding providers to enable local bond offerings. According to the FPF, the ability of platforms to provide a market for community bonds is “doomed to failure” following the… Read More

May 12, 2023 @ 10:36 am By JD Alois  |  

The Chairman of the House Financial Services Committee, Patrick McHenry, has announced another hearing on stablecoins. Scheduled by the Subcommittee on Digital Assets, Financial Technology, and Inclusion, the hearing is entitled: “Putting the ‘Stable’ in ‘Stablecoins:’ How Legislation Will Help Stablecoins Achieve Their Promise.” The… Read More

May 11, 2023 @ 7:32 pm By JD Alois  |  

The Federal Deposit Insurance Corporation (FDIC) Board of Directors met today and announced a proposal aimed at addressing recent shortcomings in the regulatory approach regarding the litany of failed banks. The FDIC rules would assess a fee on large banks to generate revenue to cover… Read More

May 11, 2023 @ 8:16 am By JD Alois  |  

The Bank of England has increased its benchmark rate by 25 bps as anticipated. According to a statement by the Bank, the Monetary Policy Committee (MPC) voted 7 to 2 to raise rates to 4.5%, with the dissenters preferring to hold rates at 4.25%. Similar… Read More

May 11, 2023 @ 7:54 am By JD Alois  |  

The Republic of Estonia has revealed that 100 active firms are providing digital asset services under new rules designed to incorporate stricter AML/KYC requirements. At the same time, the new rules have invalidated 389 crypto firms which were previously authorized but no longer meet the… Read More

May 11, 2023 @ 6:17 am By Omar Faridi  |  

Ishan Wahi was sentenced to two years in prison for allegedly “tipping his associates regarding crypto-assets that were going to be listed on Coinbase Exchanges.” Damian Williams, the United States Attorney for the Southern District of New York, announced “that ISHAN WAHI, a former product… Read More

May 9, 2023 @ 10:36 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) seeks public consultation on the draft “Rules for Regulating Buy Now Pay later (BNPL) Companies.” In the interest of transparency and wider participation, SAMA reportedly “invites stakeholders and public to provide suggestions and observations on the draft Rules by visiting… Read More

May 9, 2023 @ 9:18 am By JD Alois  |  

Tomorrow, the House Subcommittee on Financial Institutions and Monetary Policy will hold a hearing on the Federal Responses to Recent Bank Failures. The witnesses scheduled to testify include: Margaret E. Tahyar, Partner, Davis Polk & Wardwell LLP Jonathan Gould, Partner, Jones Day Thomas Michaud, President… Read More

May 9, 2023 @ 8:40 am By Omar Faridi  |  

Bittrex, Inc. released the following statement today regarding Bittrex U.S.’ decision to file Chapter 11 bankruptcy: “Having previously announced that Bittrex, Inc. would be ceasing all operations in the U.S. effective April 30th, we have now made the decision to file Chapter 11 bankruptcy in… Read More

May 8, 2023 @ 10:22 am By JD Alois  |  

Announced last week, the House Subcommittee on Digital Assets, Financial Technology, and Inclusion has scheduled a hearing on digital assets. The hearing entitled The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets, is a joint hearing with the Agriculture Subcommittee… Read More

May 7, 2023 @ 2:59 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) has reportedly imposed on DBS Bank Ltd (DBS Bank) an additional capital requirement, “following the widespread unavailability of DBS Bank’s digital banking services on 29 March 2023 and a subsequent disruption to its digital banking and ATM services on… Read More

May 5, 2023 @ 7:44 pm By JD Alois  |  

Republic has submitted a comment letter to the Securities and Exchange Commission (SEC) regarding the proposed rulemaking on Safeguarding Advisory Client Assets. Republic is one of the largest securities crowdfunding platforms in the US, providing access to capital via the full stack of private exemptions…. Read More