Politics, Legal & Regulation

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

May 5, 2023 @ 7:11 pm By JD Alois  |  

At the end of 2022, Senators Elizabeth Warren and Roger Marshall partnered on a bill targeting the digital asset industry. The bipartisan legislation, the Digital Asset Anti-Money Laundering Act, seeks to  close “loopholes in the existing anti-money laundering and countering of the financing of terrorism… Read More

May 5, 2023 @ 10:51 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced the largest-ever whistleblower award to the tune of $279 million. This is more than double the prior top amount of $114 million. Whistleblower awards are given to individuals who tip off the SEC in regard to infractions… Read More

May 4, 2023 @ 9:58 pm By JD Alois  |  

The House Financial Services Committee has announced a new hearing on the recent bank failures. The Oversight and Investigations Subcommittee Hearing will meet to discuss the “Oversight of Silicon Valley Bank and Signature Bank: GAO’s Preliminary Review.” Both Silicon Valley Bank and Signature Bank suffered… Read More

May 4, 2023 @ 12:15 pm By JD Alois  |  

The SEC Small Business Capital Formation Advisory Committee (SBCFAC) has announced new members following the completion of the majority of members four-year terms. The SBCFAC was created to provide the Commission with recommendations that support smaller firms, improve access to capital and mitigate onerous regulations… Read More

May 4, 2023 @ 11:52 am By JD Alois  |  

The Small Business & Entrepreneurship Council (SBE Council) says the Biden Administration is falling short in its support of small businesses and entrepreneurs.  The group says Biden’s policies receive a failing grade from business owners. Meanwhile, a “self-generated report” by the Administration that gives itself… Read More

May 4, 2023 @ 9:36 am By JD Alois  |  

  The European Central Bank (ECB) has increased its benchmark rate by 25 basis points following a similar move by the US Federal Reserve. In a statement, the ECB said the inflation remains elevated, and the Governing Council concurs with its prior assessment of the… Read More

May 3, 2023 @ 7:22 pm By JD Alois  |  

The House Financial Services Committee has announced two new hearings of note – both scheduled for Wednesday, May 10th. First, the Committee will hold a hearing on the recent bank failures as bank carcasses continue to pile up. The Subcommittee on Financial Institutions and Monetary… Read More

May 3, 2023 @ 5:06 pm By Omar Faridi  |  

Following the Investor and Marketplace Alert dated 12 April 2023 in relation to opnx.com (OPNX) conducting unregulated activity, Dubai’s Virtual Assets Regulatory Authority (VARA) has issued “a formal Letter of Reprimand to OPNX and its founders” for the following: Carrying out VA Exchange Services on… Read More

May 3, 2023 @ 3:24 pm By JD Alois  |  

The US Federal Reserve announced a 25 bps increase in benchmark interest rates matching market expectations. While some held hopes for a pause this week, prognosticators are now looking forward to the next meeting in June. What did change in the Federal Open Market Committee… Read More

May 3, 2023 @ 10:19 am By Omar Faridi  |  

The B.C. Securities Commission recently alleged that a defunct cryptocurrency platform based in Nanaimo on Vancouver Island allegedly carried out a massive securities fraud by intentionally and illegally diverting customer funds to crypto gambling websites. In a notice issued in April 2023, the Commission said… Read More

May 3, 2023 @ 8:28 am By Omar Faridi  |  

On April 25th, 2023, the FBI’s Detroit Field Office, with assistance from the Virtual Currency Response Team (VCRT), the Cyber Police Department and Main Investigation Departments of the National Police of Ukraine, and the Prosecutor General’s Office of Ukraine, reportedly “conducted coordinated, court-authorized activity involving… Read More

May 2, 2023 @ 5:30 pm By JD Alois  |  

While the United States continues to pursue a rule-upon-regulation strategy that undermines public listings, increasing cost and compliance requirements, the UK is looking to improve the number of public firms by simplifying its listing rules. The policy objective has been discussed for years, and today… Read More

May 2, 2023 @ 4:44 pm By JD Alois  |  

  Markets in Crypto-Assets legislation or MiCA was approved by the European Parliament two weeks ago. The digital asset framework aims to provide harmonized rules for all European Member states – enabling innovation while providing sufficient protections for markets and investors. At the same time,… Read More

May 1, 2023 @ 9:43 pm By Omar Faridi  |  

Mr. Tharith Panpiemras, Assistant Governor of the Financial Institutions Policy Group, announced that after the Bank of Thailand (BOT) released the Virtual Bank Licensing Framework for public consultation “between January 12 and February 12, 2023, the BOT reportedly received questions and helpful feedback from stakeholders… Read More

May 1, 2023 @ 4:54 pm By JD Alois  |  

Following the chaos and mayhem in the banking system, the Federal Deposit Insurance Corporation (FDIC) has posted recommendations for deposit insurance reform. The FDIC highlights three suggestions for regulatory reform, as follows: Limited Coverage: Maintaining the current deposit insurance framework, which provides insurance to depositors… Read More

May 1, 2023 @ 8:20 am By Omar Faridi  |  

CryptoUK, which claims to be the “trusted” voice of the UK crypto industry, has published a detailed response to His Majesty’s Treasury’s (HMT) Future Financial Services Regulatory Regime for Cryptoassets consultation paper. Consultation proposals “included strengthening rules for crypto trading platforms and a robust world-first… Read More

April 30, 2023 @ 10:47 pm By Omar Faridi  |  

The Government of Singapore announced increases in the Additional Buyer’s Stamp Duty (ABSD) rates in order to support a sustainable property market. The revised rates will “take effect from 27 April 2023.” The implementation of the property market measures in December 2021 and September 2022… Read More

April 30, 2023 @ 5:55 pm By JD Alois  |  

On Friday, the Federal Deposit Insurance Corporation (FDIC) issued a report on the failure of Signature Bank. The report scrutizined oversight of the bank from 2017 until its collapse in March 2023. The cause of the failure reflects a similar report posted by the US… Read More