Politics, Legal & Regulation

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

April 28, 2023 @ 3:54 pm By JD Alois  |  

The US Federal Reserve has published its review of the failure of Silicon Valley Bank (SVB). The review was managed by Fed Vice Chair for Supervision Michael Barr. SVB collapsed in spectacular fashion following a tech-fueled run on the bank, with the institution finding itself… Read More

April 27, 2023 @ 4:11 pm By JD Alois  |  

Coinbase (NASDAQ:COIN)  has posted a 73-page response to the Securities and Exchange Commission’s (SEC) Wells Notice which indicates a high likelihood of an enforcement action by the commission. Last month, Coinbase revealed it was in receipt of the Wells Notice while taking a defiant stance against… Read More

April 26, 2023 @ 10:41 pm By JD Alois  |  

Representative Patrick McHenry, Chairman of the House Financial Services Committee, has joined with Representatives French Hill, Digital Assets, Financial Technology, and Inclusion Subcommittee Chairman, and Bill Huizenga, Oversight and Investigations Subcommittee Chairman, to send letters to federal agencies demanding information on the move to de-bank… Read More

April 26, 2023 @ 11:34 am By JD Alois  |  

As CI reported yesterday, the House Financial Services Committee has scheduled a markup session for pending legislation. Many of the proposed bills are designed to improve access to capital as well as improve JOBS Act rules. In a statement in advance of the meeting, Congressman… Read More

April 25, 2023 @ 11:43 am By JD Alois  |  

Expanding Access to Capital Act of 2023 is JOBS Act Improvement Legislation Last week during a hearing of the House Subcommittee on Capital Formation, a discussion focused on improving access to capital for early-stage firms as well as boosting retail investment options. Entitled A Roadmap… Read More

April 25, 2023 @ 9:46 am By JD Alois  |  

Yesterday, Coinbase (NASDAQ:COIN) announced that it had filed a “limited action” against the Securities and Exchange Commission (SEC) as it has ignored its petition for clearly defined digital asset rules. The SEC is statutorily required to respond to a petition within a reasonable amount of time. It… Read More

April 24, 2023 @ 10:45 pm By JD Alois  |  

Coinbase (NASDAQ:COIN) is going on the offensive with the Securities and Exchange Commission (SEC) and its insistence that all digital assets are securities and thus regulated the same. In a blog post, Paul Grewal, the Chief Legal Officer of Coinbase, explained the company had filed… Read More

April 24, 2023 @ 7:37 pm By JD Alois  |  

The Subcommittee on Digital Assets, Financial Technology (Fintech) and Inclusion, has posted the list of witnesses for its hearing on “The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure.” The hearing follows the approval by the European Parliament of MiCA… Read More

April 24, 2023 @ 4:33 pm By JD Alois  |  

SEC Commissioner Hester Peirce has posted here comments delivered at the beginning of the SEC’s 42nd Annual Small Business Forum taking place this week. A few years back, the Forum was an in-person event, but COVID and convenience have shifted the event to a virtual… Read More

April 24, 2023 @ 12:32 pm By Omar Faridi  |  

Kraken has successfully registered its Irish subsidiary, Payward Europe Solutions Limited, with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP). The firm claims that Kraken’s Irish VASP registration “demonstrates to both their clients and regulators that Kraken follows Europe’s most… Read More

April 24, 2023 @ 8:50 am By JD Alois  |  

As was reported last week, the European Parliament approved MiCA, or Markets in Crypto-Assets legislation, which aims to make the EU a digital asset-friendly jurisdiction. At the same time, the Transfer of Funds regulation was approved, which requires crypto operators to identify their customers as… Read More

April 23, 2023 @ 6:12 pm By JD Alois  |  

The Commodity Futures Trading Commission today announced it has filed charges against 14 entities for fraudulently claiming to be registered with the CFTC as futures commission merchants (FCM) and retail foreign exchange dealers (RFED). The bogus platforms claimed to be located in the United Kingdom,… Read More

April 23, 2023 @ 6:07 pm By Omar Faridi  |  

The EU Parliament’s passing of the Markets in Crypto Act, or MiCA, on Thursday has been hailed as a “landmark moment” for cryptocurrencies that will “help drive prices” for the likes of Bitcoin. This, according to the CEO of an independent financial advisory, asset management and… Read More

April 22, 2023 @ 10:20 am By Omar Faridi  |  

Every quarter, Carta releases information on the startup ecosystem in their comprehensive State of Private Markets report. It can take a few weeks for rounds to be recorded on their platform, so they share a full analysis after they get the final numbers, Carta notes… Read More