Politics, Legal & Regulation

April 11, 2023 @ 7:43 pm By JD Alois  |  

The House Financial Services Committee has scheduled a hearing on the oversight of the Securities and Exchange Commission (SEC). The hearing is scheduled to take place at 10 AM on Tuesday, April 18th. The full Committee hearing will see SEC Chair Gary Gensler testify in… Read More

April 11, 2023 @ 5:15 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed charges against Rashawn Russell, an individual who allegedly solicited retail investors to invest in a digital asset trading fund. Russell allegedly misappropriated $1 million in investor assets. The civil enforcement action has been filed in the US… Read More

April 10, 2023 @ 4:13 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has scheduled an open meeting for April 14, 2023, to consider reopening the comment period of the proposed changes. The SEC proposed amendments to Rule 3b-16 under the Exchange Act Regarding the Definition of “Exchange,” which could potentially impact… Read More

April 10, 2023 @ 9:27 am By JD Alois  |  

FTX Exemplified hubris, incompetence, and greed. FTX CEO John J. Ray, III has filed his first interim report on the failure of FTX as the bankruptcy proceedings continue. Once one of the largest crypto exchanges in the world, led by high-profile founder and CEO Sam… Read More

April 8, 2023 @ 4:49 pm By Omar Faridi  |  

Bankrupt cryptocurrency lender Celsius Network recently revealed that it would be going ahead with its planned Chapter 11 restructuring process with a disclosure statement including pertinent information for its claim holders. Last week, we filed our Chapter 11 Plan of Reorganization (“the Plan”) with the… Read More

April 7, 2023 @ 12:40 pm By JD Alois  |  

Congressman Patrick McHenry has commented on the Consumer Financial Protection Bureau’s (CFPB) release of its final rule for small business lending data collection as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1071. McHenry is the Chairman of the House Financial… Read More

April 7, 2023 @ 12:28 pm By Omar Faridi  |  

MEPs approved stricter rules “to close existing gaps in combating money laundering, terrorist financing and evasion of sanctions” in the European Union. This past week, MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs committees “adopted their position on three… Read More

April 6, 2023 @ 7:56 pm By Gabriella Kusz  |  

For more than a decade, cryptocurrency has been referred to by some as a digital “Wild West.” Those who use that terminology refer to the lack of regulation that applies to the crypto space. They are also typically implying that wandering into the realm of… Read More

April 6, 2023 @ 6:14 pm By JD Alois  |  

Earlier today, the US Department of Treasury posted a report on DeFi entitled “2023 DeFi Illicit Finance Risk Assessment.”  For the first time, Treasury addressed the concept of DeFi  – a sector of digital assets that engenders challenges for regulators. Treasury noted that DeFi is… Read More

April 6, 2023 @ 1:29 pm By JD Alois  |  

DeFi, or decentralized finance, took fire from the US Department of Treasury today as part of an ongoing policy attack targeting the crypto industry. Treasury published the “2023 DeFi Illicit Finance Risk Assessment,” the first report on DeFi that outlines the risk of the popular… Read More

April 6, 2023 @ 11:33 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) and Advertising Standards Authority (ASA) have posted a notice putting influencers on notice not to promote “get rich quick” schemes or pursue “illegal financial promotions.” The FCA recently reported they pursued interventions 8582 times in 2022, more than 14X… Read More

April 6, 2023 @ 10:56 am By JD Alois  |  

Announced today, the Australian Securities and Investments Commission (ASIC) has revoked the Australian financial services (AFS) license held by Oztures Trading Pty Ltd, trading as Binance Australia Derivatives. ASIC states that the cancellation took effect as Binance had requested the move. Binance will cease providing… Read More

April 6, 2023 @ 10:18 am By JD Alois  |  

The JOBS Act of 2012 was signed into law eleven years ago, on April 5, 2012. While it took some time for the various acts to become actionable – with Title III Reg CF not going into effect until 2016, the bipartisan act of legislation… Read More

April 5, 2023 @ 2:32 pm By JD Alois  |  

Operation Cookie Monster Genesis Market, a dark web operation that catered to criminals looking for stolen identities to pilfer bank accounts or pursue ransomware operations, has been taken down in a coordinated operation that involved many different enforcement agencies around the world. The Federal Bureau… Read More

April 5, 2023 @ 1:35 pm By JD Alois  |  

European Crowdfunding Service Providers Regulation (ECSPR) has been active for some time now. The new rules allow for securities platforms to solicit investors across all EU member states. Firms may raise up to €5 million in an online offering, thus improving upon the previous national… Read More

April 5, 2023 @ 9:13 am By Omar Faridi  |  

The second largest neobank in the European Union is reportedly launching in all 50 US states. bunq, a neobank in the EU, has filed an application for a US banking license with the FDIC in the state of New York. By applying for a bank… Read More

April 5, 2023 @ 8:16 am By Omar Faridi  |  

The Securities and Exchange Commission has charged Charlie Javice, the founder of the defunct student loan assistance company previously known as Frank, “with fraud in connection with the $175 million sale of the company to JP Morgan Chase Bank, N.A. (JPMC) in 2021.” The SEC’s… Read More

April 4, 2023 @ 10:30 pm By Omar Faridi  |  

The US Federal Reserve has reportedly selected AutoRek, a global end-to-end financial data control platform, to feature in its FedNow Service Provider Showcase, which connects financial institutions with providers offering real-time payment solutions. Launching in July this year, the FedNow Service – an instant payments… Read More

April 4, 2023 @ 8:01 pm By JD Alois  |  

  Crypto Con: “Sha Zhu Pan” or pig butchering in Chinese Fraudsters and crooks tend to rehash their scams over time; the only thing that changes is the technology and tools utilized to separate money from the unsuspecting. Yesterday, the US Department of Justice (DOJ)… Read More

April 3, 2023 @ 9:56 pm By Omar Faridi  |  

The Central Bank of Bahrain has issued amendments to its Crypto-assets (“CRA”) Module in March 2023, “following a consultation process with the industry stakeholders.” The amendments aim “to cater to the ongoing developments in the crypto-assets markets and comply with the industry best practices while… Read More