Politics, Legal & Regulation

February 3, 2023 @ 3:36 pm By JD Alois  |  

The House Financial Services Committee, under the leadership of Chair Patrick McHenry, has announced a new working group to address environmental, social, and governance proposals (ESG). Currently, the Securities and Exchange Commission (SEC) is pursuing ESG rules, more specifically in regards to climate impact disclosure…. Read More

February 3, 2023 @ 3:11 pm By JD Alois  |  

Renee Jones, SEC Director of Corporation Finance, has issued a statement on her final day at the Commission. Jones thanked SEC Chair Gary Gensler, along with all of the Commissioners as well as several former ones, along with her leadership team. Jones stated: “It has been… Read More

February 3, 2023 @ 12:36 pm By JD Alois  |  

DealMaker, a tech-enabled capital raising platform, has sued Issuance – another firm engaged in raising capital for private firms, in the US District Court, Central District of California. DealMaker is based in Canada but has several offices in the US. According to the complaint, Issuance… Read More

February 2, 2023 @ 9:25 pm By JD Alois  |  

The Bank of England’s Monetary Policy Committee (MPC) voted 7 to 2 to increase its benchmark rate by 50 basis points to 4.0%. The bank said that two members preferred to hold rates steady for now. The issues remain the same; stubborn inflation and geopolitical… Read More

February 2, 2023 @ 4:00 pm By JD Alois  |  

The European Central Bank (ECB) raised its benchmark rate by 50 basis points today, as was broadly expected. In explaining its decision, the ECB said that the underlying inflation pressures will necessitate another 50 basis points at its next monetary policy meeting in March After… Read More

February 2, 2023 @ 12:53 pm By JD Alois  |  

Yesterday, the UK government announced that it would assist the crypto industry by providing robust regulation of the emerging innovation. As industry insiders acutely understand, without clearly defined rules, risk increases, generating hesitancy and undermining acceptance of the technology. While policymakers in the US have… Read More

February 1, 2023 @ 9:59 pm By JD Alois  |  

The House Financial Services Committee has announced its first round of hearings under the leadership of Chairman Patrick McHenry. First on the list is a full Committee hearing on the economic threat of China. Other hearings include the Subcommittee on Capital Markets scheduling a session on… Read More

February 1, 2023 @ 6:24 pm By JD Alois  |  

The Chair of the House Financial Services Committee, Patrick McHenry, issued a statement today as he led its Organizational Meeting for the 118th Congress. McHenry said that under his leadership, the Committee is ready to boost innovation as well as pursue policy that fosters economic… Read More

February 1, 2023 @ 5:00 pm By JD Alois  |  

As was widely anticipated, today, the US Federal Reserve announced a 25 basis point increase to its benchmark rate as it continues to battle nagging inflation that has imperiled the economy. The vote by the Federal Open Market Committee (FOMC) was unanimous in its decision…. Read More

February 1, 2023 @ 9:52 am By JD Alois  |  

The credit card business is a good one as this type of credit typically charges outlandish rates as well as silly fees. Today, the Consumer Financial Protection Bureau (CFPB) is specifically targeting late fees charged to consumers as it proposes a reul that aims to… Read More

February 1, 2023 @ 9:16 am By JD Alois  |  

The UK government has announced its intent to “robustly regulate crypto-asset activities.” In recent years, the UK has expressed its intent to become a crypto hub – supporting innovation while crafting a regime that provides sufficient consumer protections and transparency. The goal is to deliver… Read More

January 31, 2023 @ 6:03 pm By JD Alois  |  

“The business model Celsius advertised and sold to its customers was not the business that Celsius actually operated.” – Court Document, Filed January 31, 2023 Celsius, one of the first big crypto firms to fail and file for bankruptcy protection, continues to meander its way… Read More

January 31, 2023 @ 12:36 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has posted its agenda for its next meeting. The Committee was created by law to advise the Commission on issues, including rules and regulations that impact small businesses, providing valuable feedback as… Read More

January 30, 2023 @ 9:06 pm By JD Alois  |  

The Expanding Access to Capital for Rural Job Creators Act, (HR 298) has passed the House of Representatives. The legislation has both Democrat and Republican sponsors. The legislation would require the Securities and Exchange Commission (SEC) to submit an annual report on the challenges rural… Read More

January 30, 2023 @ 6:04 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has scheduled its first meeting of 2023. The meeting, set for February 7, 2023, at 10 AM, does not yet have a posted agenda with the notice indicating that the “meeting includes… Read More

January 29, 2023 @ 6:47 pm By JD Alois  |  

On Friday, the White House posted a statement on crypto and the administration’s policy pertaining to digital asset innovation. In recent months, multiple crypto firms have filed for bankruptcy and an algorithmic stablecoin, TerraUSD, ended up not being very stable – destroying holder value. Earlier… Read More

January 28, 2023 @ 3:59 pm By JD Alois  |  

On the same day the US Federal Reserve Board issued a new policy statement on banks engaging in crypto activity, several White House advisors posted a note on the “Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks. The post pointed at the “tough year” for crypto, referencing… Read More

January 28, 2023 @ 3:30 pm By JD Alois  |  

The legal frameworks applicable to national banks, insured state banks, and uninsured state banks can result in differences in the scope of allowed activities depending on the type of entity, according to the US Federal Reserve. Regardless of this discrepancy, the Fed will be certain… Read More

January 28, 2023 @ 9:11 am By Omar Faridi  |  

The Federal Reserve Board announced its denial of the application by Custodia Bank, Inc., Cheyenne, Wyoming, “to become a member of the Federal Reserve System.” The Board has concluded that the firm’s application “as submitted is inconsistent with the required factors under the law.” Custodia… Read More

January 27, 2023 @ 11:40 am By JD Alois  |  

  Congressman Patrick McHenry, the Chairman of the powerful House Financial Services Committee, has announced the Committee staff for the 118th Congress. McHenry recently posted his newly formed subcommittees as well as each subcommittee Chair. The Congressman aims to shift the direction of legislation emanating… Read More