Politics, Legal & Regulation

October 30, 2022 @ 1:37 pm By Omar Faridi  |  

The Office of the Comptroller of the Currency recently announced it will “establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape.” The Office of Financial Technology will “build on and… Read More

October 28, 2022 @ 4:10 pm By JD Alois  |  

With the advent of a new Prime Minister in the UK, expectations are high that Rishi Sunak will chart a determined path to enable Fintech innovation, including in the digital assets ecosystem. In the past few days, a new Financial Services and Markets bill was… Read More

October 28, 2022 @ 11:21 am By JD Alois  |  

The UK Parliament has moved on a new Financial Services and Markets Bill that incorporates language aiming to provide a path to regulated crypto-assets (digital assets). The comprehensive bill, which is 335 pages long, addresses “Digital Settlement Assets” which may, or may not be via… Read More

October 27, 2022 @ 12:52 pm By JD Alois  |  

After claiming it was a mistake, PayPal (NASDAQ:PYPL) has re-animated its $2500 penalty for each violation of its Acceptable Use Policy. Once again, Twitter users slammed the overreach of the financial services firm. PayPal added the $2500 fine for misinformation back to their terms, after… Read More

October 27, 2022 @ 12:20 pm By JD Alois  |  

Fitch Ratings says Fintechs and other non-bank financial institutions (NBFIs) are being blocked from receiving bank charters by public officials, adding that these digital firms are at a competitive disadvantage because of this reality. Fitch notes that no industrial loan company (ILC) charters have been… Read More

October 27, 2022 @ 9:10 am By JD Alois  |  

-Retail Investors May Be Banned from Using Leverage in Crypto Trading -Banks Allowed to Issue Stablecoins The Monetary Authority of Singapore (MAS) has proposed new initiatives aimed at mitigating risk to consumers in regard to crypto trading. At the same time, MAS has proposed new… Read More

October 27, 2022 @ 8:53 am By JD Alois  |  

The British Business Bank has posted an updated list that includes new companies backed by the Future Fund, one of several schemes enacted to provide assistance to firms harmed by the COVID-19 health crisis. Created in 2014, The British Business Bank is the UK government’s… Read More

October 26, 2022 @ 6:15 pm By JD Alois  |  

President Joe Biden issued a statement today declaring “junk fees” wrong and illegal. In what may be an electioneering move, the President declared: “… my administration is also making clear: Surprise overdraft fees are illegal.  Listen to how those fees work.  And some of —… Read More

October 26, 2022 @ 3:43 pm By JD Alois  |  

Representatives Patrick McHenry and Bill Huizenga have sent a letter to Representative Maxine Waters asking the Chair of the House Financial Services Committee to convene a hearing in November with SEC Chair Gary Gensler. McHenry is the Ranking Republican on the House Financial Services Committee… Read More

October 26, 2022 @ 8:17 am By JD Alois  |  

The Crypto Council for Innovation has distributed information gleaned from a survey that indicates US voters are supportive of digital assets, with 13% stating they hold crypto. The national survey polled 1,200 likely voters and was conducted for the Crypto Council by a bipartisan team… Read More

October 25, 2022 @ 10:28 pm By JD Alois  |  

Earlier today, during Money20/20, CFPB Director Rohit Chopra commented on the concept of Open Banking (or Open Finance) alongside his perspective on the CFPBs “new approach to regulation.” Chopra stated: “This week, the CFPB will launch the process to activate a dormant authority under Section… Read More

October 25, 2022 @ 11:45 am By JD Alois  |  

Multiple Democrat elected officials are slamming public financial agency leaders in a public letter criticizing the “revolving door” of public officials going over to crypto firms. The letter is signed by Senators Elizabeth Warren and Sheldon Whitehouse, along with Representatives Alexandria Ocasio-Cortez (AOC), Rashida Tlaib,… Read More

October 25, 2022 @ 10:56 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) is commencing a review of “Big Tech” providing financial services. The FCA will be reviewing firms like Google, Amazon, Apple, Facebook, and others that have emerged as top financial services providers in sectors like digital wallets and payments. The… Read More

October 24, 2022 @ 3:52 pm By JD Alois  |  

As was reported earlier today, former Chancellor of the Exchequer Rishi Sunak has been selected to become the new Prime Minister, stepping in after Liz Truss was forced out following a rough couple of weeks. Several more comments have filtered in from Fintechs following the… Read More

October 24, 2022 @ 10:43 am By JD Alois  |  

There has been a lot of initial excitement surrounding the possibility of a digital dollar – a government-issued, central bank digital currency (CBDC).  The enthusiasm is primarily due to certain expectations that a CBDC will be frictionless, a low-cost currency that will help underbanked segments… Read More

October 24, 2022 @ 9:46 am By JD Alois  |  

UK markets are showing a sign of relief following the news that former PM Boris Johnson has decided to pass on another go as the occupant of Number 10 Downing Street, and Penny Mordaunt tweeted she would stand down from the race, thus clearing the… Read More

October 22, 2022 @ 4:05 pm By JD Alois  |  

Senator Bill Hagerty’s Digital Asset Clarity Act of 2022 aims to determine when a digital asset is a security and when it may be something else. As was reported earlier this month, the legislation strives to provide digital asset exchanges with a safe harbor from… Read More

October 21, 2022 @ 11:29 am By JD Alois  |  

As was previously reported, the compliance date for ECSPR, or European Crowdfunding Service Provider Regulation, has been extended from November 2022 to November 2023 for all EU member states. This means that platforms intending to offer securities crowdfunding across the EU now have another year… Read More

October 21, 2022 @ 9:37 am By JD Alois  |  

This week, the US Department of Justice sentenced two individuals for a plot to steal crypto in a SIM Swap scam. SIM Swaps became a hot fraud ploy several years back as a way to steal digital assets – easily moved once stolen. Perps would… Read More

October 20, 2022 @ 9:02 pm By Omar Faridi  |  

Virtual currency trading company CrossTower continues to pursue a potential deal to acquire the assets of the once-leading and now-bankrupt Voyager Digital Ltd. out of bankruptcy, a lawyer for CrossTower noted at a court hearing on Wednesday (October 19, 2022). John Ashmead, CrossTower’s lawyer, a… Read More