Politics, Legal & Regulation

March 15, 2023 @ 3:47 pm By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) have issued a joint statement on “market uncertainty.” The statement follows the rapid decline in the share value of Credit Suisse (NYSE:CS). The global bank is viewed as the worst home in… Read More

March 15, 2023 @ 12:06 pm By JD Alois  |  

Chancellor of the Exchequer Jeremy Hunt delivered the Spring Statement today, making several big announcements, including a huge change in retirement planning. Hunt said that the Conservative government’s approach to the economy is “on the right track” while noting they “remain vigilant” and will take… Read More

March 14, 2023 @ 11:41 am By JD Alois  |  

The US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have launched investigations into Silicon Valley Bank’s (SVB) failure. Last Friday, federal regulators took over the bank as customers rushed to pull money out of the bank due to concerns about its… Read More

March 13, 2023 @ 4:53 pm By Omar Faridi  |  

Equifax Inc. (NYSE: EFX) has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with the company’s acquisition of Boa Vista Serviços, which is reportedly the second-largest credit bureau in Brazil. Equifax and Boa Vista Serviços “entered into a Merger… Read More

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

The Federal Reserve Board has announced that Vice Chair for Supervision Michael S. Barr will be leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The Fed said the review would be publicly released by May 1,… Read More

March 13, 2023 @ 11:54 am By JD Alois  |  

Earlier today, HSBC announced that it had acquired Silicon Valley Bank UK for £1 in a transaction approved by UK banking regulators. SVB has been a top banking firm for venture-backed firms around the world, and its UK operation is perhaps the most prominent. As… Read More

March 13, 2023 @ 9:18 am By JD Alois  |  

Securities and Exchange Commission (SEC) Chair Gary Gensler has issued a curt statement warning against nefarious activity taking advantage of the current banking crisis. Gensler stated: “In times of increased volatility and uncertainty, we at the SEC are particularly focused on monitoring for market stability… Read More

March 13, 2023 @ 9:06 am By JD Alois  |  

HSBC, working with the UK government, has announced the acquisition of Silicon Valley Bank UK (SVB UK). In a release, HSBC said it had purchased Silicon Valley Bank UK Limited for £1. The transaction completes immediately. HSBC said the transaction will improve its banking franchise… Read More

March 13, 2023 @ 8:49 am By Omar Faridi  |  

The Bundesbank reportedly convened its crisis team on Monday (March 13, 2023) in order to assess the impact of the fallout of the US-based lender Silicon Valley Bank (NASDAQ:SIVB) on the domestic market, even while no emergency action or measures were expected in Europe. As… Read More

March 12, 2023 @ 6:47 pm By JD Alois  |  

The US Department of Treasury, FDIC and Federal Reserve have joined to protect all account holders at the Silicon Valley Bank (NASDAQ:SIVB), which was taken over by the federal government on Friday. The exceptional action means that accounts holding over $250,000 will have access to… Read More

March 11, 2023 @ 9:11 am By Omar Faridi  |  

New York Attorney General Letitia James continued her efforts to crack down on unregistered cryptocurrency platforms by filing a lawsuit against KuCoin for allegedly failing to register “as a securities and commodities broker-dealer and falsely representing itself as an exchange.” The Office of the Attorney… Read More

March 10, 2023 @ 4:57 pm By JD Alois  |  

Today, the Securities and Exchange Commission (SEC) denied once again a request to list and trade shares of the VanEck Bitcoin Trust on the Cboe BZX Exchange. The Commission said that BZX had not demonstrated sufficiently it would protect investors and guard against fraud and… Read More

March 10, 2023 @ 12:13 pm By JD Alois  |  

The Federal Deposit Insurance Corporation (FDIC) has decided to wind down the operations of Silicon Valley Bank (NASDAQ:SVIB), following a capital deficit and an effective run on the bank. SVB has long been a top business bank for startups based in Silicon Valley and around… Read More

March 9, 2023 @ 11:39 am By JD Alois  |  

Like the day is followed by night, we can count on politicians piling on a debacle when they can craft a sound bite that fits their desired narrative. As was reported yesterday, Silvergate Capital Corporation (NYSE:SI) has decided to wind down its operations following the collapse… Read More

March 9, 2023 @ 10:50 am By JD Alois  |  

In a diplomatically worded missive, the Securities and Exchange Commission, Small Business Capital Formation Advisory Committee, has posted a “Parting Perspective Letter” regarding its efforts in recent years while outlining its recommendations – that the Commission has ignored. The letter, signed by Committee Chair Carla… Read More

March 8, 2023 @ 6:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Green United, LLC, its founder Wright W. Thurston, and a promoter, Kristoffer A. Krohn, with allegedly defrauding investors in connection with an unregistered offering of crypto asset securities. The SEC noted that Krohn is a repeat offencer,… Read More

March 8, 2023 @ 4:07 pm By JD Alois  |  

Coinbase, BitGo Representatives Set to Testify. The Subcommittee on Digital Assets, Financial Technology, and Inclusion, part of the House Financial Services Committee, will hold a hearing tomorrow (March 9, 2023) on digital assets. The title of the hearing is Coincidence or Coordinated? The Administration’s Attack… Read More

March 8, 2023 @ 10:21 am By JD Alois  |  

  Established by the LawtechUK panel, the UK Jurisdiction Taskforce (UKJT) has issued a statement on digital asset clarity, which will “cement” the UK as the digital financial market leader in digital securities. The research was completed in partnership with the finance and economics consultancy… Read More

March 8, 2023 @ 9:57 am By JD Alois  |  

Today, a House Financial Services Committee hearing will see Fed Chair Jerome Powell testifying on monetary policy and the state of the economy. The hearing will be live-streamed on the Committee website starting at 10 AM ET today (March 8, 2023). The hearing is entitled… Read More

March 8, 2023 @ 8:50 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has announced taking action against “unregistered crypto ATMs.” Last year, the FCA announced it would shut down crypt ATMs that were not registered with the agency and in compliance with anti-money laundering rules. At that time, none of the… Read More