Politics, Legal & Regulation

September 16, 2022 @ 7:50 pm By JD Alois  |  

Senator Elizabeth Warren, a Democrat that sits on the Senate Banking Committee, is not convinced about the Biden Administration’s approach to digital assets. In a letter addressed to Janet Yellen, the Secretary of the US Department of Treasury, Senator Warren claims “cryptocurrency poses grave risks to… Read More

September 16, 2022 @ 6:07 pm By JD Alois  |  

Currently, the Democrats control the legislative and executive branches of government meaning they should be able to run wild with their legislative agenda. The reality is a bit different though, due to close margins in both the House and Senate and the fact that moderates… Read More

September 16, 2022 @ 4:15 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has published a report on the buy now – pay later (BNPL) industry, criticizing the sector of Fintech as having “uneven disclosure and protections” for borrowers. The CFPB noted that BNPL rocketed higher by almost 10X the amount in… Read More

September 16, 2022 @ 2:44 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges against Gabriel Edelman, Creative Advancement LLC, and Edelman Blockchain Advisors LLC, for allegedly defrauding investors out of $4.39 million. According to the SEC, Edelman and his affiliated entities offered and sold securities using false and… Read More

September 16, 2022 @ 11:41 am By JD Alois  |  

After months of behind-the-scenes discussion, the White House revealed its “Fact Sheet” on the responsible development of digital assets or crypto-assets. The Executive Order issued by the White House last March sought to outline the administration’s approach, is now being expanded to be utilized as… Read More

September 16, 2022 @ 8:12 am By Omar Faridi  |  

On 13 September 2022, the Central Bank of Ireland reprimanded and fined Danske Bank A/S, trading in Ireland as Danske Bank, €1,820,000 pursuant to its Administrative Sanctions Procedure “for three breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010, as amended (the… Read More

September 15, 2022 @ 5:39 pm By JD Alois  |  

SEC Chairman Gary Gensler testified in front of the Senate Banking Committee today, reiterating his opinion that in regards to digital assets  (or crypto assets) that the vast majority are securities. The exception being Bitcoin, and perhaps Ethereum – which entail much of the crypto… Read More

September 15, 2022 @ 11:51 am By JD Alois  |  

As was reported this week, Do Kwon – the creator of TerraUSD and LUNA, has been subjected to a warrant for his arrest in South Korea. TerraUSD sought to be an algorithmic stablecoin tied to the US dollar but lost its dollar peg generating an… Read More

September 14, 2022 @ 10:22 pm By JD Alois  |  

Chair of the House Committee on Financial Services, Maxine Waters has announced the witnesses expected to testify in front of a hearing on “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.”  The witnesses on the list contain most of the biggest names in… Read More

September 14, 2022 @ 9:41 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) is continuing its pursuit of platforms that are issuing digital assets without being registered as securities. In a lawsuit filed today against Chicago Crypto Capital LLC (CCC) and several executives, the SEC alleges the defendants defrauded investors. According to… Read More

September 14, 2022 @ 3:49 pm By JD Alois  |  

Do Kwon, creator of the failed algorithmic stablecoin TerraUSD and LUNA, is the target of an arrest warrant in South Korea, according to a report. South Korean publication Chosun writes, that Kwon is being pursued by the Seoul Southern District Prosecutor’s Office’s Financial and Securities… Read More

September 14, 2022 @ 10:48 am By JD Alois  |  

On Monday, the US Department of Justice announced it had received a guilty plea from the “first-ever cryptocurrency insider trading case.” Originally covered this past July, the Securities and Exchange Commission (SEC) simultaneously filed insider trading charges along with the U.S. Attorney’s Office for the… Read More

September 13, 2022 @ 8:57 pm By JD Alois  |  

This is interesting. At some point today, the Office of Foreign Assets Control (OFAC), part of the US Department of Treasury, posted an FAQ on Tornado Cash, a crypto mixer that was recently the target of an action by OFAC. Last month, Tornado Cash was… Read More

September 13, 2022 @ 12:42 pm By JD Alois  |  

The Financial Technology Association (FTA) has posted research on the Buy Now Pay Later (BNPL) sector that highlights the positives of the Fintech service. The survey, created in partnership with the Morning Consult, arrives on the same day that the Senate Banking Committee held a… Read More

September 13, 2022 @ 9:45 am By JD Alois  |  

Today, the Senate Committee on Banking, Housing, and Urban Affairs, will hold a hearing on New Consumer Financial Products and the Impacts to Workers – typically these products are provided by Fintechs. Last week, Committee Chairman, Senator Sherrod Brown, hosted a “listening session” regarding new… Read More

September 13, 2022 @ 8:27 am By JD Alois  |  

Yesterday, several US Senators, all Democrats, issued a statement regarding concerns of crypto scams proliferating on Meta (Facebook) (NASDAQ:META). A letter signed by these Senators was sent to Meta CEO Mark Zuckerberg. Signed by, Senators Bob Mendez, Sherrod Brown, Elizabeth Warren, Diane Feinstein, Bernie Sanders… Read More

September 12, 2022 @ 11:24 am By JD Alois  |  

Earlier today, the Monetary Authority of Singapore (MAS) posted a letter addressed Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS. An MP, Derrick Goh, inquired about buy now – pay later (BNPL) activity in the country. Responding to the inquiry, the Minister shared… Read More

September 11, 2022 @ 6:35 pm By JD Alois  |  

The JOBS Act of 2012, the legislation that also legalized online capital formation, included multiple regulatory updates. One, Title 1, has been a notable success as it has helped a growing number of smaller firms to go public. Title III created Regulation Crowdfunding or Reg… Read More

September 10, 2022 @ 3:22 pm By Omar Faridi  |  

As Dubai seeks to support crypto and blockchain innovation, Blockchain.com has signed a Memorandum of Understanding (MOU) with the Dubai Virtual Assets Regulatory Authority (VARA). That means that soon both retail and institutional clients will be able “to access the financial system of the future… Read More

September 9, 2022 @ 6:08 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has created two new offices – one focused specifically on the digital asset or crypto-asset sector. According to the SEC, the Office of Crypto Assets has been added to the Division of Corporation Finance’s Disclosure Review Program (DRP). The… Read More