Politics, Legal & Regulation

August 2, 2022 @ 7:18 pm By JD Alois  |  

  The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC) met today to discuss liquidity for certain exempt securities in the form of secondary trading. More specifically, the Committee addressed securities issued under Reg CF (Regulation Crowdfunding) and Regulation A (Reg… Read More

August 2, 2022 @ 2:11 pm By JD Alois  |  

The Singapore government has posted a response to questions emanating from Parliament pertaining to the collapse of TerraUSD – LUNA. TerraUSD was an aspiring algorithmic stablecoin that was tied to LUNA. TerraUSD sought to maintain a US dollar peg but failed in its mission, thus… Read More

August 2, 2022 @ 1:17 pm By JD Alois  |  

The New York Department of Financial Services (DFS) has determined that Robinhood Crypto failed to maintain effective bank secrecy act (BSA) and anti-money laundering (AML) compliance in regards to reporting requirements. Adrienne A. Harris, Superintendent of Financial Services, said Robinhood Crypto will pay a $30… Read More

August 2, 2022 @ 9:07 am By Omar Faridi  |  

Binance.US supports “responsible” regulation of digital assets by state and federal officials and is “committed to transparency and consumer education,” explains the world’s largest crypto exchange. The statement arrived as the entire industry reviewed claims by the SEC that Coinbase (NASDAQ:COIN) had listed digital asset… Read More

August 1, 2022 @ 8:24 pm By JD Alois  |  

Earlier today, the Federal Trade Commission (FTC) announced it had reached a settlement with Opendoor (NASDAQ:OPEN) that proposed a $62 million settlement from the Proptech firm. Opendoor has agreed to the order. According to the FTC, Opendoor promoted its services by information consumers they could… Read More

August 1, 2022 @ 7:19 pm By Omar Faridi  |  

Komainu, a regulated digital asset custody provider built by institutions for institutions, today announced provisional regulatory approval from the Government of Dubai’s Virtual Assets Regulatory Authority [VARA] to “commence operational readiness even as the application goes through the warranted due diligence in accordance with VARA… Read More

August 1, 2022 @ 5:35 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against Forsage and eleven individuals alleging a cryptocurrency ponzi scam that is said to have pilfered over $300 million from retail investors. According to the SEC’s complaint, in 2020, Vladimir Okhotnikov, Jane Doe aka – Lola… Read More

August 1, 2022 @ 12:35 pm By JD Alois  |  

Earlier this year, the Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), held a meeting to discuss proposed rules on climate risk disclosure. The meeting addressed potential rule changes initiated by the SEC and championed by SEC Chairman Gary Gensler. When… Read More

July 31, 2022 @ 8:38 pm By Omar Faridi  |  

FTX Exchange FZE announced that it has received approval “to enter Dubai’s ‘Minimum Viable Product’ (MVP) program for Virtual Assets under the world’s only specialist regime for this sector operated by the Virtual Asset Regulatory Authority (VARA).” As a subsidiary of FTX Europe, FTX Exchange… Read More

July 31, 2022 @ 4:31 pm By JD Alois  |  

This past week, the Securities and Exchange Commission (SEC) published its 41st annual Small Business Forum report, an effort to help guide the Commission on important issues facing small businesses and access to capital in the USA. While the SEC focuses most of its attention… Read More

July 31, 2022 @ 11:22 am By Omar Faridi  |  

The Office of Financial Research (OFR) announces the launch of its Climate Data and Analytics Hub pilot, which is a new tool “to help financial regulators assess risks to financial stability stemming from climate change.” This collaborative environment will “improve users’ access to public climate… Read More

July 30, 2022 @ 11:24 am By Omar Faridi  |  

eToro, the social investment network, announced that it has registered with the Italian regulator Organismo Agenti e Mediatori (OAM), becoming the latest investment platform to “join the registry of crypto-asset providers in Italy.” This demonstrates eToro’s commitment “to working hand in hand with regulatory authorities… Read More

July 29, 2022 @ 2:58 pm By JD Alois  |  

The Federal Deposit Insurance Corporation (FDIC), the government agency that provides bank deposit insurance, has taken the unique act of publicly chastising Voyager Digital regarding claims of false statements on deposit insurance status. Voyager Digital filed for bankruptcy protection following the collapse of  Three Arrows… Read More

July 29, 2022 @ 12:17 pm By JD Alois  |  

The Competitive Enterprise Institute (CEI), a non-profit DC think tank that advocates on behalf of free markets, has published a paper on stablecoins as well as central bank digital currencies. While CBDCs are state-managed digital currencies, perhaps utilizing blockchain technology, stablecoins are issued and managed… Read More

July 29, 2022 @ 9:36 am By JD Alois  |  

Singapore based Zipmex has filed for insolvency under Singapore law. According to a blog post, Zipmex attorneys have filed five applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of several of the firm’s entities, aiming to gain global moratoriums… Read More

July 28, 2022 @ 10:06 pm By JD Alois  |  

Smartphones have become the operating systems of our existence. Today, you need your iPhone or Android phone to accomplish many different tasks, including managing money. This also includes the growing number of crypto and neo-banking Apps. Yesterday, Sherrod Brown, a Democrat Senator from Ohio who… Read More

July 28, 2022 @ 12:21 pm By JD Alois  |  

What is a digital asset? Well, that depends on who you ask. These questions become important when it comes to things like tax treatment, securities law, ownership,  etc. The UK Law Commission is out with proposed changes for the treatment of digital assets, including NFTs… Read More

July 28, 2022 @ 10:01 am By JD Alois  |  

The US Economy delivered a second-quarter of GDP decline, an event that has historically determined that an economy is in recession. The US Department of Commerce, Bureau of Economic Analysis (BEA), reported that Q2 2022 GDP declined by -0.9%. This follows a Q1 decline of… Read More

July 27, 2022 @ 7:41 pm By JD Alois  |  

In the past week, CI has reported on the enforcement action initiated by the Securities and Exchange Commission (SEC), involving a former Coinbase (NASDAQ:COIN) manager and two partners regarding allegations of insider trading. According to the SEC’s complaint, non-public information was accessed prior to release,… Read More

July 27, 2022 @ 5:41 pm By JD Alois  |  

The Small Business and Entrepreneurship Council (SBE Council) has long championed entrepreneurship in Washington, DC. Founded in 1994, the SBE Council claims over 100,000 members. Its mission is to educate and advocate on behalf of these smaller firms – which typically do not have the… Read More