Politics, Legal & Regulation

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

March 7, 2023 @ 10:09 am By JD Alois  |  

The French Autorité des Marché Financier (AMF) has launched a “mystery shopper” campaign to gain first-hand experience as to how banks are treating their customers. What the regulator uncovered clearly fell short of what old banks should be doing. The AMF notes that it has… Read More

March 7, 2023 @ 9:45 am By JD Alois  |  

Later this week, the Subcommittee on Capital Markets, part of the House Financial Services Committee, will hold a hearing entitled U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital. As the… Read More

March 6, 2023 @ 6:07 pm By JD Alois  |  

Jay Shambaugh, the Under Secretary for International Affairs at the US Department of Treasury, delivered a speech today in front of the Institute of International Bankers’ conference. In the presentation, Shambaugh addressed a litany of hot topics that covered Fintech, including digital assets, as well… Read More

March 6, 2023 @ 4:31 pm By JD Alois  |  

The Securities and Exchange Commission has obtained an asset freeze in an emergency action regarding BKCoin Management, a digital asset hedge fund, and principal Kevin Kang. Kang was reportedly fired from BKCoin last October for allegedly misappropriating assets. Kang co-founded BKCoin and, at one point,… Read More

March 6, 2023 @ 1:58 am By Omar Faridi  |  

Finoa are pleased to announce that they received three license approvals from BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) for crypto custody, crypto brokerage, and proprietary trading of crypto. The licenses mean that Finoa is now “a fully regulated financial institution, and will be able to offer a… Read More

March 4, 2023 @ 12:11 pm By JD Alois  |  

Silvergate (NYSE:SI) has halted its Silvergate Exchange Network (SEN), an API service for banking customers to allow 24/7/365 real-time transfers for institutional investors active in the digital asset sector. Silvergate said it was making a “risk-based decision to discontinue the SEN,” adding that all other… Read More

March 2, 2023 @ 7:43 pm By JD Alois  |  

Congressman Patrick McHenry, Chair of the House Financial Services Committee, and Senator Cynthia Lummis, have co-authored a letter addressed to federal regulators demanding regulatory clarity on digital assets. Both elected officials are known for their support of Fintech innovation. Lummis has co-authored legislation aiming to… Read More

March 2, 2023 @ 3:31 pm By JD Alois  |  

The House Financial Services Committee burst out of the gates earlier this year with hearings on issues that impact investment crowdfunding and other Fintech-related topics. Today, the Committee is announcing more hearings of interest taking place on various Subcommittees. A week from today, on Thursday,… Read More

March 2, 2023 @ 3:20 pm By JD Alois  |  

Senators Elizabeth  Warren, Chris Van Hollen, and Roger Marshall have joined in sending a letter to Changpeng “CZ” Zhou, demanding information pertaining to the operations of Binance, the crypto exchange he founded. The three Senators request that CZ provide “information regarding growing concerns over the finances,… Read More