Politics, Legal & Regulation

November 7, 2022 @ 10:51 am By JD Alois  |  

A report from last week indicates that the Internal Revenue Service (IRS) is pursuing “hundreds” of criminal investigations regarding crypto. According to Bloomberg, there has been a shift in recent years away from money laundering to people being paid in crypto, migrating it to fiat,… Read More

November 7, 2022 @ 9:43 am By Omar Faridi  |  

The BIS Innovation Hub is launching a new project around central bank digital currencies (CBDCs) and Decentralized Finance (DeFi) protocols “as part of its 2022 work program.” Project Mariana “explores automated market makers (AMM) for the cross-border exchange of hypothetical Swiss franc, euro and Singapore… Read More

November 7, 2022 @ 9:29 am By JD Alois  |  

The SEC Office of the Advocate for Small Business Capital Formation has launched a new section of the Commission’s website outlining the “fundamentals of capital raising.” One of the main missions of the SEC is to facilitate capital formation for both smaller and larger firms. The… Read More

November 7, 2022 @ 8:56 am By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) is now making the claim that all ETH transactions fall under U.S. jurisdiction due to the network’s high concentration of nodes within the country. If this claim is found to be accurate, we will very soon see a… Read More

November 5, 2022 @ 6:33 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against the creator and promoters of the Trade Coin Club, which is described as a “global crypto Ponzi scheme.” According to the SEC, the alleged ponzi scam raised $295 million from more than 100,000 investors around… Read More

November 4, 2022 @ 3:43 pm By JD Alois  |  

Polkadot’s native token DOT is no longer a security, according to the Web3 foundation. Polkadot said it has been working with the Securities and Exchange Commission’s FinHub on the process. The Web3 Foundation said that DOT has “morphed” from a security to software, perhaps accomplishing… Read More

November 3, 2022 @ 12:21 pm By JD Alois  |  

Senator Pat Toomey, the ranking member on the Senate Banking Committee, and Representative Patrick McHenry have co-authored a letter addressed to SEC Chairman Gary Gensler demanding answers regarding “mismanagement” of the Commission, which were highlighted in a recent report by the SEC’s Office of Inspector… Read More

November 2, 2022 @ 11:04 am By JD Alois  |  

Hong Kong has publicly asserted its interest in digital assets or “virtual assets” in a statement issued by the Financial Services and the Treasury Bureau. The document states: “As an international financial centre, Hong Kong is open and inclusive towards the global community of innovators… Read More

October 31, 2022 @ 2:16 pm By JD Alois  |  

DBS, a top financial services group in Asia with a presence in 18 markets and based in Singapore, has announced an initiative to create a programmable digital Singapore dollars (DSGD). The project has the defacto approval of the Singapore government which recently indicated its support… Read More

October 31, 2022 @ 8:13 am By JD Alois  |  

Financial Conduct Authority (FCA) CEO Nikhil Rathi delivered a speech last week that reflected upon the ever-changing regulatory environment. Rathi re-affirmed the FCA’s mission of fostering competition stating, “we will continue to embed competitiveness throughout our regulatory approach,” while noting this will not come to… Read More

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