Politics, Legal & Regulation

May 22, 2022 @ 2:05 pm By JD Alois  |  

European Central Bank (ECB) President Christine Lagarde hammered cryptocurrencies this past week during an interview with a Dutch broadcaster according to a report in Bloomberg. Lagarde, an EU official who has long expressed her interest in digital assets, is quoted stating: “My very humble assessment… Read More

May 21, 2022 @ 7:57 pm By Omar Faridi  |  

YAP, a Fintech streamlining the virtual banking experience in the MENA and South Asia region, has announced that it has been granted an In-Principle Approval (IPA) from the State Bank of Pakistan for an Electronic Money Institute (EMI) License. The approval provides “a tremendous opportunity… Read More

May 21, 2022 @ 3:32 am By JD Alois  |  

The Bundesverband Crowdfunding e.V. (the German Crowdfunding Association) and Financement Participatif France (the French Crowdfunding Association) have issued a statement reaffirming their desire that the transition period for European Crowdfunding Service Provider Regulation (ECSPR) be extended.  The announcement follows a statement by the European Securities… Read More

May 20, 2022 @ 9:43 am By JD Alois  |  

  Following a meeting this week being held in Petersberg, Germany, G7 Finance Ministers and Central Bank Governors have issued a statement on the outcome of the meeting. While a good portion of the statement revolves around the war in Ukraine and the need for… Read More

May 20, 2022 @ 2:07 am By JD Alois  |  

The European Securities and Markets Authority (ESMA) has posted a statement encouraging crowdfunding providers to speed things up in migrating to the new pan-European rules. At the end of 2021, the European Union approved a new regulatory regime that enables issuers to raise capital online… Read More

May 19, 2022 @ 4:49 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed an enforcement action alleging that Sam Ikkurty (aka Sreenivas I Rao), Ravishankar Avadhanam, and Jafia LLC, a company Ikkurty owns in Florida, with fraudulently soliciting at least $44 million to invest in a “so-called income fund” that sought… Read More

May 19, 2022 @ 11:00 am By JD Alois  |  

The Securities and Exchange Commission has obtained final judgments on consent against Sohrab “Sam” Sharma, Robert Farkas, and Raymond Trapani in regards to Centra Tech and an initial coin offering (ICO) deemed to be an unregistered security by the SEC. The SEC states that Centra… Read More

May 19, 2022 @ 10:00 am By JD Alois  |  

As TerraUSD (UST), an algorithmic stablecoin imploded going to zero, reserve-based stablecoins rushed to stem the tide of concerns about contagion. Tether (USDT), the largest stablecoin in the market, has been hit with collateral damage due to the failure of UST. At the beginning of… Read More

May 18, 2022 @ 12:03 pm By JD Alois  |  

SEC Chairman Gary Gensler testified in front of the Subcommittee on Financial Services and General Government, part of the House Appropriations Committee, to justify the agency’s budget request. As part of the questioning from various members, Gensler answered several questions which were crypto-related. Chairman Gensler… Read More

May 18, 2022 @ 8:29 am By JD Alois  |  

After a painful drop where Bitcoin crashed below $30K and many other cryptocurrencies chased it down, GlobalBlock (TSXV:BLOK) sees light at the end of the tunnel – at least for now. Marcus Sotiriou, Analyst for GlobalBlock, operating in the UK has distributed a comment on… Read More

May 18, 2022 @ 3:18 am By Omar Faridi  |  

Nahmii AS are pleased to confirm that they have been chosen to work with Norges Bank (the central bank of Norway) on their upcoming experimental CBDC (central bank digital currency) sandbox project. This “prestigious” award confirms Nahmii AS’s position as “a global leader in the… Read More

May 17, 2022 @ 5:18 pm By JD Alois  |  

Tomorrow (May 18, 2022), SEC Chairman Gary Gensler will hike up to Capitol Hill to extoll the need for a slight budget increase for the SEC and its ~ 4800 employees. Chair Gensler, along with the Chair of the FTC, will address the Subcommittee on… Read More

May 16, 2022 @ 6:44 pm By Tony Zerucha  |  

  Like everyone else, American consumers are looking for faster ways to make payments, the results of a survey by the Federal Reserve Banks suggest. Overall, 80% say they are interested in more immediate ways to pay businesses, with around 70% saying the option of… Read More

May 16, 2022 @ 7:30 am By David R. Burton  |  

Passed with large bipartisan majorities and signed into law by President Obama, the 2012 JOBS Act was a bipartisan achievement of consequence. The JOBS Act substantially improved the laws governing entrepreneurial capital formation and has had a measurable positive impact on entrepreneurial capital formation. But… Read More

May 15, 2022 @ 12:59 pm By JD Alois  |  

The Federal Bureau of Investigation (FBI) has arrested Eddy Alexandre, operator of the crypto and Forex trading platform EminiFX, regarding allegations of a $59 million fraud. According to the Department of Justice (DOJ), Alexandre allegedly committed commodities and wire fraud soliciting over $59 million from… Read More

May 15, 2022 @ 9:33 am By JD Alois  |  

The Financial Technology Association (FTA) has issued as statement on the confirmation of four nominees to the Federal Reserve’s Board of Governors, including Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson. Penny Lee, CEO of the FTA, stated: “The… Read More

May 14, 2022 @ 5:46 pm By JD Alois  |  

Last month, Tennessee became the second state to allow decentralized autonomous organizations (DAOs) to register as LLCs, following pioneer Wyoming. HB2645 and SB2854 provide that the Tennessee Revised Limited Liability Company Act applies to decentralized organizations. The legislation became law on April 20, 2022. Chris… Read More

May 13, 2022 @ 11:45 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has posted another warning about digital assets or cryptoassets. The FCA points to “recent social media posts” promoting digital assets including NFTs. The FCA tells consumers to be ready to lose all of their money when participating in a… Read More

May 13, 2022 @ 11:36 am By JD Alois  |  

The European Banking Authority (EBA) has posted the “final technical standards” pertaining to European crowdfunding platforms. The release of the standards has long been anticipated and is affiliated with the European Union enacting pan-European securities crowdfunding rules. New regulatory standards were revealed in November of… Read More

May 12, 2022 @ 3:49 pm By JD Alois  |  

Jeremy Spence, aka Coin Signals, has received a judgment of 42 months in prison for defrauding over 170 investors. According to the US Department of Justice, Spence pled guilty with the sentence being handed down this past week. Charges were originally filed in early 2021… Read More