Politics, Legal & Regulation

December 21, 2022 @ 11:41 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against former Alameda Research CEO Caroline Ellison and FTX co-founder and former CTO Gary Wang. The enforcement action was due to the pair’s role in the failure of FTX and their roles in a “multiyear scheme to… Read More

December 21, 2022 @ 11:26 pm By JD Alois  |  

U.S. Attorney Damian Williams has announced additional charges in the ongoing criminal case against FTX. According to a Tweet, the US District Court, Southern District New York, has filed charges against former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang. Williams said the charges… Read More

December 21, 2022 @ 5:53 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Thor Technologies, Inc., David Chin, and Matthew Moravec with conducting an unregistered securities offering. Chin is a co-founder and CEO of Thor, and Moravec is a co-founder and former CTO. According to the SEC, in 2018, the… Read More

December 21, 2022 @ 12:03 pm By Omar Faridi  |  

The team at Binance is pleased to announce that they have joined the Chamber of Digital Commerce, a blockchain and cryptocurrency trade association. Binance has joined the Chamber’s Executive Committee in order “to move the blockchain industry forward alongside other industry players.” Binance VP of… Read More

December 21, 2022 @ 10:12 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a statement on its objectives. As part of a three-year strategy, the financial regulator said it would focus on reducing and preventing harm, setting and testing higher standards while promoting competition. The FCA claims that its new… Read More

December 20, 2022 @ 5:53 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Oi2Go Media Technologies and its CEO Anthony Michael Hernandez with conducting offering fraud. According to the SEC, Hernandez raised about $1.317 million from around 750 investors in a Reg A+ offering, which took place in 2018. Under… Read More

December 20, 2022 @ 11:59 am By JD Alois  |  

Sam Bankman-Fried is expected to be extradited to the US perhaps as early as this week, according to a report. The former CEO of bankrupt crypto exchange FTX was in court this week and is expected not to fight extradition from the Bahamas. Previously, it… Read More

December 19, 2022 @ 3:06 pm By JD Alois  |  

The incoming Chair of the House Committee on Financial Services, Patrick McHenry, has issued a statement that he plans to add Financial Services Innovation Offices (FSIOs) back on the agenda. As the Republicans will take over the House in January after gaining the majority in… Read More

December 18, 2022 @ 10:42 pm By Omar Faridi  |  

The EY organization announced an alliance between TaxBit, a tax and accounting technology provider for cryptocurrency and other digital assets (e.g., non-fungible tokens (NFTs)), and Ernst & Young LLP (EY US) “to help organizations meet tax reporting requirements for digital assets.” Regulators are starting “to… Read More

December 17, 2022 @ 2:19 pm By JD Alois  |  

  The trifecta of legal action against Sam Bankman-Fried and the failure of FTX blossomed this past week as the US Attorney for the Southern District of New York filed criminal charges against Bankman-Fried. These charges were joined by civil charges filed by both the… Read More

December 16, 2022 @ 4:27 pm By JD Alois  |  

The Financial Stability Oversight Council (FSOC)  has identified 14 specific financial vulnerabilities impacting the markets in its annual report. The Council incorporates the participation of all the major US financial regulators, including the Secretary of the Treasury, who acts as the Chair of the Council…. Read More

December 15, 2022 @ 12:40 pm By JD Alois  |  

This past Tuesday, the House Committee on Financial Services hosted a hearing with a single witness – John J. Ray, III, the new CEO of FTX. Originally, the Committee had scheduled the former CEO of FTX, Sam Bankman-Fried, to testify, but his arrest the day… Read More

December 15, 2022 @ 11:08 am By JD Alois  |  

The European Central Bank (ECB) announced an interest rate increase of 50 basis points today on three key rates following similar decions by the Bank of England and the US Federal Reserve. The goal is to halt persistent inflation, which is decimating economies around the… Read More

December 15, 2022 @ 9:21 am By JD Alois  |  

The Bank of England’s Monetary Policy Committee (MPC) has increased its Bank Rate by 50 basis points to 3.5%. According to a statement by the Bank, the MPC vote was 6 to 3, with one member advocating for a 75 basis point increase and two… Read More

December 14, 2022 @ 9:09 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges in another case of alleged crypto fraud. This time the “crypto pyramid scheme” apparently targeted the Spanish-speaking community. According to the SEC, Francisley Valdevino Da Silva, Juan Antonio Tacuri Fajardo, Ramon Antonio Perez Arias, and Jose… Read More

December 14, 2022 @ 11:35 am By JD Alois  |  

The Senate Banking Committee hearing on FTX, taking place today, has extended the discourse on the collapse of what was once one of the largest crypto exchanges in operation. While not involving any current FTX employees, testimony and perspective are being provided by four different… Read More

December 14, 2022 @ 9:48 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges against eight influencers pertaining to a $100 million securities fraud plot. Simultaneously, criminal charges have been leveled at the individuals by the Department of Justice’s Fraud Section and the U.S. Attorney’s Office for the Southern… Read More

December 13, 2022 @ 4:44 pm By JD Alois  |  

This afternoon, the US Attorney’s Office for the Southern District of New York held a press conference discussing the indictment of Sam Bankman-Fried, the one-time CEO of FTX and now the alleged perpetrator of one of the largest frauds in history. As the details emerge,… Read More

December 13, 2022 @ 12:30 pm By Omar Faridi  |  

Nexo, which claims to be the “leading” regulated institution for digital assets, has announced its registration “with the Ministry of Finance of Poland as a Virtual Assets Service Provider (VASP) in the country.” This development in Poland “builds on the crypto-native FinTech’s longstanding effort to… Read More

December 13, 2022 @ 12:13 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed a complaint in the US District Court for the Southern District of New York against Sam Bankman-Fried, FTX, and Alameda Research. The CFTC complaint charges the defendants with fraud and material misrepresentations in connection with the sale… Read More