Politics, Legal & Regulation

August 15, 2022 @ 6:20 pm By JD Alois  |  

Varo Bank, the first true digital only bank that made it through the rigorous chartering process, has issued a comment letter on a potential change to the Community Reinvestment Act (CRA). The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation… Read More

August 15, 2022 @ 10:22 am By JD Alois  |  

Gregory Klumov, CEO of STASIS – an issuer of a Euro stablecoin, has issued a statement criticizing Circle’s decision to freeze USDC that is parked in Tornado.Cash addresses. Circle, the issuer of the second largest stablecoin in the market, took the action following the US … Read More

August 14, 2022 @ 4:07 pm By JD Alois  |  

As has been widely reported, the US Department of Treasury, Office of Foreign Assets Control (OFAC), has sanctioned crypto mixer Tornado.cash for enabling illicit activities in regards to crypto thefts, ransomware and money laundering. Many crypto proponents are up in arms as this is the… Read More

August 13, 2022 @ 3:47 pm By JD Alois  |  

The sanctioning of Tornado.cash, a crypto mixing service, has riled many in the crypto-world. This past week, the US Department of Treasury, Office of Foreign Assets Control (OFAC), targeted the mixer as it is said to launder the proceeds of cybercrime – not just benign… Read More

August 12, 2022 @ 3:19 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed charges against Rathnakishore Giri and his firms, NBD Eidetic Capital, LLC and SR Private Equity, LLC, alleging digital asset trading ploy that pilfered $12 million from unsuspecting investors. The CFTC also filed charges against Giri’s parents, Giri Subramani and… Read More

August 12, 2022 @ 11:29 am By JD Alois  |  

Earlier this year, the UK FCA, PSR, CMA, and HM Treasury published a joint statement on the future of open banking (open finance), while announcing the creation of a joint regulatory oversight committee designed to improve adoption. The committee is co-chaired by the FCA Executive… Read More

August 12, 2022 @ 9:19 am By Omar Faridi  |  

Invest Hong Kong (InvestHK) and the Hong Kong Monetary Authority (HKMA) jointly announced the addition of the Central Bank Digital Currency (CBDC) track to the Global Fast Track 2022, “giving local and global firms valuable opportunities to partner with the central banking institution to boost… Read More

August 11, 2022 @ 5:18 pm By JD Alois  |  

Elliptic, a crypto intelligence firm, has published an interesting blog post on the use, or abuse of, cross-chain bridges to launder funds. A cross-chain bridge allows value to hop to different blockchains. While utilized by legitimate platforms, cross-chain bridges have also caught the attention of… Read More

August 11, 2022 @ 11:33 am By JD Alois  |  

If a company raises capital under Reg CF, it must file a form with the Securities and Exchange Commission (SEC) along with additional documents to use the exemption. If the company successfully raises money, the requirement to provide information to the SEC (and investors) does… Read More

August 11, 2022 @ 10:49 am By JD Alois  |  

Does the US Federal Government hold crypto? Probably so. Following enforcement actions or tax violations, the feds may confiscate various types of assets, and these can include digital ones like Bitcoin, etc. Earlier this week, Congressman Tom Emmer, along with Congressman Joe Auchincloss, reminded us… Read More

August 10, 2022 @ 10:17 pm By Omar Faridi  |  

The Reserve Bank of Australia is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on a research project “to explore use cases for a central bank digital currency (CBDC) in Australia.” Considerable research has been “undertaken by central banks, including the Reserve Bank, into… Read More

August 10, 2022 @ 12:24 pm By JD Alois  |  

Mike Crosbie, Chief Business Officer of poundtoken (GBPT), an issuer of a British Pound-backed stablecoin, has distributed a comment on the Bank of England’s recent missives on crypto asset risks. Like other central government regulators, the Bank of England has been keenly observing the emerging… Read More

August 10, 2022 @ 11:49 am By JD Alois  |  

Chair of the House Committee on Financial Services, Maxine Waters, has sent a letter to Equifax demanding to know how they managed to distribute bogus credit scores. Representative Waters issued the following statement on the debacle: “I am alarmed at recent news reporting that for… Read More

August 10, 2022 @ 11:23 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has announced an enforcement action against Hello Digit (or just Digit), a neobank that claims to be the “first truly personalized and automated savings tool.” At the end of 2021, Hello Digit was acquired by Opportun. According to the… Read More

August 9, 2022 @ 10:03 pm By Omar Faridi  |  

Crypto.com, which claims to be the world’s “fastest-growing” cryptocurrency platform, announced that it has secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration by “acquiring payment service provider ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’.” Kris Marszalek, Co-Founder and… Read More

August 9, 2022 @ 10:45 am By JD Alois  |  

Criticism from various corners of the political ring continues to lament the passing of the Inflation Reduction Act – legislation that even supporters are describing as a climate bill and not doing much to mitigate inflation. SBE Council President & CEO Karen Kerrigan has issued… Read More

August 9, 2022 @ 10:14 am By JD Alois  |  

Gregory Dwyer, a former head of business development at BitMEX, has pleaded guilty to a single charge of violating the Bank Secrecy Act, according to a report in WSJ.com. Dwyer was one of BitMEX’s first employees during a period of rapid growth for the crypto… Read More

August 8, 2022 @ 3:34 pm By JD Alois  |  

As was earlier covered, the US Department of Treasury, via the Office of Foreign Assets Control (OFAC) has sanctioned crypto mixer Tornado Cash.  Mixers are used to boost the privacy of crypto transacts but may also be used to obfuscate nefarious activity. Coin Center, a… Read More

August 8, 2022 @ 3:13 pm By JD Alois  |  

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has targeted another crypto mixer by sanctioning Tornado Cash. Most recently, in May, OFAC sanctioned Blender.io, a mixer that is said to be utilized by North Korea  for its “malicious cyber activities and… Read More

August 7, 2022 @ 8:25 pm By Omar Faridi  |  

The Consumer Credit Oversight Board Task Force in Malaysia recently shared the Consumer Credit Act consultation document, which is the new act that aims to properly regulate and consolidate all consumer credit activities under its unit, and to also support “fair” lending and “responsible” conduct… Read More