Politics, Legal & Regulation

November 30, 2021 @ 9:55 am By JD Alois  |  

The Secretary of the Treasury Janet Yellen has provided responses to questions put forth by Senator Pat Toomey – the ranking Republican on the Senate Banking Committee. The questions are in follow-up to a recent hearing at the Committee. Yellen, along with Fed Chairman Jerome… Read More

November 30, 2021 @ 9:03 am By JD Alois  |  

The French Autorité des Marchés Financiers (AMF) is out with a report that highlights the interest of retail investors in the financial markets. A follow on report to a prior study in April 2020, the AMF states that trading volumes in regulated financial instruments have… Read More

November 29, 2021 @ 9:30 am By JD Alois  |  

British Business Investments, has committed £7 million to Folk2Folk, a peer-to-peer lender with a unique approach for loan originations. British Business Investments is a commercial subsidiary of the British Business Bank, a UK government-backed entity. According to a note from Folk2Folk, British Business Investments aims… Read More

November 28, 2021 @ 8:49 pm By JD Alois  |  

  Judith Hartley, CEO of British Patient Capital, says the performance of UK venture capital is a notable success story during a challenging period for businesses across the world British Patient Capital is a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s… Read More

November 28, 2021 @ 12:06 pm By Omar Faridi  |  

China’s reserve bank confirmed on Friday (November 26, 2021) that it had accepted the application to launch a personal credit-scoring joint venture that is reportedly being backed by Alibaba‘s (NYSE: BABA) Fintech division Ant Group and various other companies. Qiantang Credit Rating Co Ltd will… Read More

November 27, 2021 @ 2:04 pm By JD Alois  |  

The People’s Bank of China has banned the use of WeChat and Alipay payment codes for businesses beginning on March 1, 2022, according to reports. WeChat and Alipay are the two most popular digital payment platforms in China. According to China News, personal collection codes… Read More

November 26, 2021 @ 10:00 am By JD Alois  |  

Senator Sherrod Brown, Chairman of the Senate Banking Committee, has sent a letter to multiple stablecoin issuers and crypto exchanges. The letter was proceeded by a report issued by the President’s Working Group on Financial Markets that addressed stablecoins, published at the beginning of November…. Read More

November 25, 2021 @ 9:48 am By JD Alois  |  

The confirmation of Saule Omarova, President Joe Biden’s selection to head the Office of the Comptroller of the Currency (OCC) – the top bank regulator, appears to be doomed as multiple Democrat Senators have expressed to the Whitehouse they will not support the nominee. Omarova,… Read More

November 24, 2021 @ 5:08 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) Investor Advisory Committee will be discussing digital assets or crypto on December 2nd. According to the agenda, a panel discussion will be hosted  entitled “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies.” This… Read More

November 24, 2021 @ 10:33 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained final judgment on an enforcement action that involved a securities offering for an erstwhile marijuana-based firm. According to the SEC, on November 19, 2021, the US District Court for the Central District of California entered final judgments… Read More

November 23, 2021 @ 2:52 pm By JD Alois  |  

The Office of the Comptroller of the Currency (OCC), the leading regulatory overseeing national banks, has issued a letter confirming that national banks and federal savings associations can engage in crypto but must demonstrate adequate controls in place before they can engage in certain cryptocurrency,… Read More

November 23, 2021 @ 1:56 pm By JD Alois  |  

Binance is said to be approaching sovereign wealth funds to invest in the world’s largest crypto exchange. Binance, the largest crypto exchange in the world, has largely been able to avoid the growing concern of global financial regulators and an increasing desire to reign in… Read More

November 22, 2021 @ 12:00 pm By JD Alois  |  

Bank of England External Member of the Financial Policy Committee Carolyn A. Wilkins will deliver a speech to the Québec Autorités des marchés today. The text of her speech has been released in advance of the presentation and she will be addressing the booming crypto… Read More

November 22, 2021 @ 9:22 am By JD Alois  |  

Jerome Powell has been renominated by President Joe Biden to continue on as the Chairman of the Federal Reserve. Dr. Lael Brainard was selected to serve as Vice-Chair of the Board of Governors of the Federal Reserve System. In recent days there has been much… Read More

November 21, 2021 @ 4:46 pm By JD Alois  |  

Digital assets, or crypto assets, are once again on the schedule for a hearing of the House Financial Services Committee. Scheduled for December 8 at 10:00 AM ET,  the full Committee will gather for a hybrid hearing entitled, “Digital Assets and the Future of Finance:… Read More

November 19, 2021 @ 6:36 pm By JD Alois  |  

The Responsible Business Lending Coalition (RBLC), a group that includes online lenders LendingClub (NYSE:LC) and Funding Circle, has issued a statement in support of legislation introduced in both the US House and Senate. The Small Business Lending Disclosure Act of 2021, is described as establishing “common-sense… Read More

November 19, 2021 @ 11:18 am By Tony Zerucha  |  

A review of the Securities and Exchange Commission’s (SEC) enforcement actions in this fiscal year show a growing threat posed by cryptocurrency and decentralized finance (DeFi) scammers. The year ended Sept. 30. The SEC filed 434 new enforcement actions in FY2021, and that is a… Read More

November 18, 2021 @ 7:42 pm By JD Alois  |  

  Saule Omarova testified in front of the Senate Banking Committee today and the challenging questions did not just come from Republican members as several Democrats queried the aspiring bank regulator with difficult queries as well. Omarova, a Cornell Law professor born in the former… Read More

November 18, 2021 @ 6:13 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today announced it has charged Ryan Ginster of Corona, Cal. with conducting two unregistered and fraudulent securities offerings which collectively raised more than $3.6 million in cryptocurrency from retail investors. The complaint alleges that, from 2018 up to 2021,… Read More

November 18, 2021 @ 3:19 pm By Tony Zerucha  |  

While the Reserve Bank of Australia (RBA) is conducting research into various applications of cryptocurrencies and distributed ledger technologies, they are under no pressure to quickly roll out solutions to address clear needs in the marketplace, a representative said earlier today. Speaking to the Australian… Read More