Politics, Legal & Regulation

November 9, 2021 @ 2:50 pm By Tony Zerucha  |  

CBDCs have the potential to make a significant impact on global finance, but appropriate safeguards need to be in place, an official from the Monetary Authority of Singapore (MAS) said today. The industry gathered for the Singapore FinTech Festival, where one of the presenters was… Read More

November 9, 2021 @ 10:58 am By JD Alois  |  

A digital pound is taking another step forward, according to a statement by the UK government. HM Treasury and the Bank of England have announced a forthcoming consultation to set out their assessment of the case for a UK central bank digital currency or CBDC…. Read More

November 9, 2021 @ 7:49 am By Omar Faridi  |  

The Open Banking Implementation Entity (OBIE) has announced that it’s looking to appoint an independent Non-Executive Director (iNED) to its Board. As mentioned in the announcement, Open Banking enables consumers and SMEs to share their bank account details in a secure manner with trusted third-parties… Read More

November 8, 2021 @ 9:17 pm By Omar Faridi  |  

Carmen Chu, Executive Director (Enforcement and AML), Hong Kong Monetary Authority (HKMA), recently noted during opening remarks at the AML Regtech Lab (AMLab) that it’s a great pleasure to welcome people to the very first AML Regtech Lab, or AMLab, which the HKMA is hosting… Read More

November 8, 2021 @ 3:37 pm By JD Alois  |  

Alleged perpetrators of the ransomware attack on, Kaseya – an IT firm that helped systems administrators manage large networks, have been charged by the US Department of Justice for the attack. This case is part of the Department of Justice’s Ransomware and Digital Extortion Task… Read More

November 8, 2021 @ 3:02 pm By JD Alois  |  

For years the state of California has attempted to create an intrastate crowdfunding exemption and a bill that supports access to capital was finally signed into law last month. Assembly Bill 511 (AB 511) was signed into law by Governor Gavin Newsome in early October… Read More

November 6, 2021 @ 2:18 pm By JD Alois  |  

The infrastructure bill (H.R.3684) is on its way to becoming law. After a circuitous legislative path that saw extreme left legislative vote against the bill while several Republicans helped to push it across the finish line, a pinnacle of the Biden Administration’s legislative ambitions is… Read More

November 6, 2021 @ 1:11 pm By JD Alois  |  

While there is plenty to sort through in the social spending legislation known as the Build Back Better bill it appears that the section effectively blocking private securities from being held in Investment Retirement Accounts (IRAs) has been pulled from the language as it stands… Read More

November 4, 2021 @ 11:17 am By JD Alois  |  

Deputy Secretary of the Treasury Wally Adeyemo delivered a presentation today at the LINKS Conference by Chainalysis. Adeyemo outlined the risk and concerns that policymakers have when dealing with the burgeoning digital asset or cryptocurrency markets. While voicing his opinion on these risks, Adeyemo did… Read More

November 3, 2021 @ 7:59 pm By JD Alois  |  

Acting Comptroller of the Currency Michael Hsu delivered a compelling speech today during a presentation at the American Fintech Council, Fintech Policy Summit. The AFC largely represents digital and neo-banks as well as non-bank lenders. Hsu recently spoke at a Blockchain Association event where he… Read More

November 1, 2021 @ 8:22 pm By JD Alois  |  

Congressman Patrick McHenry, the ranking member on the House Financial Services Committee, has issued a statement regarding President’s Working Group on Financial Markets (PWG) report on stablecoins. McHenry has long been supportive of innovation in financial services and recently he, along with Congressmen Tom Emmer… Read More

November 1, 2021 @ 7:49 pm By Omar Faridi  |  

Australia’s first accredited and active intermediary of the Consumer Data Right (CDR) Adatree has shown the key capabilities of its SaaS tech solutions by assisting flexible payment platform Payble with accelerating its initial Accredited Data Recipient (ADR) journey to only four weeks. This has set… Read More

November 1, 2021 @ 3:41 pm By JD Alois  |  

The President’s Working Group on Financial Markets (PWG) has published its report on stablecoins as was anticipated. The report, available here and below, said that if stablecoins are appropriately regulated they could emerge as a more efficient and “more inclusive” payment option. Simultaneously, stablecoins and… Read More

November 1, 2021 @ 11:24 am By JD Alois  |  

British Business Investments, a subsidiary of government-backed British Business Bank, has committed £30 Million to Mobeus Equity Partners, according to a note from the firm. The money will go into the Mobeus Equity Partners Fund V. Mobeus invests in smaller companies, to support their growth… Read More

November 1, 2021 @ 10:37 am By JD Alois  |  

Urban Angehrn has moved into the CEO role at the Swiss financial services regulator FINMA (Financial Markets Supervisory Authority). Angern replaced Mark Branson who took over the leadership of German finance regulator BaFin. The transition was initially revealed this past summer. Angehrn issued the following… Read More

November 1, 2021 @ 8:59 am By JD Alois  |  

The President’s Working Group on Financial Markets (PWG) is expected to publish its long-anticipated report on stablecoins later today. The PWG includes the US Secretary of the Treasury, the Chair of the Board of Governors of the Federal Reserve System, the Chairman of the Securities… Read More

October 29, 2021 @ 11:55 am By JD Alois  |  

Republic, a top online investment platform, has listed its first litigation funding offer or “Initial Litigation Offering” (ILO) a tokenized security for a court case initiated by Apothio. Litigation funding is a method to crowdfund a legal case that is expected to be brought to… Read More

October 28, 2021 @ 3:39 pm By JD Alois  |  

Senator Pat Toomey, the ranking member on the Senate Banking Committee, has introduced legislation designed to protect payment for order flow – the legal practice where firms pay to process trades collected by broker-dealers. The practice has garnered scrutiny due to its utilization by Robinhood,… Read More

October 27, 2021 @ 10:33 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today announced a $38.8 million settlement of charges against Akazoo S.A., a purported music streaming business based in Greece, for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 SPAC business combination. Akazoo’s… Read More

October 27, 2021 @ 5:49 pm By JD Alois  |  

Representatives Patrick McHenry and James Comer have sent a letter to the Postmaster General slamming the US Postal Service’s “hidden” financial service pilot program. McHenry is the ranking Republican on the House Committee on Financial Services. Comer is the ranking Republican on the House Committee… Read More