Politics, Legal & Regulation

June 3, 2021 @ 1:00 pm By JD Alois  |  

Last month it was widely reported that Binance, the largest cryptocurrency exchange in the world, was under investigation by US authorities. Both the US Department of Justice (DOJ) and the Internal Revenue Service (IRS) were said to be scrutinizing the activity of the digital marketplace…. Read More

June 2, 2021 @ 12:36 am By Omar Faridi  |  

TrueAccord, a Fintech that aims to transform debt collection into “a pathway toward financial health,” recently revealed that Ohad Samet, CEO and Co-founder of TrueAccord Group, has been named to the inaugural debt collection advisory committee of the California Department of Financial Protection and Innovation… Read More

May 31, 2021 @ 11:27 am By Omar Faridi  |  

Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has published a paper that reveals the key findings and conclusions reached after a consultation on a proposed licensing requirement for digital asset trading platforms. Hong Kong‘s government has reportedly proposed certain regulatory changes in order… Read More

May 31, 2021 @ 10:17 am By Omar Faridi  |  

Major banking institutions in the UK like Barclays have decided to block or prevent their clients from transferring money to virtual currency exchanges. Digital banking Fintechs such as Monzo and Starling Bank have also been cracking down on crypto-related entities and transactions they may be… Read More

May 29, 2021 @ 2:52 pm By Martin Cheek  |  

In an effort to mitigate the effects of Covid-related shutdowns, the US government poured trillions of dollars into relief programs, offering loans to businesses in need and sending checks to people whose income qualified them for aid. However, without adequate controls in place, there was… Read More

May 28, 2021 @ 7:14 pm By JD Alois  |  

Digital asset exchange BitConnect is the most recent crypto marketplace to gain the scrutiny of the Securities and Exchange Commission, Division of Enforcement. In a public statement, the SEC announced an enforcement action against five individuals alleging the promotion of a global unregistered digital asset… Read More

May 27, 2021 @ 9:47 pm By Omar Faridi  |  

Blockchain analysis firm Chainalysis has published a report, titled The Crypto Maturity Model: How Traditional Finance Can Adopt Cryptocurrency in Stages. Chainalysis notes that during the past year, cryptocurrency has become a “more mainstream” asset class, with an inflow of institutional money driving Bitcoin (BTC)… Read More

May 27, 2021 @ 12:06 pm By JD Alois  |  

This past February, the European Securities and Markets Authority (ESMA) announced a consultation on technical standards for the Europea Crowdfunding Service Providers Regulation (ECSPR). The move was part of the European Union’s announced harmonization of investment crowdfunding rules. For years, industry insiders and advocacy groups,… Read More

May 27, 2021 @ 9:39 am By JD Alois  |  

European securities regulator, the European Securities and Markets Authority (ESMA), has issued a “call for evidence” on digital finance. According to a statement posted by the ESMA, they are seeking information on “value chains,” platforms, and financial/non-financial services. The initiative is part the EU’s goal… Read More

May 26, 2021 @ 10:05 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and the Mojaloop Foundation revealed on Wednesday (May 26, 2021) that MAS will be joining the Mojaloop Foundation as a Sponsor-level member in order to collaborate on offering the underserved access to “affordable” financial services via digital currency based settlement… Read More

May 26, 2021 @ 4:13 pm By JD Alois  |  

Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), testified today in front of the House Subcommittee on Financial Services and General Government, part of the Appropriations Committee, where he presented the litany of challenges his agency faces including emerging Fintech issues. The… Read More

May 26, 2021 @ 10:38 am By JD Alois  |  

Randal Quarles, Vice Chairman of the US Federal Reserve, testified in front of the Senate Banking Committee this week as part of the Semiannual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System. While much of the discussion swirled around the economy… Read More

May 25, 2021 @ 9:52 pm By Omar Faridi  |  

The Stellar Development Foundation (SDF), which supports the ongoing growth and development of Stellar (XLM), a leading blockchain platform, has noted that on Tuesday, June 1, 2021 “at 1500 UTC,” Stellar (transaction) validators will be voting on whether to upgrade the network to Protocol 17. The… Read More

May 25, 2021 @ 9:33 pm By JD Alois  |  

On Monday, May 24, the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, part of the House Financial Services Committee held a hearing entitled “Going Public: SPACs, Direct Listings, Public Offerings, and the Need for Investor Protections.”  While the title of the hearing addressed… Read More

May 25, 2021 @ 8:12 am By JD Alois  |  

A UK court has rejected a plan to address mis-selling by sub-prime lender Amigo (AMGO.L) causing shares to sink by 50%. Amigo offers loans to individuals from £2,000 – £10,000 over terms between 12 and 60 months, with a maximum APR of 49.9%. In 2020,… Read More

May 24, 2021 @ 10:01 pm By Omar Faridi  |  

The Central Bank of Kuwait has issued a statement on crypto assets and their risks. Kuwait‘s reserve bank says that it aims to enhance financial awareness and intends to encourage the Kuwaiti banking sector to adopt socially responsible business practices. The Central Bank of Kuwait… Read More

May 24, 2021 @ 9:43 pm By Omar Faridi  |  

The State Duma has recently acknowledged that amendments to the Civil Code (in Russia) that cryptocurrencies (or “digital monetary units”) may be considered “a contractual means” of conducting payments in the country, according to Pavel Krasheninnikov, Chairperson of the Duma Committee on Legislation, at the… Read More

May 24, 2021 @ 2:14 pm By JD Alois  |  

The Innovative Lending Platform Association (ILPA) has joined with multiple traditional financial services associations to advocate on behalf of implementing an API structure to mitigate fraud on lending. In a letter addressed to the Secretary of the Treasury, the Commissioner of the IRS and the… Read More

May 23, 2021 @ 11:33 am By Omar Faridi  |  

US Federal Reserve Chief Jerome Powell recently noted that cryptocurrencies pose significant risks to financial stability. Powell stated on Thursday (May 20, 2021) that greater regulation of crypto assets may be necessary. As reported by Reuters, the US Treasury Department cited concerns about wealthy people… Read More

May 23, 2021 @ 11:31 am By Omar Faridi  |  

Representative Mark Green, R-Tenn., recently became one of the first congressmen to profit on Dogecoin’s (DOGE) meteoric rise. Green reportedly made two purchases of DOGE of $1,000 and $15,000 each (as revealed in public disclosure forms). These digital asset investments added to Green’s extensive cryptocurrency… Read More