Politics, Legal & Regulation

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

October 27, 2021 @ 12:40 pm By JD Alois  |  

“We are making this country a modern science and technology superpower,” Rishi Sunak, Chancellor of the Exchequer. The Autumn Budget 2021 was unveiled today as UK Chancellor of the Exchequer Rishi Sunak took the podium in Parliament to sell his vision. Once again, the Budget… Read More

October 26, 2021 @ 10:36 pm By JD Alois  |  

Tomorrow (Wednesday), the UK Chancellor of the Exchequer Rishi Sunik will provide an update on the government’s 2021 budget plans. HM Treasury has already revealed much information on its tax and spending plans. While the Chancellor will have more to share, a good outline of… Read More

October 26, 2021 @ 9:58 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has posted the agendas for two upcoming Asset Management Advisory Committee (AMAC)  meetings. The first is on October 28 and the second on November 3. According to the SEC, the two meetings will include a discussion of matters in… Read More

October 26, 2021 @ 4:39 pm By JD Alois  |  

  Earlier this month, John Berlau, a Senior Fellow at the Competitive Enterprise Institute (CEI), wrote an article discussing the controversial $3.5 trillion social spending bill that is currently stuck in the US Senate due to intraparty disagreements. While initially pitched as “infrastructure” or “reconciliation”… Read More

October 25, 2021 @ 10:21 pm By JD Alois  |  

The President’s Working Group on Financial Markets (PWG) is expected to soon publish its anticipated report on the burgeoning stablecoin market. In addition to the US Secretary of the Treasury, the PWG includes the Chair of the Board of Governors of the Federal Reserve System,… Read More

October 24, 2021 @ 5:17 pm By Omar Faridi  |  

The team at Security Token Market (STM) has released their first-ever tokenized stock report. STM notes that most industry participants or observers are familiar with security tokens, or digitized assets in equity, fixed income, real estate, investment fund shares, commodities, and structured products “traded and… Read More

October 24, 2021 @ 4:04 pm By Omar Faridi  |  

The team at digital assets firm Binance notes that the crypto and blockchain industry has grown considerably during the past few years, both from a technology adoption and “new user perspective.” When they launched Binance, they decided that it would be their “unwavering” commitment to… Read More

October 22, 2021 @ 11:26 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has demanded that big tech, including Fintechs, to hand over information on payments. As everyone knows, payments have gone digital as cash usage declines. While many transactions have migrated to plastic debit and credit cards, today cards are virtual… Read More

October 21, 2021 @ 4:40 pm By JD Alois  |  

The Financial Action Task Force (FATF) has “advanced its core work on virtual assets, beneficial ownership transparency, and illicit finance risks,” according to a public statement. The FATF has approved for publication an updated version of its Guidance on a Risk-Based Approach to Virtual Assets… Read More

October 21, 2021 @ 10:41 am By JD Alois  |  

The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China have solidified their relationship in a memorandum of understanding (MOU) that seeks to combine innovation and supervision regarding Fintech. The MOU seeks to implement the “Guangdong-Hong Kong-Macao The Outline of the Development Plan… Read More

October 21, 2021 @ 9:31 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a statement to expand its oversight to cover “paid for advertising and user-generated content.” The securities regulator asks that the Online Safety bill should designate content relating to fraud offenses as priority illegal content and thus require… Read More

October 20, 2021 @ 10:52 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Alejandro Tinoco, and his company, Kikit & Mess Investments, LLC. The CFTC alleges ongoing fraud in a FOREX, crypto scam. The  CFTC complaint alleges that from at least September 2020 to the… Read More

October 20, 2021 @ 9:57 am By JD Alois  |  

Lithuania is a European jurisdiction that wants to support innovation in financial services. As part of the European Union, the small baltic country has the opportunity to be more agile within the regulatory realm in contrast to larger EU member states. This past week, the… Read More

October 19, 2021 @ 3:03 pm By JD Alois  |  

The New York Attorney General has ramped up its regulation of crypto firms operating in the state by demanding two “unregistered crypto lending platforms” to halt operations while revealing the AG has initiated investigations regarding three more crypto service providers. The move aligns with the… Read More