Politics, Legal & Regulation

April 27, 2021 @ 11:14 pm By JD Alois  |  

The House Committee on Financial Services has announced the hearing schedule for the month of May. Included in the list is the third, and perhaps final, hearing on the GameStop-Robinhood-Reddit saga. On May 6 at 12PM ET, the full Committee will convene for a virtual… Read More

April 26, 2021 @ 7:22 pm By JD Alois  |  

Last week, it was reported that Paxos had received preliminary approval for a national bank charter for Paxos National Trust. The Office of the Comptroller of the Currency (OCC) stated: “the preliminary conditional approval is granted after a thorough review of the application, other materials… Read More

April 26, 2021 @ 3:41 pm By JD Alois  |  

This coming Friday, April 30, 2021, the Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee will meet to discuss improving access to capital for underserved markets. According to a note posted by the SEC, following its August 2020 meeting, the Committee presented… Read More

April 26, 2021 @ 10:46 am By JD Alois  |  

The UK Jurisdiction Taskforce of LawtechUK (UKJTL), chaired by Sir Geoffrey Vos, Master of the Rolls, has published its Digital Dispute Resolution Rules addressing legal disputes relating to digital technology such as crypto assets, smart contracts, and blockchain applications. The document was drafted following a… Read More

April 25, 2021 @ 11:30 pm By Omar Faridi  |  

London-based ComplyAdvantage, a company that offers real-time financial crime insight that “puts you in control,” notes that the European Union has introduced a strategy to deal with  organized and financial crime and the US recently imposed new sanctions on Russia. While sharing recent financial crime… Read More

April 25, 2021 @ 12:36 pm By Omar Faridi  |  

Crypto investors in Turkey have been dealing with major issues lately. Another major digital currency exchange has collapsed in the country and its CEO is being detained by authorities. Turkish crypto exchange Vebitcoin has suspended its operations and claims that it decided to do so… Read More

April 24, 2021 @ 1:07 pm By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC), an independent bureau within the US Department of the Treasury that serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United… Read More

April 24, 2021 @ 12:19 pm By Omar Faridi  |  

Last week, the US sanctioned several groups and individuals because of their alleged association with “disinformation” campaigns that were reportedly coordinated by the Russian government. Blockchain analysis firm Chainalysis points out that a few of the sanctioned utilized virtual currency in their “criminal endeavors,” and… Read More

April 23, 2021 @ 4:02 pm By JD Alois  |  

Earlier this year, Senator Pat Toomey, the ranking member of the Senate Banking Committee, issued a call for policy proposals that could boost economic growth. Key policy moves designed to generate more jobs and improve prosperity are always needed – even more so on the… Read More

April 23, 2021 @ 10:08 am By JD Alois  |  

Back in October of 2020, the European Union launched a consultation on the possibility of creating a central bank digital currency (CBDC) or digital euro. The results of the consultation will help guide the European Central Bank’s decision as to whether, or not, to launch… Read More

April 22, 2021 @ 11:07 pm By Omar Faridi  |  

Survey results shared by Duff & Phelps, A Kroll Business on Tuesday (April 21, 2021) revealed that 81% of respondents either agreed or strongly agreed with the idea that digital IDs may improve our ability to combat financial crime across the financial services sector. Duff… Read More

April 22, 2021 @ 7:49 pm By JD Alois  |  

Global Digital Finance (GDF), an organization that advocates on behalf of the digital asset industry, has distributed a letter sent to the Financial Action Task Force (FATF) pertaining to guidelines regarding the regulation of virtual assets and virtual asset service providers or “VASPs.” FATF is… Read More

April 22, 2021 @ 2:17 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced that Alex Oh has been appointed Director of the Division of Enforcement. The Division of Enforcement is the largest within the SEC. Until her appointment, Oh was a partner at the law firm of Paul, Weiss, Rifkind,… Read More

April 22, 2021 @ 11:30 am By Alonzo Llorens and Olivia Daly  |  

  In an effort to address an issue that has frustrated the business community for years, including startups, tech companies, and “finders,” the U.S. Securities and Exchange Commission (SEC) published a proposed conditional exemption for finders on October 7, 2020. Under the proposal, people (i.e.,… Read More

April 22, 2021 @ 9:13 am By JD Alois  |  

UK bank NatWest is saying no to crypto. According to a report, business users that accept crypto, like Bitcoin, may be refused access to the bank’s services. As reported by the Guardian, NatWest BoardMember Morten Friis, who is head of the Risk Committee, explained during… Read More

April 22, 2021 @ 7:56 am By Omar Faridi  |  

While attending a recently-held panel session for this year’s UK Fintech Week , moderator Kristy Duncan, CEO at Women in Payments, acknowledged that the United Kingdom and the European Union could potentially benefit from an updated regulatory framework that supports innovative projects and competition. As… Read More

April 21, 2021 @ 10:51 pm By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has appointed Sacha Sadan to serve as its Director of Environment, Social and Governance (ESG). Ian Alderton has been appointed by the financial regulator as Chief Information Officer while Ian Phoenix will work as Director, Intelligence and Digital. Nikhil… Read More

April 21, 2021 @ 4:23 pm By JD Alois  |  

Congresswoman Maxine Waters, Chairwoman of the House Financial Services Committee, has announced the reauthorization of the Financial Technology [Fintech] and Artificial Intelligence [AI] Task Forces for the 117th Congress.  These two Task Forces are relatively new having emerged in the 116th Congress in 2019. The… Read More

April 21, 2021 @ 11:36 am By JD Alois  |  

Today, the European Commission proposed new rules and actions as part of an effort to turn the European Union into a global hub for Artificial Intelligence (AI). The “first-ever” legal framework is designed to ensure trust and safety while fostering AI innovation. In a speech… Read More

April 21, 2021 @ 8:54 am By JD Alois  |  

Nikhil Rathi, Chief Executive of the UK Financial Conduct Authority (FCA), delivered a speech yesterday during a presentation at UK Fintech Week. Entitled, Levelling the playing field – Rathi provided perspective on innovation in financial services. He said that in 2019, Fintech revenue rose to… Read More