Politics, Legal & Regulation

September 27, 2021 @ 3:51 pm By JD Alois  |  

The decline in publicly traded firms has been well-documented. A result of the excessive cost and reporting requirements combined with an ocean of private capital has compelled many successful firms to stay private as long as possible. Back in the day, an initial public offering… Read More

September 27, 2021 @ 3:17 pm By JD Alois  |  

Today, the Securities and Exchange (SEC) Office of the Advocate for Small Business Capital Formation delivered a report to Congress on the SEC’s 40th Annual Small Business Forum. The report, embedded below, recaps several meetings held in the past year (May) that shared front-line experience… Read More

September 27, 2021 @ 11:18 am By Omar Faridi  |  

The team at Lithuania-based Debitum, a borderless financing platform, says it’s proud to release asset-backed securities and enter the “regulated financial market.” As mentioned in a blog post by Debitum, dated September 23, 2021,  the company will now be able to continue the journey to… Read More

September 27, 2021 @ 10:27 am By JD Alois  |  

The Securities and Exchange Commission has charged two individuals for engaging in a fraudulent scheme designed to collect liquidity rebates from exchanges by wash trading put options of certain “meme stocks” in early 2021. The SEC’s complaint mentions stocks like GameStop, AMC Entertainment, Blackberry, and… Read More

September 26, 2021 @ 9:10 pm By Omar Faridi  |  

As widely reported, China has expanded its ongoing cryptocurrency crackdown. This reportedly includes increasing enforcement against illegal digital currency mining, as well as preventing financial transactions involving crypto-assets. The Chinese central bank also confirmed that any trading, order matching, token issuance and derivatives on cryptocurrencies… Read More

September 24, 2021 @ 2:52 pm By JD Alois  |  

Congressman Patrick McHenry, the ranking minority member on the House Financial Services Committee and keen supporter of financial innovation, has issued a statement on the Biden’s Administration selection to manage the Office of the Comptroller of the Currency. Yesterday, President Biden announced he had selected… Read More

September 24, 2021 @ 12:15 pm By JD Alois  |  

Liti Capital SA, a Switzerland based litigation funding platform, has launched a new service called “Scambusters.” According to a release, the new feature will enable users to vote for which crypto fraud case the platform should pursue in the future. Any LITI or wLITI token… Read More

September 24, 2021 @ 10:37 am By JD Alois  |  

Jeremy Allaire, CEO and founder of Circle – a leading stablecoin provider that seeks to provide global payment rails for the future, has criticized China’s decision to ban cryptocurrency. In a series of Tweets, Allaire said that China “opposes the Western system of values built… Read More

September 24, 2021 @ 9:39 am By JD Alois  |  

  China has effectively banned crypto. While the news should not come as any surprise as China has been tightening the regulatory vice for years now, statements by the People’s Bank of China indicate that any hope of crypto access is now dashed for consumers… Read More

September 23, 2021 @ 4:49 pm By JD Alois  |  

Saule Omarova, a Cornell law professor, has been nominated to become the next Comptroller of the Currency – the head of the Office of the Comptroller of the Currency the bureau that regulates the nation’s federal banks. The selection had been widely rumored in advance… Read More

September 23, 2021 @ 3:04 pm By JD Alois  |  

Earlier this week, the House Financial Services Committee, Fintech Task Force, met to discuss individual data when it comes to financial services. In many ways, data is the fuel for Fintech innovation and thus is a key factor for both financial service providers as well… Read More

September 23, 2021 @ 11:20 am By JD Alois  |  

The Canadian Securities Administrators (CSA) and Investment Industry Regulatory Organization of Canada (IIROC) have published an outline explaining h0ow crypto exchanges may advertise and promote their services. The CSA is the national entity that works with all provincial regulators seeking to provide a harmonized approach… Read More

September 23, 2021 @ 10:53 am By JD Alois  |  

The Securities and Exchange Commission has filed charges against a quant analyst for “perpetrating a years-long front-running scheme that generated illicit profits of at least $8.5 million.” Sergei Polevikov, who worked at two asset management firms, allegedly abused his position to benefit from information he… Read More

September 23, 2021 @ 9:22 am By JD Alois  |  

Fasanara Capital has closed on a €250 Million Fintech Fund that was supported by the European Investment Fund (EIF) that made a “cornerstone” investment in the fund. Fasanara Capital is a boutique alternative asset manager and an investor in Fintech lending in Europe. The fund… Read More

September 21, 2021 @ 3:20 pm By JD Alois  |  

“Fools Gold.” Acting Comptroller of the Currency Michael Hsu has slammed the emerging digital asset sector as “Fool’s Gold” comparing it to the unfortunate events that led up to the 2008 financial crisis. In a speech delivered at the Blockchain Association, Hsu stated: “I have… Read More

September 21, 2021 @ 12:01 pm By JD Alois  |  

Ransomware attacks have become quite prevalent with nefarious actors targeting domestic firms, frequently demanding ransom in crypto. Today, the US Department of Treasury has announced a group of actions designed to mitigate ransomware activity including designating crypto exchange SUEX OTC as a “complicit financial service”… Read More

September 21, 2021 @ 11:47 am By JD Alois  |  

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee will meet on Monday, September 27. The Committee was created by Congress to support the Commission with advice and recommendations on rules, regulations, and policy matters relating to small businesses, which have been ignored… Read More

September 20, 2021 @ 6:53 pm By JD Alois  |  

The US House Task Force on Financial Technology (Fintech) will convene for a hearing tomorrow (September 21) entitled, “Preserving the Right of Consumers to Access Personal Financial Data.” The Fintech Task Force is part of the House Financial Services Committee. The hearing will involve the… Read More

September 20, 2021 @ 4:32 pm By JD Alois  |  

The Securities and Exchange Commission has leveled fraud charges against TruCrowd and three issuers in allegations of fraud regarding $2 million of unregistered securities apparently offered via two investment crowdfunding offerings. As far as we are aware, this is the first significant enforcement action pertaining… Read More

September 20, 2021 @ 2:14 pm By JD Alois  |  

On September 7, 2021, Coinbase (NASDAQ:COIN) published a blog post stating the Securities and Exchange Commission (SEC) had informed the company it would sue over its forthcoming Coinbase Lend service. Now, Coinbase has submitted to the significant threat of a lawsuit and abandoned its Lend… Read More