Politics, Legal & Regulation

February 22, 2021 @ 6:33 pm By JD Alois  |  

Last year, the European Union approved pan-European crowdfunding rules that will apply to all member states thus finally offering a harmonized approach to online capital formation. Crowdfunding advocates and European platforms had long recognized the unnecessary friction intrinsic to raising capital based on national regulations… Read More

February 21, 2021 @ 10:57 pm By Omar Faridi  |  

When the US Securities and Exchange Commission (SEC) filed a lawsuit against blockchain-focused Fintech firm Ripple Labs in December 2020, the crypto industry and larger community had reacted with alarm and many were surprised. The SEC’s lawsuit also led to Ripple hiring high-profile legal experts… Read More

February 20, 2021 @ 2:11 pm By Omar Faridi  |  

Latvia-based peer to peer (P2P) lender Grupeer noted on February 19, 2021 that last year, they had informed everyone that they were planning to “aggressively” pursue claims against the Loan Originators that were in default. Grupeer confirmed that they had prepared “most of the necessary… Read More

February 19, 2021 @ 2:11 pm By Omar Faridi  |  

Nina Stoyanova, Deputy Governor and Head of the Banking Department of the Bulgarian National Bank, has noted that digital technologies have significantly changed the financial services provision business, and the payment sector is “the leader in this trend.” Stoyanova notes that the overall speed of… Read More

February 19, 2021 @ 12:40 pm By JD Alois  |  

Senate Banking Committee Ranking Member Pat Toomey has issued a request for proposals to help foster economic growth and capital formation. The proposal may end up as legislation that is designed to increase economic growth and job creation. Senator Toomey stated: “I am announcing this… Read More

February 18, 2021 @ 8:25 am By JD Alois  |  

As the House Financial Services Committee prepares for its first of three hearings to investigate the Robinhood/GameStop/Reddit odyssey additional information continues to be distributed. Yesterday, Senator Elizabeth Warren, who sits on the Senate Banking Committee, posted a comment regarding a letter she sent to Robinhood… Read More

February 18, 2021 @ 8:05 am By Omar Faridi  |  

Digital investment platform Robinhood stated on Wednesday (February 17, 2021) that it is planning to give its clients the option to deposit and withdraw digital currencies, including the “meme crypto” Dogecoin (DOGE). The stock trading app has become really popular with younger Millennial and Gen… Read More

February 17, 2021 @ 5:29 pm By JD Alois  |  

The House Committee on Financial Services will hold the first of three hearings on the Gamestop – Robinhood saga that saw hedge fund short sellers compelled to sell positions in a short squeeze driven by collaborative trading that was organized on Reddit. Entitled, “Game Stopped?… Read More

February 17, 2021 @ 4:10 pm By JD Alois  |  

The Securities and Exchange Commission has announced charges against Coinseed and its co-founder and CEO, Delgerdalai Davaasambuu, in connection with Coinseed’s offer and sale of digital asset securities. According to Coinseed’s website, the company offers Apps on both the Apple App Store as well as… Read More

February 17, 2021 @ 3:58 pm By JD Alois  |  

The US Department of Justice has announced an indictment of three North Korean hackers said to be involved with the Korean military regarding   to cyberattacks and financial including theft of money and cryptocurrency.  The indictment is an expansion of a 2018 case outlining similar nefarious… Read More

February 17, 2021 @ 1:53 pm By Omar Faridi  |  

San Francisco-based crypto exchange Coinbase says it’s focused on helping its customers during tax season (in the United States) Lawrence Zlatkin, Vice President, Tax, Coinbase, notes that for the second consecutive year, taxpayers will be asked on their tax return forms questions regarding digital currencies…. Read More

February 17, 2021 @ 1:21 pm By JD Alois  |  

Simetria has received a no-action letter from the Israel Securities Authority. Simetria says it will launch the first digital securities offering platform at some point in May 2021. Simetria added that it has also requested a permit that would allow it to settle digital securities… Read More

February 15, 2021 @ 9:07 am By JD Alois  |  

Last November, Hong Kong kicked off a consultation pertaining to anti-money laundering (AML) and counter finance terrorist (CFT) regulation that will impact cryptocurrency exchanges or virtual asset service providers (VASPs). The deadline for comments delivered to the Hong Kong Financial Services and the Treasury Bureau (FTSB),… Read More

February 15, 2021 @ 8:08 am By Omar Faridi  |  

The Bank of England (BoE) is getting ready for its first major break from European Union regulations with a new proposal that might make bank capital rules a lot more strict in the UK (when compared to other jurisdictions). The European Banking Authority had noted… Read More

February 14, 2021 @ 10:33 am By JD Alois  |  

Last month, the Capital Markets Modernization Taskforce in Ontario, Canada, issued its final report as to how to improve capital formation and affiliated economic growth and prosperity. The Taskforce’s goal was to “address the issues of tomorrow’s capital markets with bold and innovative recommendations that… Read More

February 13, 2021 @ 11:10 am By JD Alois  |  

The House Committee on Financial Services, Chaired by Maxine Waters, has announced the witnesses on the forthcoming hearing entitled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.” Witnesses include: Vlad Tenev, Chief Executive Officer, Robinhood Markets, Inc. Steve Huffman, Chief Executive… Read More

February 12, 2021 @ 5:56 pm By Omar Faridi  |  

A Nigerian crypto trader is claiming that they sold off all their coins (crypto-assets) following the government’s directives regarding cryptocurrencies. The trader also noted that they’ve now withdrawn all their proceeds, but they haven’t “seen a dime” in their bank account and it’s been more… Read More

February 12, 2021 @ 9:37 am By JD Alois  |  

Miami Mayor Francis Suarez is going all-in on Bitcoin as he announced via Twitter that he has requested the city manager to research a vendor to facilitate Bitcoin payments as well as paying employees in Bitcoin. Crypto insiders quickly embraced the move with Anthony Pompliano… Read More

February 12, 2021 @ 8:25 am By Omar Faridi  |  

During a recently-held online press conference, Bank Negara Malaysia Governor, Datuk Nor Shamsiah Mohd Yunus stated that more than 40 parties have formally expressed their interest with the reserve bank to acquire a digital banking license (by submitting an online application). Malaysia’s virtual banking framework… Read More

February 11, 2021 @ 9:40 pm By Omar Faridi  |  

Arshad Mehmood Bhatti, Director, Exchange Policy Department at the State Bank of Pakistan (SBP), the nation’s central bank, has noted that the SBP has updated its Foreign Exchange Manual in order to facilitate local startups and Fintech firms in the country. The manual was also… Read More