Politics, Legal & Regulation

April 14, 2020 @ 11:09 pm By JD Alois  |  

The ongoing lawsuit regarding a SIM Swap scam filed by Michael Terpin against AT&T Mobility took another step forward this week. Earlier this year, it was ruled that plaintiff Terpin can proceed with statutory, contract, and tort damages claims against AT&T Mobility for $24 million… Read More

April 14, 2020 @ 11:03 pm By Omar Faridi  |  

The People’s Bank of China (PBoC), the nation’s central bank with over $3.2 trillion in reserves, recently held a discussion in the capital city of Beijing. The PBoC’s officials confirmed during the conference (held on April 3, 2020) that the reserve bank would continue to… Read More

April 14, 2020 @ 2:56 pm By JD Alois  |  

Startups and early-stage firms are vital to any economy that seeks to foster robust growth and wealth creation. Yet many early-stage firms are focused more on growth than earnings, and thus would not qualify for the programs bundled together by the UK government during the… Read More

April 14, 2020 @ 8:16 am By Omar Faridi  |  

New York-based BitOoda, a digital asset and Fintech firm, recently published its cryptocurrency market regulatory analysis report. Governments throughout the world are struggling to deal with the devastating economic consequences of the deadly Coronavirus (COVID-19) pandemic. The BitOoda team reveals: “We’ve noted an uptick in… Read More

April 13, 2020 @ 4:24 pm By JD Alois  |  

The US Department of Treasury has issued a statement on the Economic Impact Payments, part of the $2.2 trillion COVID-19 economic support legislation. According to Treasury, over 80 million Americans will see direct deposits whit week. The Treasury and the IRS expect payments via direct… Read More

April 13, 2020 @ 11:36 am By JD Alois  |  

A report today indicates that checks to individuals as part of the Coronavirus relief program will start being deposited in bank accounts later this week. Economic Impact Payments According to Fox Business, a Senior Treasury Official says that between $50 million and $60 million will… Read More

April 13, 2020 @ 10:31 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) has published an FAQ in regards to the new Payment Services Act. The Payment Services Act has gone through a consultation process with MAS responding in December 2019. The FAQ is meant to provide guidance on the licensing and… Read More

April 13, 2020 @ 9:22 am By JD Alois  |  

Governments around the world are scrambling to backstop halted economies impacted by the ongoing COVID-19 pandemic. Just weeks ago, the global economy was full speed ahead but today with lockdowns, social distancing and face mask requirements in place, businesses are closed and everyone is suffering…. Read More

April 12, 2020 @ 6:07 pm By Omar Faridi  |  

In February 2018, US prosecutors had indicted Karl Sebastian Greenwood, who allegedly promoted the fraudulent OneCoin digital currency scheme. OneCoin was one of the largest cryptocurrency pyramid schemes. As noted in a recently unsealed complaint, Greenwood was charged with committing wire fraud, securities fraud and… Read More

April 12, 2020 @ 10:42 am By Omar Faridi  |  

Albert Isola, Gibraltar’s minister for digital and financial services, has confirmed that the territory will be introducing regulatory guidelines specifically for eliminating or reducing market manipulation – which is allegedly being carried out by crypto and blockchain companies. Isola explained in a recent interview with… Read More

April 11, 2020 @ 5:00 pm By Ben DiScipio  |  

Earlier this month, The Securities and Exchange Commission (SEC) announced a set of amendments to the exemptive framework under the Securities Act of 1933. This includes a notable update to Reg CF – increasing the funding cap from its current $1.07 million to $5 million…. Read More

April 11, 2020 @ 10:52 am By Omar Faridi  |  

The European Parliament suggests that the EU should consider broadening the existing definition of digital assets or cryptocurrencies and expand its current list of blockchain or crypto-related organizations that may need to follow financial regulations. The EU adopted the Fifth Anti-Money Laundering Directive (AMLD5) back… Read More

April 10, 2020 @ 7:01 pm By JD Alois  |  

The British Business Bank has announced new lenders participating in the Coronavirus Business Interruption Loan Scheme (CBILS) including several digital banks. Established in 2014, the British Business Bank is the UK government’s economic development bank. The Bank’s mission is to make finance markets for smaller… Read More

April 10, 2020 @ 10:27 am By Omar Faridi  |  

Companies and institutions that may have applied for a digital banking license in Singapore will now have to wait longer in order to find out if their application was approved. The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has confirmed… Read More

April 9, 2020 @ 5:09 pm By JD Alois  |  

In 2016, the Securities and Exchange Commission (SEC) detected an intrusion of the Commission’s EDGAR test filing system that may have provided the basis for illicit gains. A vulnerability in EDGAR was promptly patched but it highlighted the perils of a financial system that is… Read More

April 9, 2020 @ 10:17 am By JD Alois  |  

Federal Reserve Chairman Jerome Powell delivered a speech today following the announcement of historic actions being taken by the central bank to stem the collapse of the once strong US economy. Earlier today, the Fed announced an unprecedented $2.3 trillion vehicle to backstop the economy… Read More

April 9, 2020 @ 8:40 am By JD Alois  |  

Today, the US Federal Reserve took unprecedented actions to provide up to $2.3 trillion in loans to support the economy. The Fed said the funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical… Read More

April 9, 2020 @ 7:17 am By Omar Faridi  |  

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has introduced a $125 million support package, in order to support local financial service providers and Fintech companies, following the Coronavirus (COVID-19) outbreak, and resulting economic instability. The MAS noted that $90… Read More

April 8, 2020 @ 8:07 pm By JD Alois  |  

The Securities and Exchange Commission has announced that it is providing temporary, conditional exemptive relief for business development companies (BDCs) to enable them to make additional investments in small and medium-sized businesses. The SEC pointed out that this included firms affected by COVID-19. BDCs invest… Read More

April 8, 2020 @ 4:32 pm By JD Alois  |  

Do you find the alphabet soup of securities exemptions confusing? Well, you are not alone. A more Machiavellian type would posit that exempt securities offerings were designed by lawyers knowing that the Hoi Polloi would be willing to pay top dollar to decipher the jumble… Read More