Politics, Legal & Regulation

September 30, 2019 @ 8:25 am By JD Alois  |  

A prominent group of digital asset trading platforms have joined together to launch the Crypto Rating Council (CRC)- an entity that will rate digital asset offerings as to whether they qualify as securities under existing US law. The founding members of the Council include: Coinbase… Read More

September 29, 2019 @ 6:03 pm By JD Alois  |  

Earlier this month, Innovate Finance CEO Charlotte Crosswell delivered an Open Letter to UK Prime Minister Boris Johnson demanding the Enterprise Management Incentive (EMI) be updated to a cap of £100 million from the current £30 million. Simultaneously, the missive asked the government to increase… Read More

September 29, 2019 @ 5:47 pm By Omar Faridi  |  

The professional basketball organization noted on September 27 that Dinwiddie’s plan to allocate a portion of his contract earnings for a security token offering (STO) would violate the NBA’s collective bargaining agreement. NBA’s management stated: “The described arrangement is prohibited by the C.B.A., which provides… Read More

September 29, 2019 @ 4:13 pm By JD Alois  |  

The US Senate Entrepreneurship Caucus recently hosted a staff briefing with the Small Business and Entrepreneurship Council (SBE Council and the Association of Online Investment Platforms (AOIP) on the current state of crowdfunding. Senator Tim Scott and Senator Amy Klobuchar launched the Entrepreneurship Caucus back… Read More

September 29, 2019 @ 10:00 am By Omar Faridi  |  

A complaint registered on September 27 in Utah alleges that Overstock (NASDAQ:OSTK), former company CEO Patrick Byrne and former CFO Greg Iverson were involved in securities fraud. The suit was filed by Lewis Kahn, of Kahn Swick & Foti, a law firm based in Louisiana,… Read More

September 28, 2019 @ 2:46 pm By Omar Faridi  |  

The National Banking and Securities Commission (CNBV) reportedly received 85 applications from local firms that are preparing to launch operations under Mexico’s new Fintech law, which is part of President López Obrador’s plan to promote financial inclusion. Following the issuance of the Fintech law in… Read More

September 27, 2019 @ 12:56 pm By Cali Haan  |  

The US Securities and Exchange Commission (SEC) is seeking public comment on proposed changes to Exchange Act Rule 15c2-11. The amended rule seeks to, “provide greater transparency to the investing public by requiring that information about the issuer and the security be current and publicly available… Read More

September 27, 2019 @ 4:18 am By Omar Faridi  |  

The majority of US-based credit unions seeking mergers intend to work with banks or Fintech firms, instead of merging with another credit union, according to a recent study by Chicago-based consulting company West Monroe Partners. West Monroe noted in its report: “Credit union leaders feel… Read More

September 26, 2019 @ 6:04 pm By Omar Faridi  |  

Facebook’s stablecoin project Libra might solve some of the problems in the global payments industry, however, it could also create other types of issues that would have to be addressed by regulators, according to Benoit Coeure, a member of the executive board at the European… Read More

September 26, 2019 @ 2:56 am By JD Alois  |  

Dr. Zhou Xiaochuan, President, China Society for Finance and Banking, and former Governor, People’s Bank of China, addressed a closed-door audience today in an event sponsored by the Monetary Authority of Singapore (MAS). The topic of Dr. Xiaochuan’s speech was “Fintech development and its interaction… Read More

September 25, 2019 @ 9:35 pm By JD Alois  |  

The U.S. House of Representatives has passed H.R. 1595, the SAFE Banking Act, a Cannabis friendly act of legislation that may enable marijuana-based businesses to access the federal banking system. The bipartisan legislation was sponsored by Congressmen Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers… Read More

September 25, 2019 @ 1:11 pm By JD Alois  |  

The deadline for comments on the Securities and Exchange Commission’s “concept release” on regulatory harmonization was yesterday. But even while the official deadline hit on September 24th, we expect that more comment letters from interested parties will be trickling in over the next few days… Read More

September 25, 2019 @ 8:20 am By JD Alois  |  

The Securities Commission Malaysia (SC) has registered EdgeProp Sdn Bhd as the first “Recognised Market Operator” to establish and operate a property crowdfunding platform in Malaysia. EdgeProp was granted an approval in principle in September 2019. EdgeProp currently provides a portfolio of services for the… Read More

September 25, 2019 @ 2:45 am By Omar Faridi  |  

Cryptocurrency holdings are not considered cash, however, they may be classified as an intangible asset, according to the Korea Accounting Institute, which referenced decisions made following a conference in London (in June) by the International Financial Reporting Interpretations Committee (IFRIC). London-headquartered IFRIC, a global accounting… Read More

September 24, 2019 @ 10:27 pm By Cali Haan  |  

The Commodity Futures and Trading Commission’s newly-appointed chief, Heath Tarbert, appears to be carrying forward the pro-crypto/pro-blockchain approach established at the CFTC by his predecessor, J. Christopher Giancarlo. Tarbert told reporters at CNBC in a recent interview that he has a favorable opinion of “blockchain”… Read More

September 24, 2019 @ 9:27 pm By Cali Haan  |  

The ball is back in embattled crypto exchange Bitfinex’s court after a different presiding judge has granted a stay of orders compelling financial records pending an appeal. Cryptocurrency companies Bitfinex and Tether and parent company iFinex have been fighting ex parte orders issued in April… Read More

September 24, 2019 @ 5:46 pm By JD Alois  |  

SeedInvest, one of the largest investment crowdfunding platforms in the US, has posted a comment letter pertaining to the Securities and Exchange Commission’s (SEC) concept release on regulatory harmonization. The comment letter is expected to be “one of multiple” letters with this first one addressing… Read More

September 24, 2019 @ 5:07 pm By Omar Faridi  |  

We recently caught up with Tom Maxon, head of US operations for CoolBitX, a Taipei-based company focused on developing solutions that support the Bitcoin protocol.  Maxon, a postgraduate from University of California, Berkely, regularly engages in global and domestic regulatory consultations with the Financial Action… Read More

September 24, 2019 @ 1:41 pm By JD Alois  |  

Funding Circle (LSE:FCH), a leading peer to peer (marketplace) lending platform serving SMEs, has posted a comment letter regarding the Securities and Exchange Commission (SECs) concept release on regulatory harmonization. Funding Circle is the largest peer to peer lender in the UK – the country… Read More

September 24, 2019 @ 10:32 am By JD Alois  |  

The Cambridge Centre for Alternative Finance (CCAF), at Cambridge Judge Business School, is out with the Asean Fintech Ecosystem Benchmarking Study published in partnership with the Asian Development Bank Institute (ADBI) and FinTechSpace in Taiwan. CCAF is the leading research institute covering the global alternative… Read More