Politics, Legal & Regulation

July 21, 2019 @ 5:01 pm By JD Alois  |  

As part of the G7 meeting in France last week, a series of announcements were made. The G7 represents the seven largest advanced economies in the world. Finance ministers from these countries descended upon Chantilly, France to discuss a multitude of issues. One of these… Read More

July 21, 2019 @ 3:21 pm By JD Alois  |  

Last week, both the US House and US Senate held hearings on Facebook’s proposed Libra cryptocurrency which is envisioned as a global payments platform. David Marcus, Head of Libra/Calibra testified at both hearings. As Crowdfund Insider has already reported, both the House Financial Services Committee… Read More

July 20, 2019 @ 12:47 pm By Cali Haan  |  

The US Commodity Futures and Trade Commission (CFTC) is engaged in a “months-long” investigation of BitMEX, a cryptocurrency exchange that made its mark by enabling retail investors to conduct 100x leveraged trades of bitcoins, Bloomberg reports. According to “people familiar with the matter,” the CFTC… Read More

July 20, 2019 @ 12:25 pm By JD Alois  |  

FINRA, the regulator of broker-dealer in the US, has posted a notice on digital assets encouraging firms to “notify FINRA if they engage in activities related to digital assets.” The notice appears to be more of an extension to en existing request. FINRA states: “Last… Read More

July 20, 2019 @ 12:10 pm By JD Alois  |  

This past week much of the Fintech news was dominated by hearings in Congress addressing Facebook’s plan to launch a global, blockchain-based, payments platform using a stablecoin, of sorts, as a foundation. This global currency, which may be able to challenge sovereign currency, is said… Read More

July 19, 2019 @ 5:54 pm By Cali Haan  |  

Dmitry Vasiliev, a 32-year old Russian who took over and rebranded the notorious BTC-e exchange when its alleged admin, Alexander Vinnick, was arrested in Greece in 2017, is now under arrest in Italy, the BBC reports. Vasiliev rebranded BTC-e, “the largest Russian-language platform for the… Read More

July 19, 2019 @ 10:58 am By JD Alois  |  

The US Senate Banking Committee will hold a hearing to discuss the emerging legal cannabis industry and the challenges with banking. In the US, legalization of Cannabis, whether it is for medical or recreational use, has been a slapdash state by state affair. Federal legalization… Read More

July 19, 2019 @ 2:36 am By Cali Haan  |  

Speaking from outside G7 meetings being held in Chantilly, France, on Thursday, US Secretary of the Treasury, Steve Mnuchin, elaborated on his government’s recently expressed sentiments towards Facebook’s Libra and cryptocurrencies in general. “Anybody in the US that touches a Bitcoin is responsible for (enforcing)… Read More

July 18, 2019 @ 10:29 pm By Cali Haan  |  

Attorney General of New Jersey and the Chief of the New Jersey Bureau of Securities have filed a civil action complaint against Sarvajnya G . Mada (“Mada”) and Pocketinns, Inc., accusing them of selling, “approximately $410,000 of unregistered securities to 217 investors in violation of…New Jersey… Read More

July 17, 2019 @ 11:34 pm By JD Alois  |  

Congressman Patrick McHenry, Ranking Member on the House Financial Services Committee, told his fellow members at the Libra hearing today to “go beyond the headlines” when probing Facebook’s project to create a global payment ecosystem. The hours-long hearing saw David Marcus, head of Libra, hammered… Read More

July 17, 2019 @ 9:00 pm By Cali Haan  |  

Vanbex, a Vancouver-based “blockchain consultancy” now contending with a formal fraud investigation and civil forfeiture actions, is now contending with a civil lawsuit brought by a former employee. According to Business Vancouver, lawyer Blair Hogg filed documents naming Vanbex Group Group, Inc., Vanbex Labs, Inc…. Read More

July 17, 2019 @ 6:02 pm By JD Alois  |  

Bruno Le Maire, the French Minister of the Economy and supporter of cryptocurrency, has been tweeting about virtual currencies today during meetings of the G7 taking place in France. Le Maire has been a vocal supporter of blockchain technology and a strong voice in support… Read More

July 17, 2019 @ 10:22 am By JD Alois  |  

Today, the House Financial Services Committee will hold a hearing on Facebook’s Libra cryptocurrency and blockchain ecosystem. Yesterday, David Marcus, head of Libra, testified in front of the Senate Banking Committee garnering much criticism and little support. Expect more of the same today. The House… Read More

July 17, 2019 @ 7:51 am By JD Alois  |  

France will soon reveal its first round of regulatory-compliant initial coin offerings (ICOs) according to a report. The ICOs come following a months-long discussion and conclusion of bespoke legislation to allow for digital assets to be issued and traded which are not deemed to be… Read More

July 16, 2019 @ 6:41 pm By Cali Haan  |  

In keeping with its Business Plan 2019-2022, the Canadian Securities Administrators (CSA) may, “adapt the current regulatory framework to address the unique challenges brought by crypto-assets that fall under the CSA jurisdiction.” At present, “There are currently no platforms facilitating…trading of crypto-assets that are regulated as… Read More

July 16, 2019 @ 2:10 pm By JD Alois  |  

The Senate Banking Committee held a hearing today where David Marcus, Head of Facebook’s cryptocurrency project Libra, took the stand to explain and defend the company’s intent for their payments and blockchain ecosystem. While some US Senators are keen on supporting Fintech innovation in the… Read More

July 16, 2019 @ 10:20 am By JD Alois  |  

Embedded below is David Marcus’s prepared testimony for the Senate Banking Committee hearing on Facebook’s Libra. “Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals,” assured Marcus to the Senators in attendance. His testimony today… Read More

July 16, 2019 @ 9:48 am By JD Alois  |  

US Secretary of Treasury Steven Mnuchin held a press conference yesterday in advance of Capitol Hill hearings this week addressing concerns surrounding Facebook’s stablecoin Lira. Mnuchin cautioned the audience that Facebook, and any other crypto creator, must adhere to the high standards of KYC and… Read More

July 15, 2019 @ 11:35 pm By JD Alois  |  

New rules for the Fintech industry in Mexico have been released. These updated rules from Condusef are said to focus on transparency and best practices. The rules impact crowdfunding and cryptocurrency, according to a report in BNAmericas. Referencing a report from Moody’s, the write up… Read More

July 15, 2019 @ 7:26 pm By Cali Haan  |  

US Treasury Secretary Steven Mnuchin called a surprise press conference this afternoon in Washington DC to state that Facebook and all other providers of “digital financial services” must observe the same financial integrity regimes as banks. Mnuchin called illicit use of cryptocurrencies “a national security issue”… Read More