Politics, Legal & Regulation

February 19, 2018 @ 5:44 pm By JD Alois  |  

The Wyoming House of Representatives passed legislation today, HB 0070, by a unanimous vote that defines certain Blockchain tokens neither as a security nor as money. The attempt appears to be to create a definition of a utility token that is not regulated as a… Read More

February 19, 2018 @ 10:37 am By JD Alois  |  

There has been quite a bit of discussion regarding how to best regulate initial coin offerings while encouraging innovation. While China took an extreme approach by just banning ICOs, most countries recognize ICOs as a new asset class that requires regulation. Some countries, like the… Read More

February 16, 2018 @ 10:31 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has published guidelines on initial coin offerings (ICOs). Switzerland, as many people know, is a hot bed of ICOs and cryptocurrency in general. Switzerland has recognized the newfound prominence in this sector of Fintech and has sought to… Read More

February 16, 2018 @ 9:52 am By JD Alois  |  

The Securities and Exchange Commission (SEC) is once again taking action against companies that make specious claims regarding cryptocurrency and Blockchain involvement. The SEC has halted trading in Cherubim Interests Inc. (OTCPink:CHIT), PDX Partners Inc. (OTCPink:PDXP), and Victura Construction Group Inc. (OTCPing:VICT). The halt was… Read More

February 15, 2018 @ 2:09 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has issued a warning to consumers to beware of pump and dump scams that have become somewhat prevalent in initial coin offerings and digital currencies in general. The CFTC says it has received complaints from customers who have lost… Read More

February 14, 2018 @ 8:24 pm By JD Alois  |  

Today, the House of Representatives passed HR 3299, “the Protecting Consumer’s Access to Credit Act of 2017.” The Bill was approved mainly along party lines as Republicans supported the measure and Democrats voted against it but 16 Democrats crossed over in support of the legislation. The… Read More

February 14, 2018 @ 2:39 pm By JD Alois  |  

The British Columbia Securities Commission (BCSC) has published a notice on Fintech. This notice is designed to help “set out the results of the consultations and seek comment on potential regulatory action to clarify or modernize securities laws to benefit all stakeholders, including investors in… Read More

February 14, 2018 @ 12:47 pm By JD Alois  |  

The European Supervisory Authorities (ESAs), including the ESMA, EBA, and EIOPA have issued a pan-EU warning to consumers regarding the risks of buying cryptocurrencies. The ESAs are concerned that consumers are buying virtual currencies or “VCs” oblivious to the intrinsic risk including heightened volatility and the fact… Read More

February 14, 2018 @ 11:38 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has scheduled its first meeting for 2018 of the Investor Advisory Committee (IAC). The Committee helps to guide the SEC on initiatives that protect individual investor interests. In practice, this largely means investor protection issues. The upcoming meeting includes… Read More

February 14, 2018 @ 8:19 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) have announced a cooperation agreement to boost Fintech innovation between the two countries. MAS has initiated many of these bilateral agreements and is core to their strategy of being a global Fintech… Read More

February 14, 2018 @ 7:50 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) will hold a meeting of the Technology Advisory Committee (TAC) today at the CFTC’s headquarters in Washington, DC. The meeting is open to the public but you have the option to dial in or live-stream the meeting on the CFTC… Read More

February 12, 2018 @ 12:00 pm By Erin Hobey  |  

Razitall, a phonetic play on Raise-It-All, is a new crowdfunding platform founded with both entrepreneurs and investors in mind. The goal of the New York-based platform is to help entrepreneurs raise the target amount needed during a Reg CF campaign in order to succeed and to help… Read More

February 12, 2018 @ 8:32 am By JD Alois  |  

The State of New Jersey has issued an emergency order halting Bitstrade, a firm that promised “investment profit guaranteed” via cryptocurrency related investment plans. Bitstrade posts that 960 “happy investors” have used their services. Bitstrade claims to be able to return 10% interest accrued daily… Read More

February 11, 2018 @ 3:59 pm By JD Alois  |  

  The Blockchain Bundesverband has published a position paper on initial coin offerings regarding important regulatory considerations.  The focus is largely on the European Union, and specifically Germany, but the discussion has global considerations regarding exchanges and public policy in general. Much of the world… Read More

February 11, 2018 @ 7:34 am By JD Alois  |  

The New York State Financial Services Department has issued memo on virtual currencies and the entities in the space the Department regulates. The Guidance, signed by Superintendent of Financial Services Maria Vullo, states that in light of the development of virtual currency related markets the… Read More

February 10, 2018 @ 8:26 am By JD Alois  |  

The Hong Kong Monetary Authority (HKMA) has released a revised “Guideline on Authorization of Virtual Banks” as part of a public consultation. Hong Kong, initially slow to embrace the Fintech revolution, has since increased their innovative velocity in financial services. The HKMA welcomes digital challenger… Read More

February 9, 2018 @ 5:42 pm By JD Alois  |  

  The Hong Kong Securities and Futures Commission (SFC) has issued another alert regarding the risks of investing in initial coin offerings (ICOs) and dealing with cryptocurrency exchanges. Last fall, the SFC fired a shot across the bow of ICO issuers stating certain ICOs may… Read More

February 9, 2018 @ 12:45 pm By JD Alois  |  

“Open banking regime will empower customers, enhance competition and drive Australian innovation” FinTech Australia today welcomed news that the Australian Government will legislate to empower customers by requiring banks to allow these customers to access their own data. The Government has published a report on… Read More

February 9, 2018 @ 7:37 am By JD Alois  |  

Last July, Australia commissioned a review of Open Banking seeking recommendations as to how to best pursue this policy shift in Australia. Commissioned by Treasurer Scott Morrison, MP and chaired by Scott Farrell, the Australian government has now published a report that makes 50 recommendations…. Read More

February 8, 2018 @ 6:31 pm By JD Alois  |  

Earlier today, Yves Mersch, Member of the Executive Board of the European Central Bank, spoke at a forum in London. Mersch addressed the topic du jour: cryptocurrencies and the future of virtual money in the digital age. Mersch posed the question as to whether or… Read More