Politics, Legal & Regulation

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

February 7, 2018 @ 9:58 pm By David Felsenthal and Jesse Overall  |  

Truly, it was a tale of two cities. On February 6, 2018, the U.S. Senate Banking Committee held a hearing on the oversight role of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in respect of virtual currencies like Bitcoin… Read More

February 7, 2018 @ 1:46 pm By JD Alois  |  

Yesterday, the Conference of State Bank Supervisors (CSBS) took a step forward to streamline the process of licensing  Fintech firms seeking to operate across the US. If you are based outside the US you may be surprised to know that banks and Fintechs must comply… Read More

February 7, 2018 @ 8:53 am By JD Alois  |  

Financial technology of Fintech is the future. Physical branches are going away. Recently, at the Paris Fintech Forum, Jay Sidhu stated that if banks do not shrink their bank branches by 90% they will disappear. Think about that for a minute (especially if you work… Read More

February 6, 2018 @ 8:40 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) was queried by several Members of Parliament this week who asked the regulatory agency if they intend on following in the footsteps of China and South Korea in banning Bitcoin and other Cryptocurrencies. Additionally, MPs asked how MAS is… Read More

February 5, 2018 @ 5:49 pm By JD Alois  |  

As we reported this past weekend, the Senate Committee on Banking, Housing and Urban Affairs, is queued up to hold a hearing on virtual currencies or cryptocurrencies. What makes this hearing interesting is the fact the two witnesses are the leading regulators in the cryptocurrency… Read More

February 4, 2018 @ 6:38 pm By JD Alois  |  

The Senate Committee on Banking, Housing and Urban Affairs will be holding a hearing on cryptocurrencies this Tuesday. Entitled, Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission, this will be a Hearing to watch as both… Read More

February 4, 2018 @ 5:24 pm By JD Alois  |  

It is that time of year again. Tax time. The dreaded annual routine where you compile all of your state and federal tax forms into an envelope and shuffle it off to your accountant. Alternatively, you may use a tax software and do it yourself… Read More

February 3, 2018 @ 1:42 am By JD Alois  |  

This past week the House of Representatives passed a bill, HR 1457, that will enable financial institutions to accept personal identification, such as scan of a drivers license, to open up on bank account on a mobile device or computer. Per the legislative description, “the financial… Read More

February 2, 2018 @ 12:38 pm By JD Alois  |  

The KROPS Initial Coin Offering has received a Cease & Desist (C&D) from the Philippines Securities and Exchange Commission. The C&D, embedded below, demands the immediate halt to the sale of KROPS Tokens or KropCoins. The SEC states the company has not filed the necessary… Read More

February 2, 2018 @ 12:11 pm By Erin Hobey  |  

The European Commission has launched a Blockchain Observatory and Forum with the express aim of supporting the EU’s emerging fintech industry. The Commission indicated the initiative will aim to reinforce European engagement with multiple stakeholders involved in blockchain activities, consolidating expertise and addressing the challenges created… Read More

February 1, 2018 @ 12:09 pm By Todd R. Kornfeld, Irwin M. Latner and Johanna R. Collins-Wood  |  

Initial coin offerings (ICOs) have recently become very popular, causing investors of all levels of sophistication to consider buying ICO tokens (or coins). Regardless of whether you view ICO tokens as “investments,” or whether you want to buy tokens for their utility function to make… Read More

February 1, 2018 @ 9:42 am By Erin Hobey  |  

Venezuela has issued a White Paper on its proposed cryptocurrency Petro (PTR). Petro has its origin in former President Hugo Chavez’s controversial idea of a strong currency backed by raw materials, in this case, petroleum; Venezuela is recognized as having the largest oil reserves in the… Read More

February 1, 2018 @ 8:36 am By Erin Hobey  |  

Hong Kong’s Financial Services and the Treasury Bureau (FSTB) and the Investor Education Centre (IEC), a subsidiary of the Securities and Futures Commission (SFC), jointly launched a public education campaign today on the risks associated with ICOs and cryptocurrencies. The campaign aims to provide the… Read More

February 1, 2018 @ 4:26 am By JD Alois  |  

In the works for some time now, the European Commission has published the final report on “Identifying market and regulatory obstacles to cross- border development of crowdfunding in the EU.” The report comes under the Directorate‑General for Financial Stability, Financial Services and Capital Markets Union (DG… Read More

February 1, 2018 @ 1:00 am By Erin Hobey  |  

Today the OurCrowd Global Summit 2018 opens in Jerusalem, Israel, reportedly the largest equity crowdfunding event in the world, and the largest investor event in the entire Middle East. The event will bring together Corporate partners, including GE, Honda, DuPont, Samsung, entrepreneurs, global delegations from… Read More

February 1, 2018 @ 12:27 am By JD Alois  |  

Australia enacted new crowdfunding regulation (Crowd-sourced funding) in 2017 but left a gaping shortcoming  in the new rules. For some obtuse reason, only unlisted public companies may crowdfund up to $5 million under current law. The vast majority of SME businesses in Australia are private companies thus… Read More

January 30, 2018 @ 3:56 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has slammed the brakes on another initial coin offering (ICO) that flouted established securities laws. The SEC obtained a court order halting the AriseBank ICO that targeted retail investors to invest in the “world’s first decentralized bank. AriseCoin’s public… Read More

January 26, 2018 @ 3:51 pm By JD Alois  |  

The House Financial Services Committee has scheduled a hearing entitled Examining Opportunities and Challenges in the Financial Technology (“Fintech”) Marketplace. The hearing expects to examine the current regulatory landscape, the need to amend or modernize the regulatory landscape or the necessity to amend existing financial… Read More