Politics, Legal & Regulation

December 30, 2024 @ 9:43 am By JD Alois  |  

On Friday, Representative Patrick McHenry, the outgoing Chairman of the House Financial Services Committee, sent a parting shot to Secretary of the Treasury Janet Yellen regarding her profound failure to enable the emerging digital asset sector. The letter was signed by both Republicans and Democrats, displaying a… Read More

December 30, 2024 @ 8:29 am By Omar Faridi  |  

Shyft Network shared that in 2024, the anticipated collision between regulation and innovation gave way to an “unprecedented” collaboration. This year marked a turning point, Shyft network noted while adding that this is the point where regulatory frameworks and technological advancements joined forces to prioritize… Read More

December 29, 2024 @ 8:08 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) licensed “Majd Saudi Payments” to provide E-wallet solutions. With Majd Saudi Payments, there are now “26 licensed companies offering payment services” in Saudi Arabia. This decision reflects SAMA’s goal to support the payments sector, increase the efficiency of financial transactions,… Read More

December 29, 2024 @ 1:44 pm By Michael Wong  |  

Bybit Technology Limited, formerly Bybit Fintech Limited, and its Chief Executive Officer Ben Zhou (Yuchen Zhou), have been reprimanded by the Securities Commission Malaysia (SC) for running a digital asset exchange (DAX) without registration. The SC said in a statement that both Bybit and Zhou… Read More

December 29, 2024 @ 1:38 pm By Omar Faridi  |  

The Financial Services Regulatory Authority of ADGM (FSRA) has signed a Memorandum of Understanding (MOU) with the UAE Ministry of Interior, to enhance coordination in combating financial crime related to virtual assets. The agreement aims to facilitate the exchange of information, strengthen risk mitigation frameworks,… Read More

December 29, 2024 @ 5:16 am By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) sued Walmart (NYSE: WMT) and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers— “last mile” drivers in Walmart’s Spark Driver program—about how they could access their earnings. The CFPB’s… Read More

December 28, 2024 @ 11:36 am By Omar Faridi  |  

The authorities in France are taking action to combat the phenomenon of financial crime (including major scams and fraudulent activities) catching out an increasing number of individuals. The Paris Public Prosecutor’s Office, the Autorité des Marchés Financiers (AMF), the Autorité de Contrôle Prudentiel et de… Read More

December 27, 2024 @ 4:25 pm By JD Alois  |  

Any issuer of securities using the Reg D exemption must file a document with the Securities and Exchange Comission 15 days after the first sale of securities. The two-page document is super simple to complete, and no follow-up filings are required. This simplicity has helped… Read More

December 27, 2024 @ 4:06 pm By JD Alois  |  

Do Kwon, founder of Terraform Labs and the issuer of TerraUSD, will be extradited to the US, according to a Bloomberg report. Kwon and his business helped to crush crypto markets after his algo-based “stablecoin” TerraUSD ended up not so stable. Billions were vaporized in the… Read More

December 27, 2024 @ 3:28 pm By Omar Faridi  |  

As the year 2024 comes to a close, it’s wise for financial institutions and Regtech (regulatory technology) providers to pause and assess the evolving sanctions landscape, particularly with the U.S. preparing to transition to a new administration in 2025. This, according to an update from… Read More

December 26, 2024 @ 8:04 am By Omar Faridi  |  

As the European Union’s Corporate Social Responsibility Directive (CSRD) marks its first year of being implemented / enforced – and as compliance with it becomes mandatory for more firms, research reveals that over half of businesses are “risking non-compliance by failing to take key steps… Read More

December 24, 2024 @ 5:32 pm By Omar Faridi  |  

In the latest twist in the unpredictable world of crypto and high-stakes finance, Justin Sun, the Chinese-born entrepreneur and founder of the Tron (TRX) blockchain, has emerged as a somewhat unlikely and unexpected ally of President-elect Donald Trump. This development, reported by the Wall Street… Read More

December 23, 2024 @ 10:09 pm By Michael Wong  |  

The Philippine Securities and Exchange Commission (SEC) has introduced extensive rules governing crypto-assets, covering disclosures, public offerings, trading, and marketing activities. The regulations aim to enhance investor protection and promote transparency in the burgeoning digital asset market. Under the new guidelines, crypto-asset offerings must submit… Read More

December 23, 2024 @ 4:46 pm By JD Alois  |  

President-Elect Donald Trump has announced the team that will be leading the tech charge including crypto and Artificial Intelligence (AI). During the Biden Administration, both digital assets and AI development were dissuaded via various means. The anti-tech posture of the Administration pushed multiple prominent VCs… Read More

December 23, 2024 @ 4:32 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Rocket Homes claiming kickbacks for real estate brokers and agents who steered customers to use the platform for mortgages. The CFPB reported that it had also sued Jason Mitchell, his real estate brokerage firm,… Read More

December 23, 2024 @ 4:18 pm By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) recently charged Tai Mo Shan Limited with misleading investors about the stability of Terra USD (UST), a purported “algorithmic stablecoin” issued by Terraform Labs PTE Ltd. (Terraform), when UST dropped from its “purportedly fixed exchange rate of 1… Read More

December 21, 2024 @ 4:13 pm By JD Alois  |  

Earlier this week, the Consumer Financial Protection Bureau  (CFPB) announced a lawsuit targeting the big banks that launched Zelle. Zelle was created by big banks in recognition of the rise of peer-to-peer payments and transfers. The banks wanted to keep pace with competitors and decided… Read More

December 20, 2024 @ 7:45 pm By Michael Wong  |  

The Indian government is set to introduce a comprehensive legislative framework aimed at curbing the rise of illegal lending applications, the New Indian Express reported. The Department of Financial Services under the Ministry of Finance has drafted a bill that imposes severe penalties on individuals… Read More

December 20, 2024 @ 10:36 am By JD Alois  |  

As part of a push to maintain relevance in the digital finance world, several years ago big banks partnered up to launch their own instant payments and transfer system Zelle. The payments platform has emerged as a significant success – except for claims of fraud… Read More

December 19, 2024 @ 8:02 am By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) announced actions in order to protect consumers from “illegal” credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards… Read More