Politics, Legal & Regulation

September 19, 2024 @ 9:06 am By Omar Faridi  |  

Zumo, the B2B digital assets infrastructure, has launched a new out-of-box feature that enables crypto-asset service providers (CASPs) active in the European Union (EU) to comply with the upcoming sustainability requirements of the Markets in Crypto-Assets (MiCA) regulation. MiCA was introduced to implement “uniform EU… Read More

September 19, 2024 @ 5:11 am By Omar Faridi  |  

ASIC expands operational resilience guidance for market participants. ASIC (in Australia) has officially released a letter to market participants “outlining technological and operational resilience guidance, clarifying how to identify critical business services and notification of a major event.” The guidance relates to the technological and… Read More

September 18, 2024 @ 3:20 pm By JD Alois  |  

The US Federal Reserve, Federal Open Market Committee (FOMC), has decided to cut benchmark rates by 50 basis points – the first cut in four years. The Fed said it is not on any pre-set course but felt its restrictive policies had the desired impact… Read More

September 18, 2024 @ 12:30 pm By JD Alois  |  

In what may be a heated meeting of the House Financial Services Committee, SEC Chairman Gary Gensler is scheduled to testify next week in a hearing on the Oversight of the Securities and Exchange Commission. While the hearing memo nor prepared testimony is yet available,… Read More

September 18, 2024 @ 12:04 pm By JD Alois  |  

Today, the Digital Assets, Financial Technology, and Inclusion Subcommittee, part of the House Financial Services Committee, held a hearing on digital assets and its current regulatory environment. Entitled Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets, individuals testifying addressed the current… Read More

September 18, 2024 @ 10:49 am By JD Alois  |  

Fintech supporter Congressman Tom Emmer has sent a letter to the Chair of the SEC, Gary Gensler, asking the Commission to clarify the “regulatory classification of digital asset airdrops.” The Chairman of the House Financial Services Committee, Patrick McHenry, has also added his support to the… Read More

September 17, 2024 @ 2:15 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) says it has settled charges with Prager Metis CPAs, LLC (Prager) in regard to its relationship with the failed crypto operation FTC. The SEC states that Prager has agreed to pay $1.95 million to resolve two actions alleging misconduct… Read More

September 16, 2024 @ 6:10 pm By JD Alois  |  

Earlier today, the Securities and Exchange Commission (SEC) issued an Administrative Order punishing the FlyFish Club (FFC) for allegedly issuing “crypto asset securities.” The FlyFish Club is a private dining venue that offers memberships similar to country clubs. Unfortunately, FFC upset the Commission by issuing… Read More

September 16, 2024 @ 9:24 am By JD Alois  |  

The DLT Science Foundation (DSF) is launching the MiCA Crypto Alliance, which is backed by Hedera, Ripple, and the Aptos Foundation. MiCA or Markets in Crypto Assets regulation is a relatively new law approved by the European Union. It aims to create a regulated space… Read More

September 16, 2024 @ 6:22 am By Omar Faridi  |  

Tech-savvy owners of Bitcoin and other digital assets will benefit from greater legal protection thanks to an important clarification to the law. This, according to an update released this past week by the UK government. The Property (Digital Assets etc) Bill, introduced in Parliament, will… Read More

September 13, 2024 @ 5:18 pm By Omar Faridi  |  

The Commodities Futures Trading Commission (CFTC) has no authority to second-guess election contracts, according to recent statements issued by a US Judge. The opinion on the Kalshi‘s lawsuit brought against the CFTC may have significant potential implications for an ongoing/current proposal that aims to place… Read More

September 13, 2024 @ 8:26 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has charged Mr Olumide Osunkoya, who is 45 and resides in London, for “unlawfully running multiple crypto ATMs without FCA registration.” Crypto ATMs are machines that “allow you to buy or convert money into cryptoassets.” Mr Osunkoya is accused of running… Read More

September 12, 2024 @ 3:57 pm By JD Alois  |  

Digital asset innovation has meandered in the US primarily due to the byzantine regulatory ecosystem which is based on rules established before crypto was even a thing. Today, Representative John Rose of Tennessee has introduced new legislation into Congress that aims to chart a path… Read More

September 12, 2024 @ 12:24 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Investor Advisory Committee (IAC), has published its agenda for its meeting next week. The IAC will focus on two panels: Investment Advice: A History and Update on Who is Required to Serve in Your Best Interest; and Key Topics… Read More

September 12, 2024 @ 11:02 am By JD Alois  |  

eToro USA will halt nearly all crypto trading activity following an agreement with the Securities and Exchange Commission (SEC). The settlement also requires eToro to pay a $1.5 million fine. eToro has agreed to the settlement without admitting or denying the allegations. Going forward, eToro… Read More

September 11, 2024 @ 11:04 am By Omar Faridi  |  

tZERO Group Inc., says it has received approval for its tZERO Digital Asset Securities as “a new Special Purpose Broker-Dealer for digital asset securities custody.” The company states that this is only one of two licenses for “a regulated broker-dealer digital asset security custodian that… Read More

September 11, 2024 @ 8:49 am By JD Alois  |  

UK economic data delivered an update today that landed with a thud. GDP unexpectedly showed no growth during the month of July with analysts anticipating 0.2% growth. The commentariat chattered that moribund growth will challenge the relatively new Labour government as it struggles to bolster… Read More

September 10, 2024 @ 4:18 pm By JD Alois  |  

Following Vice President Kamala Harris’s proposal to boost the startup deduction if elected President, the Small Business & Entrepreneurship Council (SBE Council) posted its feedback on the policy. Harris has recently highlighted her vision of fostering an economy of opportunity. While details are few, the startup… Read More

September 10, 2024 @ 4:05 pm By JD Alois  |  

The SEC’s Office of Investor Education and Advocacy (OIEA), the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO), the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) have jointly issued a statement cautioning consumers on affinity or… Read More

September 10, 2024 @ 11:22 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced new members on the Investor Advisory Committee (IAC). While having no regulatory authority, the IAC advises the Commission on issues impacting investors. Each member serves a term of 5 years. More members are expected to be announced… Read More