Politics, Legal & Regulation

July 6, 2024 @ 1:42 pm By Michael Wong  |  

Canada’s financial regulator announced on Friday that it will delay the implementation of new rules requiring banks to change how they calculate lending risks, a move intended to give the country’s banks more time to adapt, Bloomberg has reported. The Office of the Superintendent of… Read More

July 5, 2024 @ 4:04 pm By JD Alois  |  

FATF [Financial Action Task Force ] met last month and provided a brief update on the global association’s attempt to reign in the cryptosphere. FATFA established the “Travel Rule” while the US held the chair of the group. This rule requires buyers and sellers of… Read More

July 5, 2024 @ 10:06 am By JD Alois  |  

As the Tories lick their wounds after a historic defeat in the polls, we wonder what Labour’s rise will mean for the vital Fintech industry and tech in general. While incoming Prime Minister Keir Starmer has published a hundred-day plan, it is not yet apparent… Read More

July 5, 2024 @ 8:28 am By Omar Faridi  |  

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle “the abuse of such transfers for money laundering and terrorist financing purposes.” The Guidelines… Read More

July 5, 2024 @ 8:25 am By Omar Faridi  |  

The Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) are pleased to announce their collaboration relating to wholesale central bank digital currency (wCBDC). The BDF and the HKMA have been “maintaining a close partnership in promoting financial innovation.” The latest collaboration is… Read More

July 4, 2024 @ 1:27 pm By Omar Faridi  |  

The former Solicitor General Paul Clement, who had previously represented the Loper Bright fisherman in the SCOTUS Chevron case, has reportedly filed an amicus brief on behalf of the nascent crypto and blockchain sector in Custodia Bank‘s appeal versus the Federal Reserve. Notably, Paul Clement… Read More

July 4, 2024 @ 1:26 pm By Omar Faridi  |  

On Friday, June 28, 2024, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia appeared to have struck a major blow to the US Securities and Exchange Commission (SEC) Chair Gary Gensler’s “regulation-by-enforcement” campaign being carried out against secondary crypto-asset… Read More

July 4, 2024 @ 9:31 am By Omar Faridi  |  

Paul Grewal, Chief Legal Officer at Coinbase (NASDAQ:COIN), confirmed via social media that Coinbase has responded to the US Securities and Exchange Commission’s (SEC) effort to block “reasonable discovery” from SEC Chairman Gary Gensler in a case that it—not Coinbase—chose to file. Democracy, as well… Read More

July 3, 2024 @ 3:40 pm By JD Alois  |  

The Subcommittee on Financial Institutions and Monetary Policy, part of the House Financial Services Committee, has scheduled a hearing entitled Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services. This specific hearing is a “field hearing” and will take place outside of… Read More

July 3, 2024 @ 9:30 am By JD Alois  |  

In commenting on a rule adopted this week pertaining to Registered Index-Linked Annuities and an amended registration form to accommodate these offerings, SEC Commissioner Mark Uyeda slipped in a note about his opinion as to how crypto or digital asset offerings may be managed going… Read More

July 2, 2024 @ 8:45 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) has reportedly permitted two new Fintech startups to test their innovative solutions in SAMA’s regulatory sandbox. As noted in the update from SAMA, “Sulfah for Finance” is authorized to launch a peer-to-peer (P2P) lending platform and “Wadaie for FinTech” to… Read More

July 2, 2024 @ 7:19 pm By JD Alois  |  

The Small Business and Entrepreneurship Council (SBE Council) has commented on the current economic environment pertaining to smaller firms. Following the recent Presidential debate in Atlanta, the SBE Council noted that small businesses received little attention from either President Jo Biden or prior President Donald… Read More

July 2, 2024 @ 12:38 pm By Omar Faridi  |  

Paxos, the regulated blockchain & tokenization infrastructure platform, received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte. Ltd. to “offer digital payment token services as a Major Payments Institution.” The approval enables Paxos to “issue stablecoins… Read More

July 2, 2024 @ 7:46 am By Omar Faridi  |  

The Securities and Exchange Commission (SEC) charged Silvergate Capital Corporation, its former CEO Alan Lane, and former Chief Risk Officer (CRO) Kathleen Fraher with allegedly “misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers,… Read More

July 1, 2024 @ 4:40 pm By JD Alois  |  

In a sign of trust, the US Marshals Service (USMS), which happens to be part of the US Department of Justice, has selected Coinbase (NASDAQ:COIN) to help it manage its digital assets, which come from seizures and forfeitures. While one part of the federal government… Read More

July 1, 2024 @ 9:46 am By Omar Faridi  |  

The Malta Financial Services Authority (MFSA) released its Annual Report, highlighting the stability and resilience of the Maltese financial services industry in 2023. Malta’s financial services sector is reportedly “a major player in the country’s economic success.” Between 2022 and 2023, the financial services sector… Read More

July 1, 2024 @ 9:09 am By Omar Faridi  |  

The Autorité des Marchés Financiers (AMF) has released a summary of its SPOT inspections of financial management delegation arrangements at asset management companies. During short, thematic inspections, the AMF looked “at the delegation arrangements of five asset management companies.” Delegation of financial management is “a… Read More

June 30, 2024 @ 11:50 am By Omar Faridi  |  

Consensys claims that it fully expected the US Securities and Exchange Commission (SEC) to follow through on its threat to claim their MetaMask software interface must register as a securities broker. Consensys further noted via social media that the SEC has been pursuing an “anti-crypto… Read More

June 28, 2024 @ 6:11 pm By JD Alois  |  

While there are crickets at the Securities and Exchange Commission (SEC), a Commissioner at the Commodities Futures Trading Commission has welcomed the Supreme Court’s decision this week in SEC v. Jarkesy. CFTC Commissioner Caroline Pham has issued the following statement on the ruling: “As I’ve said… Read More

June 28, 2024 @ 1:35 pm By JD Alois  |  

Consensys, founded by an Ethereum co-founder, has been hit with charges by the Securities and Exchange Commission (SEC) alleging the offer and sales of unregistered securities via its Metamask staking service. Metamask offers staking of Ethereum for users to generate “rewards.” Consensys is one of… Read More