Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

Chairman Gary Gensler Tells Congressional Committee Crypto Exchanges Need to Register as Exchanges with SEC

Gary Gensler 1

SEC Chairman Gary Gensler testified in front of the Subcommittee on Financial Services and General Government, part of the House Appropriations Committee, to justify the agency’s budget request. As part of the questioning from various members, Gensler answered several questions which were crypto-related. Chairman Gensler… Read More

GlobalBlock Says Money Moving Back Into Crypto

BTC BItcoin Cryptocurrency

After a painful drop where Bitcoin crashed below $30K and many other cryptocurrencies chased it down, GlobalBlock (TSXV:BLOK) sees light at the end of the tunnel – at least for now. Marcus Sotiriou, Analyst for GlobalBlock, operating in the UK has distributed a comment on… Read More

CBDCs: Nahmii to Work with Norges Bank on Central Bank Digital Currency Sandbox Project

Norwegian krone money Norway

Nahmii AS are pleased to confirm that they have been chosen to work with Norges Bank (the central bank of Norway) on their upcoming experimental CBDC (central bank digital currency) sandbox project. This “prestigious” award confirms Nahmii AS’s position as “a global leader in the… Read More

SEC Chairman Gary Gensler to Visit Appropriations Subcommittee to Discuss Budget: “The gold standard for capital markets”

Gary Gensler 9.14.21

Tomorrow (May 18, 2022), SEC Chairman Gary Gensler will hike up to Capitol Hill to extoll the need for a slight budget increase for the SEC and its ~ 4800 employees. Chair Gensler, along with the Chair of the FTC, will address the Subcommittee on… Read More

We all want faster payments: Federal Reserve Banks survey

Computer Speed Fast Internet Zoom Keyboard

  Like everyone else, American consumers are looking for faster ways to make payments, the results of a survey by the Federal Reserve Banks suggest. Overall, 80% say they are interested in more immediate ways to pay businesses, with around 70% saying the option of… Read More

JOBS Act 4.0: Improving the Regulatory Environment for Entrepreneurial Capital Formation

Washington DC the Capital Reflection

Passed with large bipartisan majorities and signed into law by President Obama, the 2012 JOBS Act was a bipartisan achievement of consequence. The JOBS Act substantially improved the laws governing entrepreneurial capital formation and has had a measurable positive impact on entrepreneurial capital formation. But… Read More

FBI Arrests EminiFX Operator for Alleged Crypto, Forex Scams

Handcuffs Incarceration Crime Punishment

The Federal Bureau of Investigation (FBI) has arrested Eddy Alexandre, operator of the crypto and Forex trading platform EminiFX, regarding allegations of a $59 million fraud. According to the Department of Justice (DOJ), Alexandre allegedly committed commodities and wire fraud soliciting over $59 million from… Read More

Financial Technology Association Comments on Federal Reserve Confirmations

Jerome Jay Powell Senate Banking Committee January 2022

The Financial Technology Association (FTA) has issued as statement on the confirmation of four nominees to the Federal Reserve’s Board of Governors, including Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson. Penny Lee, CEO of the FTA, stated: “The… Read More

Tennessee Follows Wyoming to Become Second State to Recognize DAOs

Nashville Tennessee by Drew Hays Unsplash

Last month, Tennessee became the second state to allow decentralized autonomous organizations (DAOs) to register as LLCs, following pioneer Wyoming. HB2645 and SB2854 provide that the Tennessee Revised Limited Liability Company Act applies to decentralized organizations. The legislation became law on April 20, 2022. Chris… Read More

Warning: UK FCA Tells Consumers to Watch Out for Crypto Scams, Risky Assets

Horse Guards London England UK

The UK Financial Conduct Authority (FCA) has posted another warning about digital assets or cryptoassets. The FCA points to “recent social media posts” promoting digital assets including NFTs. The FCA tells consumers to be ready to lose all of their money when participating in a… Read More

European Banking Authority Posts Final Standards for Pan-European Crowdfunding Providers

Euros iPhone Payments Digital Money

The European Banking Authority (EBA) has posted the “final technical standards” pertaining to European crowdfunding platforms. The release of the standards has long been anticipated and is affiliated with the European Union enacting pan-European securities crowdfunding rules. New regulatory standards were revealed in November of… Read More

“Coin Signals” Crypto Trader Gets 42 Months in the Slammer for Defrauding Investors

Photo by Robert Hickerson on Unsplash Jail Prison Razor Wire Fence

Jeremy Spence, aka Coin Signals, has received a judgment of 42 months in prison for defrauding over 170 investors. According to the US Department of Justice, Spence pled guilty with the sentence being handed down this past week. Charges were originally filed in early 2021… Read More

FTX US Applies for NYDFS Trust Charter, Hires New Chief Compliance Officer

USA Flag Times Square New York City

FTX US, part of FTX global, has applied for a trust charter issued by the New York Department of Financial Services. Under state law in New York, a digital asset business may conduct activity under either a BitLicense or a charger under New York Banking… Read More

SEC Chairman Gary Gensler Re-Affirms His View that Most All Digital Assets are Securities

Gary Gensler May 26 2021

“Most crypto tokens are investment contracts under the Supreme Court’s Howey Test.” SEC Chairman Gary Gensler is not wavering from his view that most all crypto assets are securities. Gensler has consistently voiced this belief queueing up expectations for a growing number of enforcement actions… Read More

Aussie Fintech Peppermint Innovation Granted License to Operate as E-Money Issuer in the Philippines

Australia Money

Peppermint Innovation (ASX: PIL) has reportedly been granted a license in order to operate as an Electronic Money Issuer (EMI) by the Central Bank of the Philippines, “in one of the biggest regulatory milestones achieved by the company.” The EMI license authorizes the company “to… Read More

Reward Offers Announced for Info to Bring Conti Ransomware Variant Conspirators to Justice

The Citizens Jury Wheel Legal Court Trial Justice Judge Law

The Department of State is offering a reward of “up to $10,000,000 for information leading to the identification and/or location of any individual(s) who hold a key leadership position in the Conti ransomware variant transnational organized crime group.” In addition, the Department is also offering… Read More

Bitcoin Might Benefit from Emergence of “Bretton Woods III,” Research Report Claims

Double Bitcoin

Under the background of the Russian- Ukrainian War and sanctions in western countries, a global commodity crisis is “brewing” and the new global monetary system – Bretton Woods Ⅲ may be developing, said Zoltan Pozsar, an analyst at UBS. A recent report by Huobi Research… Read More

Coinhako Acquires MPI License to Offer Digital Payment Token Services in Singapore

Marina Bay Sands Hotel Singapore Asia

The team at Coinhako is pleased to confirm that their firm has been granted the Monetary Authority of Singapore’s (MAS) official approval “for a Major Payment Institution (MPI) license.” Securing the full license means that the firm will be able “to legally operate as regulated… Read More

Goldman Sachs Dials Back on SPACs

Red Light Traffic Stop

SPACs, once red hot topping the traditional IPO market, have dimmed in recent months as the Securities and Exchange Commission has proposed new rules that may make the financing vehicle less viable. Today, the most prominent investment bank in the US, Goldman Sachs (NYSE:GS), has… Read More

After Receiving Substantial Criticism For Rushed Rulemaking, SEC Extends Comment Period on Climate Disclosure Rule, ATSs & Definition of an Exchange

Securities and Exchange Commission SEC Washington DC

The Securities and Exchange Commission (SEC) has extended the comment period on proposed ESG rules that may compel public firms to disclose their climate risks and impact on the environment. The SEC has received broad criticism in regards to the rushed nature of the rulemaking… Read More

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