Tagged: maxine waters

Presidential Action Taken by Biden Administration May Delay Investment Crowdfunding Improvements

Yesterday, Assistant to the President and Chief of Staff Ronald Klein distributed a Presidential Action by President Joe Biden that is poised to impact recent improvements to security crowdfunding including the Reg CF and Reg A+ exemption. Entitled Regulatory Freeze Pending Review, President Biden has… Read More

Former CFTC Chair Gary Gensler Selected to be Chairman of the Securities and Exchange Commission, Lauded for Being Fintech Friendly

Gary Gensler, the former Commodities Futures Trading Commissioner Chair, has been selected by President-elect Joe Biden to helm the Securities and Exchange Commission (SEC). Gensler previously led the CFTC during the Obama administration. Prior to the CFTC, Gensler spent 18 years at Goldman Sachs. He is… Read More

Representative Maxine Waters, Chair of House Committee on Financial Services, Asks President Elect Biden to Suspend “Midnight Regulations”

Representative Maxine Waters, Chairwoman of the House Committee on Financial Services, has sent a letter to President-elect Joe Biden asking him to “temporarily suspend any midnight regulations” promulgated by the Trump administration. This includes any rules that have not yet been published in the Federal… Read More

Democrat Members of House Committee on Financial Services Send Requests to President-Elect Biden Including Madden v. Midland Change, Rescind CFPB Sandbox, Stop Banks from Holding Crypto

Yesterday, the Democratic members of the Committee on Financial Services, led by Chairwoman Maxine Waters, published a letter addressed to President-elect Joseph Biden demanding that the incoming administration should prioritize the elimination of certain rules and regulations on day one of his presidency. In a… Read More

These Three Elected Officials Have Commented on the SEC’s Proposed Update to the Exempt Offering Ecosystem: What Do They Want?

Months ago, the Securities and Exchange Commission (SEC) kicked off a review of the exempt offering ecosystem in an attempt to improve access to capital for younger firms while continuing to ensure sufficient investor protection. Over the years, access to capital via the public markets… Read More

In First Move as Acting Comptroller, Brian Brooks Clarifies the Madden Rule that Impacts Online Lenders

Last Friday, the Acting Comptroller of the Currency Brian P. Brooks quickly moved to clarify a longstanding point of contention within the online lending industry. Brooks issued a statement regarding the Office of the Comptroller of the Currency’s (OCC) final rule on when a national… Read More

US House Financial Services Committee Postpones All Hearings in March

Representative Maxine Waters, Chairwoman of the House Financial Services Committee, has postponed all Committee hearings through the end of the month. Chair Waters made the decision in light of the Coronavirus pandemic. The hearings scheduled included a review of digital currencies. Expectations are for these… Read More

The House Financial Services Committee Fintech Task Force Schedules Hearing on Relevance of Cash

The House Financial Services Committee has published its schedule of hearings for the month of January. Included in the mix, is a gathering of the Fintech Task Force, a relatively new entity created by Committee Chairwoman Maxine Waters. The Fintech Task Force will review the… Read More

House of Representatives Passes the Crowdfunding Amendments Act by Voice Vote

The US House of Representatives passed HR 4860 or the Crowdfunding Amendments Act by a voice vote today thus indicating broad bipartisan support. The bill was part of a grouping of five financial services bills each quickly approved by the House. The bill was introduced by… Read More

Mark Zuckerberg Takes a Beating on the Hill While Launching Defense of Libra & Facebook’s Past Actions

Mark Zuckerberg, CEO of Facebook, spent over 6 hours today testifying in front of the powerful House Financial Services Committee. While his prepared remarks foreshadowed his defense of Facebook’s Libra stablecoin, little can prepare you for the onslaught of questions delivered by every single Committee… Read More

Facebook’s Libra On Deck: Mark Zuckerberg to Testify Before House Financial Services Committee

Mark Zuckerberg, CEO of Facebook, is scheduled to testify in front of the House Financial Services Committee later this month in what is expected to be a thorough grilling regarding Facebook’s stablecoin Libra and Facebook’s operations in general. Congresswoman Maxine Waters (D-CA), Chairwoman of the… Read More

US House Financial Services Subcommittee Debates the Merits of Securities Exemptions & Accredited Investor Definition

Yesterday, the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing entitled “Examining Private Market Exemptions as a Barrier to IPOs and Retail Investment.” The hearing saw a debate on the merits of private securities exemptions, such as Reg D, Reg… Read More

Bug Bounty Program for Facebooks Libra Coin Now Live

After kicking up an unprecedented uproar from global regulators, Facebook appears to be pressing on full steam with development of Libra, the company’s proposed global cryptocurrency network. Facebook has now announced a “bug bounty” program that “reflects the Libra Association’s principles of openness, transparency, and global… Read More

Chair of House Financial Services Committee Maxine Waters Comments on Trip to Switzerland & Facebook’s Libra Plan: “My Concerns Remain”

Congresswoman Maxine Waters, the Chairwoman of the influential House Financial Services Committee, has issued a statement on her Bipartisan trip to Switzerland to learn more about Facebook’s plan to launch a stablecoin dubbed Libra. Facebook has incorporated Libra in the crypto-friendly jurisdiction of Switzerland like… Read More

Facebook Finds Few Friends on House Financial Services Committee as Libra Head David Marcus Endures Skepticism for its Crypto Plan

This past week much of the Fintech news was dominated by hearings in Congress addressing Facebook’s plan to launch a global, blockchain-based, payments platform using a stablecoin, of sorts, as a foundation. This global currency, which may be able to challenge sovereign currency, is said… Read More

Fed Chair Powell Peppered with Questions on Facebook’s Libra at House Financial Services Committee Hearing

The House Financial Services Committee welcomed Fed Chair Jerome Powell today to share his perspective on the state of the US economy and his opinion on the effectiveness of monetary policy. While Powell’s prepared remarks kicked off a bit of a rally on Wall Street… Read More

Inside the Beltway: July is a Busy Month for Fintech in DC

Tomorrow, the Federal Reserve Chair Jerome Powell will spend a good amount of time in front of the House Financial Services Committee. The following day, Powell will experience a similar round of questions at the Senate Banking Committee. Powell is certain to endure a standard… Read More

Libra CEO Tells House Financial Services Committee that Facebook is “Taking the Time to do (Libra Coin) Right”

The CEO of Facebook’s cryptocurrency project, David Marcus, has written to assure the powerful US House Financial Services Committee that Facebook is proceeding with caution as it works to launch Libra. Five members of the Committee, including its Chair, Maxine Waters, sent a letter to… Read More

US House Representatives Ask Facebook for Moratorium on Implementation of Libra Coin

Five US House Representatives have submitted a letter to Facebook asking the company to, “immediately agree to a moratorium on any movement forward on Libra- its proposed cryptocurrency and Calibra- its proposed digital wallet.” The letter was forwarded by the powerful House Financial Services Committee… Read More

Here is Congresswoman Maxine Waters’ Statement on Facebook’s Crypto Libra

Representative Maxine Waters, Chairwoman of the powerful House Financial Services Committee issued the following statement in the wake of Facebook’s cryptocurrency announcement today. Facebook’s “Libra” is a stablecoin created from a basket of assets but the ecosystem also has the ability to create smart contracts… Read More

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