Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

How Tax Authorities Should Treat Cryptocurrency Staking Rewards

  Let me start with a confession: I am not smart enough to be a tax lawyer, certainly not a US tax lawyer.  The intricacies of the US tax code defy my brain’s attempts to systematize a coherent taxonomy.  The tax code is too complex… Read More

Venezuelan President Says Country will Fully Transition to a Digital Economy as Certain Banks Issue USD based Debit Cards

Banks in Venezuela are reportedly issuing debit cards for US dollar-denominated accounts, according to a report from Reuters which cited sources familiar with the matter. There’s now a group of Venezuelan banking institutions that have been providing debit cards to customers who maintain accounts in… Read More

Singapore Police, Securities Regulators, Announce Investigation into CoAssets Collapse

CoAssets, an early entrant in the investment crowdfunding sector that once saw its shares trade on the Australian Stock Exchange (ASX), is being investigated by government authorities in Singapore following the news the company was shutting down. Earlier this month, CoAssets issued the following statement:… Read More

US House Committee on Financial Services Schedules Hearing on Gamestop Trading, Market Volatility

Representative Maxine Waters, Chairwoman of the House Committee on Financial Services, has scheduled a hearing to address the trading in Gamestop shares as well as the broader issue of market volatility. The hearing, entitled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media,… Read More

SEC Charges Three Individuals with Digital Asset Fraud Regarding Start Options, Bitcoiin2Gen

The Securities and Exchange Commission (SEC) has filed charges against Kristijan Krstic, founder of Start Options and Bitcoiin2Gen, and John DeMarr, said to be the primary U.S.-based promoter for these companies, for fraudulently induced investors to buy digital asset securities. The complaint states that Krstic… Read More

Professionals in India Clarify that Bitcoin and Other Digital Currencies are Not Private, after Reports of Potential Government Ban on Cryptos

The Indian Parliament will reportedly be considering a government-supported bill that could place a ban on “private” cryptocurrencies during its upcoming budget session. Since the nation’s ruling party has control over both houses of Parliament, there’s a fairly good chance that the proposed bill could… Read More

Philippines Reserve Bank Updates Regulatory Framework for Virtual Currency Exchanges as Crypto Industry Continues to Expand

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has reportedly reviewed and approved the applicable guidelines for virtual asset service providers (VASP) and other entities that facilitate financial services by using VASPs (also referred to as cryptocurrencies). The new guidelines have updated the… Read More

Chinese Fintech Ant Group’s Business Restructuring May Impact its Revenue and Profit Growth, Could Force Firm to Raise More Capital

After facing increasing pressure from Chinese authorities, billionaire Jack Ma’s Fintech firm Ant Group is now focused on restructuring its business operations in order to serve as a financial holding company. The Ant Group has also been focused on positioning itself as an Internet-tech firm… Read More

Open Banking Implementation Entity or OBIE Introduces its Variable Recurring Payments and Sweeping Consultation Phase II

The Open Banking Implementation Entity (OBIE) has introduced its variable recurring payments and sweeping consultation phase II. The OBIE, which was created by the UK’s Competition and Markets Authority, recently released its response and has made revisions to its proposals following the initial phase of… Read More

UK Financial Conduct Authority Confirms that 50% of Firms are Now Using RegData for Regulatory Reporting

Approximately half or 50% of companies that have previously submitted their regulatory reporting on the UK Financial Conduct Authority’s (FCA) Gabriel systems are now using RegData, the regulator recently confirmed. According to the FCA, RegData is central or key to their overall data strategy which… Read More

CBDCs: China’s Digital Currency Might Raise Financial Privacy Issues, National Security Concerns, Political Power Challenge for US

Although not very many technical details of China’s plans for its central bank digital currency (CBDC) have been shared publicly, the virtual yuan is raising privacy concerns and may lead to potential national security issues and problems related to political power. The Digital Currency/Electronic Payment… Read More

US SEC Is Actively Looking at Stablecoins, and May Closely Examine Decentralized Finance or DeFi Platforms

The US Securities and Exchange Commission (SEC) confirmed that it will be actively looking at stablecoins which are digital assets pegged 1-to-1 with major world currencies such as the US dollar, British pound, the Euro, the Singapore dollar, among many others. Nisa Amoils, a securities… Read More

As Criticism of Robinhood Rises, Investment Platform Says it Will Allow “Limited” Buys of Volatile Securities Like GameStop

Robinhood is retreating a bit in its decision to curtail trading in shares of GameStop and other securities like AMC Entertainment that have been the focus of traders communicating on Reddit. The investment Fintech has just announced it will allow limited buys in these volatile… Read More

Never Waste a Crisis: Incoming Chairman of Senate Banking Committee to Hold Hearing on GameStop – Reddit Phenomenon

  Senator Sherrod Brown, the incoming Chairman of the Senate Banking Committee, will be holding a hearing on the GameStop – Reddit phenomenon, according to a tweet. Senator Brown said it was time for the SEC and Congress to make the economy work for everyone… Read More

A Discussion with Oliver Gajda of the European Crowdfunding Network: Expect Platform Consolidation & Cross Border Expansion

The European Crowdfunding Network (ECN) has long been the leading voice advocating on behalf of investment crowdfunding platforms across Europe. The member-driven group has been at the forefront of engaging with policymakers at the European Commission – an initiative that finally paid off when new… Read More

Crypto Transactions have AML Capabilities that are Almost Impossible to Replicate in Traditional Investigations: CipherTrace

Blockchain security firm CipherTrace notes that during her confirmation hearing on January 19, Dr. Janet Yellen, US President Joe Biden’s pick for Secretary of the Treasury, had said that “many” virtual currencies remain “a particular concern” when it comes to terrorism and criminal financing (and… Read More

More Than 110 Organizations Will Participate in the FedNow Pilot Program

The US Federal Reserve has announced that more than 110 organizations will participate in the FedNow Pilot Program. FedNow is a payments initiative to speed up payments and transfers. A consultation with a variety of stakeholders took place in 2018 with the concept of FedNow… Read More

Congresswoman Maxine Waters Announces Subcommittee Chairs of House Committee on Financial Services

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services announced the six Committee Members who will serve as Subcommittee Chairs for the 117th Congress. Chair Waters issued the following statement: “I am pleased to announce the very experienced, dedicated, diverse, and talented… Read More

FinCEN Extends Comment Period on Digital Asset Transactions in Small Win for Crypto Industry

FinCEN has submitted for publication in the Federal Register an Extension Notice, which will extend the comment period on its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving virtual currency or digital assets. FinCEN, part of the US Department of Treasury, came under criticism… Read More

Crypto Exchange Coinbase Requests Rulemaking Pause from FinCEN following the Issuance of Biden White House Guidance to US Agencies

San Francisco-based crypto exchange Coinbase has requested a rulemaking pause from the Financial Crimes Enforcement Network (FinCEN) following the Biden White House guidance to agencies. Coinbase writes in a letter that was reportedly shared with Kenneth Blanco, Director, FinCEN on January 25, 2021, that after… Read More

Send this to a friend