Posts Tagged ‘regulation’

Interview: Former Huobi US Compliance Chief Talks NY Cryptocurrency Exchange Report

Harry Zhou, former general counsel and compliance officer for Huobi US, spoke with CCN about the latest report from New York’s attorney general on cryptocurrency exchanges. Zhou helped set up the legal framework in New York for cryptocurrency exchanges, namely the application and regulations for the BitLicense. He represented Huobi for comments on the BitLicense […]

New York sues U.S. to stop fintech bank charters

New York state’s top banking regulator has sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was unconstitutional and put vulnerable consumers at risk. Office of the Comptroller of the Currency spokesman Bryan Hubbard said in an email that the regulator, part of the […]

Judge rules cryptocurrency ICO scam case falls under securities law

A New York judge ruled that the US SEC can proceed with its legal case against the RECoin and DRC ICO organizer Maksim Zaslavskiy, who currently stands accused of defrauding investors. Zaslavskiy tried to have the SEC’s case thrown out by claiming that ICOs can’t be categorized as “securities” but as “currencies,” hence there’s no legal […]

US Regulators Give Update on Crypto Crackdown

The North American Securities Administration Association (NASAA) updated its progress on ICO- and cryptocurrency-related investment product investigations. NASAA, operated by American and Canadian securities regulators, launched “Operation Cryptosweep” in May 2018 to investigate over 200 ongoing cases of ICO- and cryptocurrency-related investment products’ regulatory compliance. Since the operation’s launch, NASAA has issued 46 enforcement actions. […]

European Parliament’s Committee Drafts ICO Regulation Proposal

The European Parliament Committee on EMA (Economic and Monetary Affairs) published last week a draft proposal mentioning the possibility to include ICOs in new crowdfunding regulation. Although ICOs were warmly welcome by several jurisdictions such as Switzerland, Gibraltar and Malta, a clear lack of regulations and frameworks is still going on. Nevertheless, the proposal conducted under […]

US Treasury Urges Regulators to Back Off Blockchain and FinTech to Encourage Innovation

The United States Treasury Department, in a recent report, urged state and federal regulators to revamp outdated statutes and support innovative financial technologies, including artificial intelligence, machine learning, and blockchain, in order to create economic opportunities. The report emphasized non-bank financial services providers, including credit lending companies, servicing organizations, and payment networks, as well as FinTech companies. One […]

Regulators Plan ‘Global Sandbox’ for Fintech Including Blockchain

The U.K.’s Financial Conduct Authority announced the Global Financial Innovation Network (GFIN) initiative, alongside 11 other member regulators from jurisdictions such as Hong Kong, the U.S., Australia and Abu Dhabi. GFIN will primarily serve as a network of regulators to discuss policies regarding financial technologies, as well as to develop a “global sandbox” that will […]

OCC to Accept Fintech Charter Applications. What Happens Next?

In a decision long anticipated by the fintech industry and opposed by multiple state regulators, on July 31 the Office of the Comptroller of the Currency (OCC) announced it will accept applications for special purpose national bank charters for fintech companies. The announcement came hours after the Treasury Department released a lengthy report endorsing fintech […]

US Treasury Dept. Fintech Innovation Report Touches on Crypto, Blockchain

A major new report from the U.S. Treasury Department published July 31 has called for a more agile and conducive regulatory approach to innovations in the fintech sector. The 222-page report indicates a strong impetus on the part of the U.S. government to foster nascent financial technologies and to modernize existing regulatory frameworks in order […]

FINRA Seeks BD Feedback on How Regs Affect Fintech

The Financial Industry Regulatory Authority issued a Special Notice seeking broker-dealers comment on fintech areas such as data aggregation services, supervisory processes around the use of artificial intelligence, and the development of a taxonomy-based machine-readable rulebook. Comments are due by Oct.12. The request for comment builds on the Innovation Outreach Initiative that FINRA launched last June to […]