Robinhood’s crypto division has found itself in hot water, agreeing to pay a hefty $3.9 million fine to settle a California investigation into its questionable past practices. The California Attorney General, Rob Bonta, revealed that the settlement was reached due to Robinhood Crypto’s troubling behavior of preventing users from withdrawing their digital assets from 2018
Regulation
Recently, the US Securities and Exchange Commission (SEC) charged and settled with hedge fund Galois Capital Management LLC over a private fund managed by the firm that primarily invested in crypto. The SEC charges are related to Galois Capital allegedly failing to comply with client asset safeguarding requirements, particularly crypto that the regulator labeled as
In a recent talk at the Korea Blockchain Week 2024 event, US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda highlighted the need for specialized S-1 registration forms tailored specifically for digital asset securities. Uyeda emphasized that the current regulatory tools of the SEC may not effectively capture the complexities and unique features of
The recent filing by the US Securities and Exchange Commission (SEC) regarding the repayment strategy in the FTX bankruptcy case has raised significant concerns within the industry. The plan to repay creditors using stablecoins or other digital assets has been met with skepticism from the SEC, leading to potential challenges under federal securities laws. In
Pavel Durov, the CEO of Telegram, has recently been released from prison but placed under judicial supervision with several conditions. He is required to deposit a €5 million bond and is prohibited from leaving French territory. Additionally, Durov must report to the police station twice a week as part of his bond agreement. The Paris
Congressman Wiley Nickel from North Carolina has recently taken a stand against the US Securities and Exchange Commission (SEC) for their “regulation by enforcement” approach. He believes that this method is damaging trust in the regulatory system and could potentially hinder digital innovation in the country. Nickel has been a strong advocate for the crypto
The US Securities and Exchange Commission (SEC) has been vocal about the need for retail investors to have more timely access to fund portfolio data. The current regulatory framework mandates that registered investment companies provide periodic portfolio holdings data to the Commission and investors. However, this data is often delayed, leaving investors with outdated information,
The Financial Times recently reported a concerning trend in the cryptocurrency industry – a significant decrease in registrations for crypto asset exchanges and custodian wallet providers with the UK’s Financial Conduct Authority (FCA). According to law firm Reed Smith, registrations have plummeted by more than 50% in the past three years, indicating growing frustration with
The Nigerian Securities and Exchange Commission (SEC) has recently announced the granting of “Approval-in-Principle” to two local crypto exchanges, Busha Digital Limited and Quidax. This approval comes as part of the Accelerated Regulatory Incubation Program (ARIP) and is a step towards ensuring compliance with upcoming regulations in the digital asset space. The SEC aims to
OpenSea CEO, Devin Finzer, recently announced that the company had received a Wells Notice from the US Securities and Exchange Commission (SEC), raising concerns that the regulator views NFTs on its platform as securities. In response to this, Finzer expressed surprise and shock at the SEC’s aggressive stance towards creators and artists in the NFT
In recent years, France has emerged as a key player in the global crypto landscape, attracting major industry players such as Binance, Crypto.com, and Circle to establish their European headquarters in Paris. This was largely due to France’s favorable tax rates, access to a talented pool of individuals from across Europe, and a strong culture
Abra, a crypto lending firm, recently found itself in hot water with the US Securities and Exchange Commission (SEC) for failing to register its crypto asset lending product, Abra Earn. Despite offering the product in the US and attracting approximately $600 million in assets, the majority of which came from US investors, Abra did not
The European Union’s approach to regulating artificial intelligence (AI) has come under fire from Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek. In a joint statement, the two tech leaders expressed concern over the EU’s “fragmented regulatory structure” which they claim is stifling innovation in the AI industry. They highlighted that the current framework
The DeFi Education Fund and the Blockchain Association have recently taken a stand against the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT) by submitting an amicus brief in support of a legal challenge. Their primary argument revolves around the significant privacy and security concerns posed by the CAT. They are particularly worried about