2023 Fintech and Financing Conference & Expo

Category Archives: Blockchain, Crypto, Digital Assets Regulations

Final Legal Submission Concluded After 2 Years: Ripple vs SEC

CryptoPotato | Chayanika Deka  | Dec 5, 2022

XRP vs SEC - Final Legal Submission Concluded After 2 Years:  Ripple vs SEC

Image: CryptoPotato

The long-running legal spat between Ripple and the SEC and Ripple is drawing close after two years.

  • Stuart Alderoty, General Counsel of Ripple, confirmed the company’s “final submission,” urging the court to grant judgment in its favor and said that Ripple is proud of the defense it has mounted on behalf of the entire digital asset industry.
    • According to the court document, the San Francisco-based blockchain company asserted that the United States Securities and Exchange Commission (SEC) has failed to prove the existence of any investment contracts governing the defendants’ offers and sales of XRP between the period 2013 and 2020.
    • Ripple also said that both its founders are entitled to summary judgment on their decision to sell on foreign exchanges and added that the SEC could not provide any material fact to the contrary.

See:  Legal experts say “This Is It” moment for XRP in Ripple lawsuit,

Brad Garlinghouse CEO XRP took to Twitter to congratulate the team:

“I said it on day 1, we will aggressively fight to get clear rules for the entire industry in the U.S. Congrats to all of Team Ripple for getting us to this point. Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice.”

Continue to the full article --> here


NCFA Jan 2018 resize - Final Legal Submission Concluded After 2 Years:  Ripple vs SECThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Dec 20: Brookings Online Debate: Should Crypto be Regulated by the Federal Government?

Brookings | Dec 7, 2022

Brookings debate Dec 20 should crypto be regulated by the federal government - Dec 20: Brookings Online Debate:  Should Crypto be Regulated by the Federal Government?

Tuesday, December 20, 2022, 9:00 - 10:00 a.m. EST
Online: https://www.brookings.edu/events/a-debate-should-crypto-be-regulated-by-the-federal-government/

The explosion of interest in cryptocurrencies and the implosion of cryptocurrency exchange FTX shine a spotlight on the fact that today’s regulatory apparatus is ill-equipped to oversee this new financial technology. The Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Federal Reserve are all wrestling with how best to oversee crypto.

Several proposals are circulating in Congress. One camp argues that the risks to consumers and to financial stability demand a new rulebook. Another argues that regulating crypto would give it legitimacy and that it would be best to leave it alone.

Debate moderator:  Kelly Evans, Anchor, CNBC's "The Exchange"

YES, crypto should be regulated

  • Peter Conti-Brown, Class of 1965 Associate Professor of Financial Regulation, Wharton School, University of Pennsylvania; Nonresident Fellow, Economic Studies, Brookings

See:  Hester Peirce Reaffirms That the SEC’s Current Approach to Crypto Is ‘Not a Good Way of Regulating’

NO, crypto should not be regulated

  • Stephen G. Cecchetti, Rosen Family Chair in International Finance, Brandeis International Business School

 

Register for this virtual debate on Dec 20 --> Now


NCFA Jan 2018 resize - Dec 20: Brookings Online Debate:  Should Crypto be Regulated by the Federal Government?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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CFTC Commissioner: Average Retail Investor Protection Should Be Different Than Millionaires

Decrypt | Alys Key | Dec 1, 2022

Pixabay geralt investor protection - CFTC Commissioner:  Average Retail Investor Protection Should Be Different Than Millionaires

Image: Pixabay/geralt

The CFTC chief has proposed that the average crypto investor should get different protection from professional and high-net-worth individuals.

  • In remarks prepared for a conference in Singapore, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero said the current regime’s definition of a “retail investor” is too broad, covering everything from average households to millionaires and hedge funds.
  • She added that she was not seeking to cut off the average investor’s access to the markets altogether but would seek public input on what kinds of extra protections should be afforded to these users. Initial ideas include easy-to-understand disclosures and limitations on leverage.

See:  CSA releases 2022-2025 Business Plan focused on investor protection

  • She was critical of the shift towards giving users direct access to the markets via trading apps, saying that a broker traditionally adds an extra layer of protection for the customer.  I caution against market structures that remove a broker’s duties to retail customers without a full assessment of what will be lost,” she said.
  • Romero also called for her agency to invoke “heightened supervision” of crypto exchanges, adding she had been calling for such a move internally for months.

Continue to the full article --> here


NCFA Jan 2018 resize - CFTC Commissioner:  Average Retail Investor Protection Should Be Different Than MillionairesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22

AUM Law | Nov 30, 2022

OSC statement of priorities feedback - OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22The Ontario Securities Commission (OSC) has released its most recent draft statement of priorities (SoP) in OSC Notice 11-797 – Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2024.

The draft SoP is open for comment until December 22, 2022, and describes the OSC’s key priority initiatives, broken down into one of the following four strategic goals for the year:

  • Building Trust and Fairness in Ontario’s Capital Markets;
    • A key priority under the first goal relates to advancing work on environmental, social, and governance (ESG) disclosures for reporting issuers.
  • Strengthening Investor Safeguards;
    • set out in the draft SoP is to strengthen investor safeguards. One key priority under this goal relates to the Ombudsman for Banking Services and Investments (OBSI). As indicated earlier this year by press release, the CSA is developing a proposal that will provide OBSI with binding decision making authority.

See:  ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada

  • Adapting Regulation to Align with Innovation and Evolving Markets; and
    • The first key priority continues to refer to the crypto asset sector. Actions next year will involve continued application of regulatory obligations to crypto firms while completing the registration or approval process, including obtaining pre-registration undertakings from firms pending completion of the registration or approval process. Actions also include implementing and refining the program for ongoing oversight of crypto asset trading platforms. A stated action may also specifically impact investment funds, as the regulators intend to develop a regulatory framework with appropriate safeguards for how investment funds invest in crypto assets.
  • Enabling the Organization to Deliver Effective Regulation.
    • enabling the organization to deliver effective regulation, the OSC continues to review strategies to attract and retain talent, execute on its inclusion and diversity strategy, and integrate data and processes to support effective decision making and risk monitoring.

Continue to the full article --> here


NCFA Jan 2018 resize - OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Imminent Litigation Challenges of the Metaverse

Blakes | Karine Russell and Christopher DiMatteo | Nov 23, 2022

Image Unsplash Javier Peñas virtual reality - Imminent Litigation Challenges of the Metaverse

Image: Unsplash/Javier Peñas

While a virtual-reality parallel universe is likely several years away, entirely new areas of law have developed to address the online world. Cyberattack or data breach class actions have become common.

  • Privacy litigation:  If the metaverse develops as anticipated, it will involve the collection of an unprecedented amount of data about users. Platforms could (as they do now) collect data about what users buy in the metaverse, what they look at, and their conversations with other users. However, because a user’s access to the metaverse would be through a headset, much more data could be collected – for example, relating to user movements, physiological responses and perhaps even brainwaves – that will give platforms a deeper understanding of their users’ thought patterns and behaviours.
    • Tort of intrusion upon seclusion where a defendant intentionally intrudes into the plaintiff’s private affairs in a manner that would be highly offensive to a reasonable person.  In addition to a data breach scenario, it is possible to envision other metaverse cases of intrusion upon seclusion. If it is possible to buy virtual real estate in the metaverse, for example, a defendant could be liable for snooping in a plaintiff’s virtual home.
    • Could a metaverse operator be liable for negligently failing to prevent a cyberattack that resulted in the compromise of user data?
    • If a metaverse user breaches the privacy of another user, could the platform be liable for failing to prevent the breach?

See:  Proof of Humanity: Aftermath Islands Metaverse Launches Blockchain-based Facial Recognition

  • Product liability: The metaverse is projected to result in a vast market for virtual and physical products available for purchase and use by customers.  Accordingly, developers, manufacturers, licensors, vendors and others in the industry may be at risk of metaverse-related product liability claims brought by metaverse participants and users of these products.
    • claims could result from scenarios where individuals sustain personal injuries while immersed in the virtual or augmented reality of the metaverse world
    • property damage or economic loss claims could arise where participation in the metaverse or use of related hardware gives rise to an incident that destroys property.  Metaverse users may also be sued by other users for their conduct in the metaverse as it relates to another person or avatar.

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NCFA Jan 2018 resize - Imminent Litigation Challenges of the MetaverseThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NYT DealBook Summit: Sam Bankman-Fried Interviewed About the Collapse of FTX

New York Times | Dec 1, 2022

SBF interviewed at NYT DealBook Summit - NYT DealBook Summit:  Sam Bankman-Fried Interviewed About the Collapse of FTX

Image: NYT DealBook Summit

Sam Bankman-Fried, co-founder of the cryptocurrency firm FTX, gave his first live interview since his company filed for bankruptcy. Andrew Ross-Sorkin of The New York Times asked Bankman-Fried to address allegations of fraud and mismanagement and whether the people and organizations who are owed money will get any of it back.

 

 

Watch the full interview from the DealBook Summit event.


NCFA Jan 2018 resize - NYT DealBook Summit:  Sam Bankman-Fried Interviewed About the Collapse of FTXThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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CFTC Says Bitcoin is the Only Commodity | ECB Criticizes Digital Asset Sector for Facilitating Illegal Activity

Cointelegraph | Prashant Jha | Dec 1, 2022

Unsplash André François McKenzie Bitcoin - CFTC Says Bitcoin is the Only Commodity | ECB Criticizes Digital Asset Sector for Facilitating Illegal Activity

Image: Unsplash/André François McKenzie

CFTC has faced a lot of scrutiny in the wake of FTX collapse due to its ties with the crypto exchange and SBF’s efforts to put the committee as the key oversight body for crypto.

  • The chief of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam, claimed Bitcoin is the only crypto asset that can be viewed as a commodity during an invite-only crypto event at Princeton University, reported Fortune.
    • Behnam’s comments are quite a contrast to his early statements in October, where he claimed Ether could also be viewed as a commodity.

See:  New U.S. Bill Gives Crypto Oversight to the CFTC

  • The CFTC chief’s backtracking of his comments on ETH comes in the wake of heavy scrutiny of U.S regulators and accusations of corruption, with Republican lawmakers accusing the SEC chair of coordinating with FTX “to obtain regulatory monopoly.”
  • Behnam said the committee has limited oversight powers and blamed the “matrix of regulators” as an imperfect system. However, he called for better collaboration among the long list of regulatory bodies to come up with formidable regulations.

Continue to the full article --> here


The Guardian | Alex Hern | Nov 30, 2022

ECB European Bank criticises digital currency sector for facilitating illegal activity

  • The European Central Bank says bitcoin is on an “artificially induced last gasp before the road to irrelevance”, in a scathing intervention arguing against giving regulatory legitimacy to the cryptocurrency.
  • In a strongly worded blogpost, senior European Central Bank (ECB) staffers Ulrich Bindseil and Jürgen Schaaf criticised bitcoin for being a hotbed of illegal transactions that brings reputational risk for any bank that gets involved with the sector.

See:  ECB Publishes Macroprudential Bulletin on Stablecoins, Climate Risk, and DeFi

  • German newspaper Handelsblatt, Bindseil and Schaaf argue: “the risks of crypto assets are undisputed among regulators”.

Since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised

Continue to the full article --> here


NCFA Jan 2018 resize - CFTC Says Bitcoin is the Only Commodity | ECB Criticizes Digital Asset Sector for Facilitating Illegal ActivityThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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