Category Archives: Blockchain, Crypto, Digital Assets Regulations

October 6, 2022   Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Fundraising, Investing, Trading, Legal Issues, Regulation, Consultation, Online Funding / Investing Campaigns, Press Releases, Regtech, Compliance, Governance   No comments

Kim Kardashian Pays $1.26M to the SEC in Penalties for Unlawfully Touting Crypto

SEC | Release | Oct 3, 2022

KardashianThe Securities and Exchange Commission today announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation.

[approximately $260,000 in disgorgement, which represents her promotional payment, plus prejudgment interest, and a $1,000,000 penalty.]

The SEC’s order finds that Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.

See:  AltFi Series (2 of 3): Regulatory Landscape on Stablecoins

Kardashian also agreed to not promote any crypto asset securities for three years.

 

SEC Chair Gary Gensler:

This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors. We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.  Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.

View the original release --> here

NCFA Jan 2018 resizeThe 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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October 5, 2022   Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Legal Issues, Regulation, Consultation, Stories, Web3, Decentralization, DAOs   No comments

AltFi Series (2 of 3): Regulatory Landscape on Stablecoins

AltFi | Stephan Roth | Oct 5, 2022

Stablecoins and regulationThis article is the second part of a three article series on stablecoins and the future of money. The first article can be read  here . 

Speaking at the Opportunities & Challenges of the Tokenization of Finance event in Paris last week:

Loud and clear message

Christine Lagarde, President of the European Central Bank:

Born out of a "cultural revolution" and now accepted by the "Visas, Mastercards and Paypals" of this world, the growth of the crypto industry has shocked regulators across the globe.

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

Federal Reserve Chairman, Jerome Powell:

No transparency, no regulation, no stablecoins or crypto. We need to be very careful how crypto activities are taken within the regulatory perimeter, wherever they take place there is need for more appropriate regulation.

Managing director of the Monetary Authority of Singapore, Ravi Menon

I see more promise in stablecoins, however this will depend on the regulatory regime in place to track them.

  • Stuck in limbo, Andrew Smith, government and regulatory affairs director for America at GBBC Digital Finance told AltFi that the current US stablecoin regulatory landscape has "proven impossible for folks to figure out".
  • Across the Atlantic, Smith's colleague Lavan Thasarathakumar, government and regulatory affairs director EMEA at the GDF echoed his sentiment: [stablecoins] are a global technology," he told AltFi, adding that regulatory isolation would only cause greater fragmentation between jurisdictions.

See:  UK Proposes Regulations That Would Recognize Stablecoins As A Form Of Payment

  • Both Smith's and Thasarathakumar's statements are eerily true. In the US, a slew of stablecoin bills have been proposed to Congress are stuck in deadlock and the EU's Markets in Crypto Assets (MiCa) framework lacks practicality. The UK is stuck between a rock and a hard place, trying to remain relevant in the stablecoin debate.
  • Traditional banks and consortiums are well aware of this and are ready to contest crypto-native stablecoin issuers on the grounds of regulation and compliance as the race for the future of money heats up.

Tough in the US

  • 100% collaterisation: In the US, stablecoins permitted to operate and be issued have been called 'payment stablecoins' and 'qualified stablecoins', which must be redeemable on demand on a one-to-one basis in US dollars, must be 100 per cent collateralised in the form of high-quality reserves including cash, cash equivalents or short-term obligations and must provide independent audits of its reserve composition.
    • Under these rules and directions, algorithmic stablecoins such as terraUSD would not qualify since such stablecoins are not backed by fiat collateral. Other major stablecoin issuers who would not pass the collateralisation test are market leader Tether and Maker DAO's DAI.
  • Banks and non-banks:  In the US there is split between depository institutions and non-depository institutions. Across the seven major stablecoin-related acts unveiled this year, all call for a separation between banks and non-bank issuers, paving a pathway for traditional banks to issue and custody of their stablecoins.

See:  Vitalik: Designing Principles-based Stablecoins that (may not) collapse

  • FDIC: Critically, the right to issue stablecoins revolves around federal deposit insurance, which is overseen by the Federal Deposit Insurance Commission (FDIC). At present, the FDIC has refused to insure crypto-native firms, with allegations suggesting that the FDIC has urged banks not to interact with crypto firms.
    • There are two reasons why FDIC insurance is paramount to crypto-native stablecoin issuers: maintaining their peggs and the right to custody crypto.
  • Stablecoins will and have been vying for their bank charters, which are difficult to acquire, particularly if the FDIC does not wish to insure them.
  • Regulatory turf battle:  To add to the regulatory disarray, there is an ongoing battle between the Securities and Exchange Commission (SEC), which views most cryptos as securities and the Commodity Futures Trading Commission (CFTC) which thinks of them as commodities.

Continue to the full article --> here

NCFA Jan 2018 resizeThe 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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September 30, 2022   Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Innovation and Resources, Leadership, Competition, Human Capital, Health, Legal Issues, Regulation, Consultation, Web3, Decentralization, DAOs   No comments

Chainanalysis Breaks Down the White House Framework on Crypto

Chainanalysis | Clark Flynt-Barr | Sep 27, 2022

White house in the day

Recently, the White House released the first-ever comprehensive framework for the responsible development of digital assets. This follows President Biden’s March 2022 Executive Order (EO) that outlined a series of policy objectives for the U.S. with respect to digital assets and called for the development of the framework and necessary inter-agency coordination.  In total, the framework included a series of reports, legislative proposals, future frameworks, and commitments for future reports.  The reports that have been released thus far:

Illicit Financing

  • Government agencies are increasingly building their capacity to investigate and prosecute crimes involving the illicit use of cryptocurrency
  • Public-private partnerships are key to success in this space
  • There are still a number of challenges that investigators and prosecutors face
    • disparities among legal frameworks for cryptocurrency businesses around the world.
    • different record keeping standards and anti-money laundering/countering the financing of terrorism (AML/CFT) standards for cryptocurrency businesses abroad as a challenge that can impede or stall criminal investigations.

Protecting Consumers

  • U.S. government agencies should continue to pursue illicit activity in this space and bring enforcement actions where appropriate,
  • agencies should use their existing authorities to issue supervisory guidance and rules, and
  • the U.S. should work to ensure consumers have access to trustworthy information about crypto assets.

See:  White House Releases Comprehensive Framework for Digital Assets Highlighting 6 Key Priorities

Competitiveness

  • The report lays out a framework and proposed actions for fostering U.S. competitiveness in digital assets. There is a real opportunity for the U.S. to lead in this space, and it will be interesting to see how the administration acts on some of the items outlined in the report, including highlighting U.S. digital asset firms’ work in international fora;
  • promoting greater workforce development; and
  • pushing for the development of a Digital Assets R&D Agenda.
  • The United States has built and facilitated the safest and most mature financial system in the world and we have an opportunity to lead here again. The U.S. must embrace blockchain and web3 technology in order to maintain economic dominance and ensure its national security.

Continue to the full article --> here

NCFA Jan 2018 resizeThe 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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September 23, 2022   Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Fundraising, Investing, Trading, Legal Issues, Regulation, Consultation, Stories, Web3, Decentralization, DAOs   No comments

CFTC Enforcement Action Against Ooki DAO Outrages One of Its Own Commissioners (and Crypto)

The Defiant | Owen Fernau  | Sep 22, 2022

CFTCAgency Alleges Ooki DAO Offered Derivatives Without a License

In a case that has roiled the crypto community and triggered a dissent from one its own officials, the U.S. Commodity Futures Trading Commission (CFTC) brought an enforcement action yesterday that challenges fundamental tenets of decentralized finance.

On Sept. 22, the regulator alleged in a lawsuit that a DAO called Ooki DAO engaged in activities that only regulated entities called futures commission merchants (FCM) can perform. The DAO illegally offered leveraged and marginal retail commodity transactions in digital assets, which are derivatives, and agreed to pay a $250,000 penalty, the CFTC said. The commission also named the venture’s founders, Tom Bean and Kyle Kistner, in the suit.

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

The CFTC’s actions suggest that calling an entity a DAO, or invoking token-based voting as part of an organization’s decision-making process, doesn’t necessarily protect that entity from the legal responsibilities of a traditionally regulated institution.

CFTC Commissioner Summer Mersinger - broke rank with her five fellow commissioners and said:

The action wasn’t supported by the Commodity Exchange Act, the law that regulates derivatives inssuance, and amounted “regulation by enforcement.  I cannot agree with the Commission’s approach of determining liability for DAO token holders based on their participation in governance voting for a number of reasons (said in a statement). While I do not condone individuals or entities blatantly violating the [law] or our rules, we cannot arbitrarily decide who is accountable for those violations based on an unsupported legal theory amounting to regulation by enforcement while federal and state policy is developing.

See: 

Gary Gensler, Chairman of the SEC Speech

Sheriff Gensler of ‘Wild West’ Cryptoville Has Drawn His Guns

Gretchen Lowe, the CFTC’s acting director of enforcement, said in a statement:

Margined, leveraged, or financed digital asset trading offered to retail U.S. customers must occur on properly registered and regulated exchanges in accordance with all applicable laws and regulations.  These requirements apply equally to entities with more traditional business structures as well as to DAOs.

Continue to the full article --> here

NCFA Jan 2018 resizeThe 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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September 16, 2022   Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Fundraising, Investing, Trading, Innovation and Resources, Legal Issues, Regulation, Consultation, Stories, Web3, Decentralization, DAOs   No comments

White House Releases Comprehensive Framework for Digital Assets Highlighting 6 Key Priorities

The White House | Sep 16, 2022

The white house

Image: Unsplash/Tabrez Syed

Digital assets market is growing and so are risks

The digital assets market has grown significantly in recent years. Millions of people globally, including 16% of adult Americans, have purchased digital assets—which reached a market capitalization of $3 trillion globally last November. Digital assets present potential opportunities to reinforce U.S. leadership in the global financial system and remain at the technological frontier.  But they also pose real risks as evidenced by recent events in crypto markets. The May crash of a so-called stablecoin and the subsequent wave of insolvencies wiped out over $600 billion of investor and consumer funds.

  • President Biden’s March 9 Executive Order (EO) on Ensuring Responsible Development of Digital Assets outlined the first whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.

See:  Responsible Development of Digital Assets (Crypto): Decoding Biden’s Executive Order

  • 6 key priorities: Over the past six months, agencies across the government have worked together to develop frameworks and policy recommendations that advance the six key priorities identified in the EO: consumer and investor protection; promoting financial stability; countering illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.
  • 9 reports submitted: The nine reports submitted to the President to date, consistent with the EO’s deadlines, reflect the input and expertise of diverse stakeholders across government, industry, academia, and civil society.
    • Together, they articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.
    • The reports call on agencies to promote innovation by kickstarting private-sector research and development and helping cutting-edge U.S. firms find footholds in global markets.
    • At the same time, they call for measures to mitigate the downside risks, like increased enforcement of existing laws and the creation of commonsense efficiency standards for cryptocurrency mining.
    • Recognizing the potential benefits and risks of a U.S. Central Bank Digital Currency (CBDC), the reports encourage the Federal Reserve to continue its ongoing CBDC research, experimentation, and evaluation and call for the creation of a Treasury-led interagency working group to support the Federal Reserve’s efforts.

Continue to the full article --> here

NCFA Jan 2018 resizeThe 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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September 12, 2022   Blockchain, Crypto, Digital Assets Regulations, FinTech and Alternative Finance, Fintech International, Leadership, Competition, Human Capital, Health, Legal Issues, Regulation, Consultation, Voices, Web3, Decentralization, DAOs   No comments

Federal Reserve Speech, Michael Barr: Making the Financial System Safer and Fairer

Federal Reserve | Sep 7, 2022

federal reserveVice Chair for Supervision Michael S. Barr at the Brookings Institution, Washington, D.C.

Safer and Fairer

  • When I say that one of my top goals is to make the financial system safer, it is because keeping it safe involves an active and never-ending effort to analyze risks and make necessary adjustments. There is no responsible alternative to this approach because the stakes are far too high to do otherwise.  I am also committed to making it fairer.
  • Fairness is fundamental to financial oversight, and I am committed to using the tools of regulation, supervision, and enforcement so that businesses and households have access to the services they need, the information necessary to make their financial decisions, and protection from unfair treatment. Safety and fairness may seem like distinct goals, but they are intertwined. Financial instability unfairly harms those who are economically vulnerable, so making the financial system safer is making it fairer.

Select Highlights

Capital

  • An important principle of the capital framework is that it must evolve through a continuous process of incorporating new risks that may emerge.
  • A second principle is that the capital framework should be risk focused. Different activities pose different potential for loss, and the capital regime should calibrate requirements to account for the risks of specific activities.

See:  Federal Reserve: Crypto and DeFi Insights from Recent Turbulence Through a Financial Stability Lens

  • A third principle is that requirements should be tiered. As firms increase in systemic importance, the social cost of their failure grows. Regulations should be designed to require firms to internalize the costs that their potential failure would impose on the broader financial system and thus on businesses and households. This means that firms face higher costs through more stringent regulations as they grow in complexity, size, and interconnectedness. And rightly, that community banks face simpler regulations.

Stablecoins as Private Money

  • Stablecoins, like other unregulated private money, could pose financial stability risks.
  • History shows that in the absence of appropriate regulation, private money is subject to destabilizing runs, financial instability, and the potential for widespread economic harm.
    • In the nineteenth and early twentieth centuries, before the advent of prudential bank regulation and deposit insurance and before action was taken to ensure private money creation by banks was appropriately regulated, repeated crises did substantial damage to the U.S. economy.

See:  Gary Gensler, Chairman of the SEC Speech

  • I believe Congress should work expeditiously to pass much-needed legislation to bring stablecoins, particularly those designed to serve as a means of payment, inside the prudential regulatory perimeter. I look forward to continued partnership with other regulatory agencies and Congress to address the risks of stablecoins.

Innovation, Access, and Consumer Protection

  • In the past, I have described the three essential elements of fairness in the financial system as a three-legged stool because all three are necessary for any aspect of fairness to work. The three are (1) financial capability, (2) financial access, and (3) consumer protection.
  • In terms of financial capability, an important component is transparency in the cost of services, which means making sure consumers have the information they need to make good decisions.

Continue to the full article --> here

NCFA Jan 2018 resizeThe 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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NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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September 9, 2022   Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Fintech Services, Fundraising, Investing, Trading, Innovation and Resources, Legal Issues, Regulation, Consultation, Regtech, Compliance, Governance, Stories, Web3, Decentralization, DAOs   No comments

Gary Gensler, Chairman of the SEC Speech

SEC | Sep 8, 2022

Water crashing onto shore

Image: Unsplash/Clu Soh

Select Highlights and Quotes:

Joseph Kennedy, the first Chairman of the SEC, had a saying: “No honest business need fear the SEC.

Not liking the message isn’t the same thing as not receiving it.

Crypto Tokens

  • Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities (Howey test). Offers and sales of these thousands of crypto security tokens are covered under the securities laws.  Some tokens may not meet the definition of a security — what I’ll call crypto non-security tokens. These likely represent only a small number of tokens, even though they may represent a significant portion of the crypto market’s aggregate value.
  • Some in the crypto industry have called for greater “guidance” with respect to crypto tokens.
  • For the past five years, though, the Commission has spoken with a pretty clear voice here: through the DAO Report, the Munchee Order, and dozens of Enforcement actions, all voted on by the Commission. Chairman Clayton often spoke to the applicability of the securities laws in the crypto space.
  • Investors deserve disclosure to help them sort between the investments that they think will flourish and those that they think will flounder. Investors deserve to be protected against fraud and manipulation. The law requires these protections.

Stablecoins

  • Stablecoins have features similar to, and potentially competing with, money market funds, other securities, and bank deposits, and raise important policy issues.
  • As discussed in the President’s Working Group Report on Stablecoins, it is important to ensure that we have appropriate safety and soundness protections, investor protections, and safeguards against illicit activity.

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

  • Some stablecoins purportedly are backed by reserves of U.S. dollars. Other stablecoins, so-called algorithmic stablecoins, are not backed fully by fiat moneys and bear heightened risks related to whatever mechanisms are used purportedly to maintain a stable value.
  • Depending on their attributes, such as whether these instruments pay interest, directly or indirectly, through affiliates or otherwise; what mechanisms are used to maintain value; or how the tokens are offered, sold, and used within the crypto ecosystem, they may be shares of a money market fund or another kind of security. If so, they would need to register and provide important investor protections.

Intermediaries

  • Crypto intermediaries — whether they call themselves centralized or decentralized (e.g., DeFi) — often are an amalgam of services that typically are separated from each other in the rest of the securities markets: exchange functions, broker-dealer functions, custodial and clearing functions, and lending functions.
    • These platforms match orders in crypto security tokens of multiple buyers and sellers using established non-discretionary methods. If that sounds legalistic, that’s because it is — these are the regulatory criteria for being an exchange.

See:  SEC Charges 3 In Crypto Insider Trading Scheme

  • Crypto investors should benefit from exchange rulebooks that protect against fraud, manipulation, front-running, wash sales, and other misconduct.
  • Crypto intermediaries also engage in the business of effecting transactions in crypto security tokens for the account of others, which makes them brokers, or engage in the business of buying and selling crypto security tokens for their own account, which makes them dealers.
  • Finally, many crypto intermediaries provide lending functions for a return.[19] Make no mistake: If a lending platform is offering and selling securities, it too comes under SEC jurisdiction.
  • If you fall into any of these buckets, come in, talk to us, and register.

Continue to the full article --> here

NCFA Jan 2018 resizeThe 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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