Regulatory

Regulatory (35)

CFPB Gives Green Light On 'No-action' Templates to Bolster Innovation

The Consumer Financial Protection Bureau (CFPB) issued two separate “No-Action Letter Templates” with the hope of sparking innovation at a time when homeowners and consumers are struggling with the prolonged financial fallout of the COVID-19 health crisis. The letters are designed to provide regulatory clarity to relevant entities by providing assurances the CFPB will not take action against them, under a certain set of circumstances, for providing a particular service or product.

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FSB Takes Hard Stance On 'Stablecoins'

The Financial Stability Board is calling for a “unified global approach” to supervising fiat-pegged cryptocurrencies, or if that’s not possible, a potential ban on those so-called “stablecoins.” So reports CryptoBriefing.

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Under Self-quarantine, Arizona Rep. Introduces Cryptocurrency Bill

Rep. Paul Gosar introduced “the Crypto-Currency Act of 2020” while under self-quarantine after reportedly being exposed to the coronavirus. So reports Bitcoin News.

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Crypto Causing a Tax 'Nightmare,' Expert Tells Congress

Cryptocurrency is causing a tax “nightmare,” said an expert testifying before Congress during the recent “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” meeting. So reports Cointelegraph.

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Ohio Man Indicted for Role in Alleged Dark Web, Bitcoin Laundering Scheme

Larry Dean Harmon, of Ohio, was arrested and indicted by a federal grand jury for his alleged role in a conspiracy to “launder monetary instruments,” among other crimes. So reports Cincinatti.com.

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Crypto Hard Forks and Holdings: What is the IRS is Up To?

For the first time since 2014, the Internal Revenue Service (IRS) has issued new guidance on virtual currency transactions. To that end, its FAQ on virtual currency transactions was updated as taxpayers begin preparing to file ahead of April’s deadline.

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Fintech Crime Report: From Growing a Beard to the Rise of 'Frankenstein' Fraud

The Securities and Exchange Commission (SEC) announced charges against a Canadian resident who allegedly created a fake identity to scam hundreds of investors out of millions of dollars with a bogus initial coin offering (ICO) scheme. The SEC complaint alleges violations to “antifraud and securities registration provisions of the federal securities laws.”

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California Budget Plan Aims to Fill Fintech Regs Gap Left by Feds

California Gov. Gavin Newsom is aiming to drastically change the state’s financial services oversight landscape, as some have expressed concerns the federal government has gotten too lax in its watchdog role.

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Crypto Companies' Missed SEC Deadlines Could Spell Trouble

Regulators' attempts to force cryptocurrency startups into compliance with the fundraising laws may not have been as effective as hoped. So reports The Wall Street Journal.

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U.S. Officials Lament Dangers of Crypto at Senate Hearing

U.S. officials, including Sen. Mitt Romney, expressed serious homeland security concerns with respect to cryptocurrencies. So reports Bein Crypto.

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