CFTC commissioner clarifies scope of digital asset regulation
Source: CFTC
Over the course of the conference you have heard others explain various developments in the evolution of bitcoin. Rather than repeat what you have already heard about the tremendous growth and noteworthy interest in bitcoin, my remarks instead will focus on the regulation of bitcoin. There are many federal and state regulators that also have an interest in bitcoin, as well as the entities that trade and custody bitcoin—among the most prominent at the federal level are the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC or Commission), where I have been privileged to serve as a Commissioner since 2018. Today, my focus is going to be on what we have been doing at the CFTC with respect to bitcoin and digital assets more generally.
HKMA launches Global Regtech Challenge
Source: HKMA
The Hong Kong Monetary Authority (HKMA) today (25 March 2021) launched the “Global Regtech Challenge”, a competition designed to raise the Hong Kong banking industry’s awareness of the potential of Regtech adoption.
Regulators make inquiries over Robinhood trading restrictions
US regulators have made inquiries to Robinhood about the trading restrictions the app put on stocks such as GameStop during the Reddit-led rallies earlier this year.
Italian and German banking associations propose more flexible rules in light of pandemic impact
Source: Italian Banking Association
Shaping the Banking Union, refocussing on a fair regulatory approach towards the implementation of Basel III in the EU and adapting the treatment of non-performing loans (NPLs) in light of the current economic scenario, : these are the requests the Italian Banking Association (ABI) and the German Banking Industry Committee (GBIC) put forward in a document which calls on European institutions to adopt significant first and second level regulatory measures to counter the economic effects of Covid-19.
Ripple formally responds to SEC lawsuit
Ripple has accused the Securities and Exchange Commission of distorting the facts about the status of its cryptocurrency XRP in its first formal response to a regulatory lawsuit filed in December.
Capital One hit with $390 million fine over "egregious" AML failures
The Financial Crimes Enforcement Network (FinCEN) has enforced a $390 million civil money penalty on Capital One for engaging in both "willful and negligent" violations of the Bank Secrecy Act.
Regulatory innovation advances in the face of Covid-19
While Covid-19 may have wreaked havoc across financial services, according to a recent report the pandemic has driven the urgency to prioritise and actively deploy fintech initiatives by regulators.
China hints more fintech regulation to come
Some of China's largest fintech companies may face more regulation following comments made by the top banking regulator.
