Binance and its CEO, Changpeng Zhao, are reportedly fighting back against a complaint filed against the cryptocurrency exchange by the U.S. Commodity Futures Trading Commission (CFTC). They filed a motion to dismiss the CFTC’s case and are claiming that the agency is attempting to regulate foreign individuals and corporations residing and...
A bill now in the U.S. House of Representatives would make it law that not all digital assets are securities. So said House Financial Services Committee (HFSC) Chairman Patrick McHenry in opening remarks made Wednesday (July 26) ahead of a markup of the “Financial Innovation and Technology [FIT] for the 21st Century Act.”...
The U.K.’s Competition and Markets Authority (CMA) has found that HSBC has breached an order that requires banks to send payment transaction histories to some customers. Part 5 of the Retail Banking Market Investigation Order 2017 requires banks to send these histories to any business current account (BCA)...
The U.S. has historically regulated technical innovations sector by sector, rather than by overall capability. This generally results in the limited use of certain technologies within specific industries (such as facial recognition or other biometrics) rather than seeing that technology banned outright. But as it...
America’s consumer watchdog says bank mergers are set to become much tougher to pull off. In an interview with Reuters Thursday (July 20), Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said lenders should expect more scrutiny into mergers following this year’s banking crisis. “The ink on the rubber stamp has...
Federal regulators want the public’s input into new guidelines governing mergers. The Federal Trade Commission (FTC) and Department of Justice (DOJ) on Wednesday (July 19) unveiled long-awaited updates to the government’s merger rules, representing the first updates to the way officials review corporate tie-ups in years. “Open, competitive, resilient markets have...
TikTok reportedly failed to fully pass a recent test conducted by the European Union’s governing body, raising concerns that the popular social media platform is not yet compliant with upcoming regulations. On Monday, EU Internal Market Commissioner Thierry Breton and his team conducted a “stress test” at TikTok’s...
The U.K.’s financial watchdog wants to crack down on illicit marketing of financial products on social media. That crackdown, the Financial Conduct Authority (FCA) announced Monday (July 17), will involve applying the tough new consumer duty for other financial companies set to go into effect...
Federal Trade Commission (FTC) Chair Lina Khan faced scrutiny from Republicans at a Thursday (July 13) House Judiciary Committee Oversight hearing. Under Khan, the FTC’s budget has ballooned by 30%, with the Biden administration granting an additional $430 million in fiscal year 2023, the New York Post...
