Regulations
Custodia Bank Loses Lawsuit Challenging Fed Rejection of Master Account Application
“Thus, unless Federal Reserve Banks possess discretion to deny or reject a master account application, state chartering laws would be the only layer of insulation for the U.S. financial system,” the judge wrote. “And in that scenario, one can readily foresee a ‘race to the bottom’ among states and politicians …
Coinbase Loses Most of Motion to Dismiss SEC Lawsuit
“When a customer purchases a token on Coinbase’s platform, she is not just purchasing a token, which in and of itself is valueless; rather, she is buying into the token’s digital ecosystem, the growth of which is necessarily tied to value of the token,” she said. “This is evidenced by, …
Garlinghouse Says SEC to Press Judge for $2B in Fines and Penalties in Ripple Case
Alderoty wrote that the company will file its response to the SEC’s motion next month, adding “As we all have seen time and time again, this is a regulator that trades in statements that are false, mischaracterized and designed to mislead … Rather than faithfully apply the law, the SEC …
EU Markets Watchdog Steps Closer to Finalizing Rules Under MiCA
The European Securities and Markets Authority’s (ESMA) report, which follows a consultation last year, includes proposals on information the regulator will require from firms for authorization under MiCA. The report also includes requirements for firms to establish intent to provide crypto services and intent to acquire crypto assets, along with …
Nigeria Charges Binance With Tax Evasion: Reports
The charges were announced by the Federal Inland Revenue Service (FIRS) and filed at the Federal High Court in Abuja with case number FHC/ABJ/CR/115/2024, one outlet reported. The exchange is being charged with four counts of tax evasion, including “non-payment of Value-Added Tax (VAT), Company Income Tax, failure to tax …
SEC’s Gensler Says Crypto Firms Skip Public Disclosures by Dodging Registration
Gensler, whose tenure atop the agency has been marked by a legal crusade against what he argues is a largely noncompliant industry, suggested that digital assets businesses are among those seeking to “whittle away at the SEC’s disclosure regime,” which requires companies to register securities and provide information to investors …