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Looking for "Regulations"

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carlp • Oct 16, 2024, 4:47 pm EDT

TD Bank Hit with Record $3B Fine for Money Laundering: No Jail Time

In what marks the largest penalty of its kind in U.S. history, TD Bank has been slapped with a staggering $3 billion fine for enabling drug cartel money laundering—a sum that barely dents the bank’s massive profits from the scheme. According to the U.S. Department of Justice (DOJ), TD Bank pocketed $10 billion from laundering drug money, meaning even after the historic fine, the bank still walks away with a net profit of $7 billion. The bank’s role in facilitating the movement of illicit funds raises serious questions about the effectiveness of current regulations—and who is truly held accountable when

5 minutes

Mark Paolillo • Sep 23, 2024, 12:25 pm EDT

The 2024 Money Transmitter Regulators Association

Mark Paolillo is a founding partner and the CRO and CCO at Byte Federal. Mark recently spoke at the MTRA (Money Transmitter Regulators Association) 2024 Annual Conference. Below is a transcript of his speech in full. Good morning everyone, my name is Mark Paolillo. I have worked in the public sector as a certified Public Accountant for 30 years.  Today, I leverage my experience towards a new passion as the Chief Financial Officer and Chief Compliance Officer of Byte Federal. We are a Bitcoin kiosk operator. We have about 50 employees and perform the majority of our operations in-house. We are Bitcoin

9 minutes

carlp • Sep 9, 2024, 12:49 pm EDT

Uniswap’s Settlement with the CFTC: A Battle for Freedom in the DeFi Space

In a case that could help shape the future of decentralized finance (DeFi), Uniswap Labs, the developers behind the largest decentralized exchange, recently faced enforcement action from the U.S. Commodity Futures Trading Commission (CFTC). The CFTC accused Uniswap Labs of facilitating illicit trading activities and failing to implement sufficient Know Your Customer (KYC) procedures, as required under the Commodity Exchange Act. The charges brought by the CFTC represented a significant regulatory challenge to the DeFi ecosystem, which has long operated under the premise of decentralization, autonomy, and financial freedom. In a recent turn of events, Uniswap Labs agreed to settle

4 minutes

johnd • Aug 23, 2024, 12:53 pm EDT

Weaponized Financial Regulation: A Global Threat

Introduction: In a stark reminder of the unchecked power wielded by financial institutions, Deutsche Bank recently terminated the account of Mohamad Safa, a UN-accredited human rights activist. His alleged crime? Speaking out against war crimes in Gaza. The latest in a long line of individual debanking exposes the darker side of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws, which, despite being crafted with the intent to protect the public, often serve as tools for governments to silence dissent and curb civil liberties without due process. The Global Reach of U.S. Financial Regulation: The troubling trend of

3 minutes

satoshin • Aug 9, 2024, 3:21 pm EDT

The War on Crypto is Alive and Well, Unfortunately

The Fed’s Power Grab: Operation ChokePoint 2.0 Still in Full Swing Yesterday, August 8th, a 13-page enforcement action was issued against Customers Bank, one of the few remaining crypto-friendly banking institutions in the United States. The move has raised significant concerns about the future of financial services available to the bitcoin and cryptocurrency industry. The enforcement action is characterized by vague language and complex requirements that obscure its true impact. A close reading of the document reveals a concerning development: the Federal Reserve now requires Customers Bank to provide 30 days’ advance notice before establishing any new banking relationship with

2 minutes

johnd • Jul 12, 2024, 2:07 pm EDT

AT&T Data Breach Highlights Need to Rethink Data Collection Practices

In a stark reminder of the risks in the digital age, AT&T has disclosed a massive data breach exposing the call and text records of tens of millions of its cellphone customers and many non-AT&T customers. The breach, which occurred between May 1, 2022, and October 31, 2022, brings to light critical issues in how and why data is collected and stored, raising questions about the necessity and security of such practices. The Scope of the Breach AT&T’s announcement revealed that the compromised data includes the telephone numbers of “nearly all” of its cellular customers, as well as those of

3 minutes

carlp • Jun 28, 2024, 2:51 pm EDT

Coinbase Launches Legal Offensive Against SEC and FDIC

Coinbase, the largest U.S. crypto exchange, has filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) to obtain documents related to their approaches to crypto regulation. Filed on Thursday in a Washington, D.C. district court, these lawsuits aim to uncover what Coinbase describes as a coordinated effort by federal financial regulators to pressure banks into denying crypto firms access to the banking system. A Coinbase spokeswoman stated, “For years, financial regulators – including the SEC, the FDIC, and the Federal Reserve Board – have used every tool at their disposal to try to

3 minutes

arusso • Jun 27, 2024, 12:48 pm EDT

Louisiana Passes Landmark Bill to Protect Bitcoin Rights and Ban CBDCs

In a groundbreaking move, Louisiana has become the fourth state to pass a law defending Bitcoin rights, joining the ranks of Oklahoma, Montana, and Arkansas. The Satoshi Action Fund successfully championed House Bill 488, which Governor Jeff Landry signed into law following bipartisan approval from both the House and Senate. This landmark legislation, led by Representative Mark Wright and supported by Senator Jean-Paul Coussan, is designed to ensure continued access to Bitcoin while placing restrictions on Central Bank Digital Currencies (CBDCs). Key Features of HB 488 The new law enshrines several critical protections for Bitcoin holders and miners, signaling Louisiana’s

4 minutes

johnd • Jun 21, 2024, 11:48 am EDT

SEC Ends Investigation Into Ethereum 2.0, Consensys Announces

Background on the SEC Investigation In April, blockchain development company Consensys received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), a precursor to legal action, concerning its MetaMask wallet. The wallet enables users to self-custody Ethereum (ETH) and other cryptocurrencies. The SEC’s investigation aimed to ascertain whether Ethereum, the second-largest cryptocurrency by market cap, should be classified as a security. Consensys’ Legal Action Against SEC Consensys filed a lawsuit against the SEC, seeking to stop the investigation. The company argued that Ethereum qualifies as a commodity, not a security, placing it outside the SEC’s regulatory scope. This

2 minutes

carlp • Jun 18, 2024, 9:18 am EDT

David Hirsch Resigns from SEC Crypto Enforcement Role

David Hirsch, a key figure in the U.S. Securities and Exchange Commission’s (SEC) enforcement efforts in the cryptocurrency space, has stepped down from his role as chief of the Crypto Asset and Cyber Unit. Hirsch’s resignation, announced via LinkedIn on June 17, 2024, marks the end of a nearly nine-year tenure at the SEC. Reflecting on his departure, Hirsch expressed pride in the accomplishments of the Crypto Assets and Cyber Unit team he led. “This past Friday was my last day with the SEC after almost 9 years,” he wrote. “During that time I had the opportunity to work on

3 minutes