United States

Enforcement

US DOJ to Ramp Up Scrutiny of Crypto Platforms – Report

By Mark Johnston | 18/05/2023

The DOJ will pursue target crypto exchanges, mixers and tumblers that are enabling criminal actors to profit from their crimes.

Capital / Liquidity

FDIC Ordered to Return Tax Refund Cheques to SVB Financial

By Editors | 18/05/2023

The court ruled that the FDIC has no authority to intercept tax refund checks clearly written out to “SVB Financial”, the bankrupt former parent of Silicon Valley Bank.

Capital / Liquidity

Fed Plans to Toughen Capital, Liquidity Rules for Banks

By Manesh Samtani | 18/05/2023

Fed, FDIC and OCC officials as well as former executives from failed banks testified before lawmakers this week.

Enforcement

OFAC Sanctions Key Actor in Russian Ransomware Ecosystem

By Editors | 16/05/2023

The Russian national helped to develop and deploy ransomware variants Hive, LockBit, and Babuk. A $10mn award is offered for information that leads to his arrest.

Market Infrastructure

MAS Issues “Close-to-Final” Derivatives Reporting Rule Updates

By Manesh Samtani | 16/05/2023

MAS set October 2024 as the commencement date for its new OTC derivatives reporting rules, aligning with ASIC.

Crypto / Digital Assets

US SEC Responds to Coinbase Request for Regulatory Clarity

By Editors | 16/05/2023

The SEC said it has no obligation to issue the “broad new regulations” for digital assets that Coinbase has requested.

Crypto / Digital Assets

Tether’s Excess Stablecoin Reserves Reach All-time High

By Editors | 15/05/2023

Tether has $81.8bn in consolidated total assets, exceeding its $79.4bn in liabilities. Excess reserves held in gold and bitcoin were published for the first time.

Sanctions

OFAC Makes Structural Changes to Minimise Collateral Damage of Sanctions

By Editors | 15/05/2023

OFAC hired a chief sanctions economist to lead a new division that will assess the potential collateral economic effects of proposed sanctions.

Crypto / Digital Assets

Creditors of Bankrupt Crypto Firm QuadrigaCX to Get Payout

By Mark Johnston | 15/05/2023

The payout amounts to about 13 percent of the value of creditor claims filed against QuadrigaCX, which was found to be a Ponzi scheme and a fraud.