🚀 Tzero Group Inc. Receives Approval For Digital Asset Securities Custody
#tZERO #DigitalAssets #SecuritiesCustody #Fintech #SEC #FINRA #BrokerDealer #Cryptocurrency
According to BlockBeats, on September 10, fintech company tZERO Group Inc. received approval from U.S. regulators to become a special purpose broker-dealer for digital asset securities custody.
In a statement released on Tuesday, the company announced that the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have granted tZERO the authorization to custody digital assets. This makes tZERO the second company to receive such approval.
Previously, digital asset company Prometheum received similar approval from the SEC last year. Prometheum later obtained approval from FINRA to offer digital asset securities clearing and settlement services through its special purpose broker-dealer license.#tZERO #DigitalAssets #SecuritiesCustody #Fintech #SEC #FINRA #BrokerDealer #Cryptocurrency
🚀 DRW Founder Criticizes Lawmakers' Hostility Towards Cryptocurrency
#DRW #Cryptocurrency #Legislation #Regulation #SEC #CumberlandSecurities #MarketParticipants #DonWilson #ElizabethWarren #FINRA
According to BlockBeats, on October 23, DRW Venture Capital founder Don Wilson expressed in an interview with Coindesk that some legislators and regulators, such as Senator Elizabeth Warren, hold a hostile attitude towards cryptocurrency because they 'truly believe in the power of the state,' and cryptocurrency undermines this power.
Wilson stated, 'If their worldview is that more government control makes the world a better place, then they will feel that any effort to slow down the development of cryptocurrency will make the world better, even if it means doing so in a somewhat unfair manner to market participants.'
Chelsea Pizzola, legal counsel for DRW, also mentioned that the company's attempt to register its crypto brokerage Cumberland Securities LLC with FINRA, which also regulates the U.S. market, was rejected. She noted that DRW is not the only firm that has tried to register and acquire a brokerage, sincerely attempting to engage with SEC trading and market staff over the years.
Earlier this month, the SEC announced a lawsuit against Cumberland DRW, accusing it of operating as an unregistered securities broker.#DRW #Cryptocurrency #Legislation #Regulation #SEC #CumberlandSecurities #MarketParticipants #DonWilson #ElizabethWarren #FINRA
🚀 Concerns Raised Over Regulatory Silence On Ethereum Custody Services
#Ethereum #CustodyServices #Regulation #SEC #FINRA #CryptoAssets #JohnRose #DigitalAssets #MarketConfusion #Guidance #ETH
According to Odaily, a group of Republican members from the Financial Services Committee, led by U.S. Congressman John Rose, has expressed concerns over the lack of response from regulatory bodies regarding Prometheum Inc.'s Ethereum custody services launched in May. In a letter addressed to Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), and Robert Cook, CEO of the Financial Industry Regulatory Authority (FINRA), the lawmakers highlighted their unease about the continued silence from these agencies.
The letter points out that the SEC's previous acknowledgment that Ethereum (ETH) is not a security contradicts the notion of "crypto asset securities," which is more applicable to the method of token sales rather than the tokens themselves. This inconsistency, according to the letter, has led to market confusion and uncertainty. Congressman John Rose emphasized that participants in the digital asset sector deserve clarity from regulators. However, under Gary Gensler's leadership, they have only encountered disorder and confusion. Rose urged Gensler to seriously consider their concerns and provide genuine guidance before his departure from office.#Ethereum #CustodyServices #Regulation #SEC #FINRA #CryptoAssets #JohnRose #DigitalAssets #MarketConfusion #Guidance #ETH
🚀 Brian Brooks Considers Various Financial Roles Beyond CFTC
#BrianBrooks #CFTC #financialregulation #SEC #FDIC #OCC #FINRA #FSOC #FederalReserve #leadership #policy #oversight #financialindustry
According to Odaily, former Acting Comptroller of the Currency under the Trump administration, Brian Brooks, is reportedly exploring opportunities in various financial institutions, excluding the Commodity Futures Trading Commission (CFTC). This information was shared by FOX Business journalist Eleanor Terrett on social media platform X, citing sources familiar with the matter.
In addition to the CFTC, the United States hosts several other key financial regulatory bodies. These include the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Financial Stability Oversight Council (FSOC), and the Federal Reserve. Brooks's consideration of roles within these institutions highlights the dynamic landscape of financial regulation and the potential for experienced leaders to influence policy and oversight across different sectors.
Brooks's tenure as Acting Comptroller was marked by significant regulatory initiatives, and his potential involvement in other financial regulatory bodies could bring a wealth of experience and insight. As the financial industry continues to evolve, the roles and responsibilities of these regulatory agencies remain crucial in maintaining stability and fostering innovation. The exploration of such positions by seasoned professionals like Brooks underscores the ongoing need for leadership that can navigate the complexities of financial oversight and regulation.#BrianBrooks #CFTC #financialregulation #SEC #FDIC #OCC #FINRA #FSOC #FederalReserve #leadership #policy #oversight #financialindustry
🚀 FINRA Updates Website With New Section On Crypto Assets
#FINRA #CryptoAssets #Securities #SEC #CFTC #FTC #HoweyTest #RevesTest #InvestorAlert
According to PANews, the Financial Industry Regulatory Authority (FINRA) has updated its official website to include a new section dedicated to crypto assets. While the term 'crypto asset securities' is not explicitly mentioned, it is referenced in a link to a 2023 investor alert from the Securities and Exchange Commission (SEC). The update highlights that certain crypto assets or transactions may meet the definition of securities.
The newly added page provides detailed information on various types of crypto assets and their trading methods. It also outlines the associated risks and offers links to resources from regulatory bodies such as the SEC, the Commodity Futures Trading Commission (CFTC), and the Federal Trade Commission (FTC). FINRA emphasizes that determining whether a crypto asset or transaction qualifies as a security should be based on the definitions provided by federal securities laws. The Howey Test and Reves Test are among the standards that may be used to make this determination.#FINRA #CryptoAssets #Securities #SEC #CFTC #FTC #HoweyTest #RevesTest #InvestorAlert
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🚀 Ripple's Acquisition of Hidden Road Advances with Key Regulatory Approval
#Ripple #HiddenRoad #FINRA #brokerdealer #acquisition #regulatoryapproval #fixedincome #primebrokerage #XRP
According to PANews, Hidden Road, a major brokerage firm set to be acquired by Ripple, announced on Thursday that it has received approval from the U.S. Financial Industry Regulatory Authority (FINRA) to operate as a broker-dealer in the United States. This approval, granted to its subsidiary Hidden Road Partners CIV US LLC, will enable the company to expand its fixed income prime brokerage platform. As a broker-dealer, Hidden Road plans to offer a broader range of compliance services to institutional clients, including clearing, financing, and prime brokerage for fixed income assets.
Earlier this month, Hidden Road revealed an agreement with blockchain infrastructure service company Ripple, under which Ripple will acquire Hidden Road for $1.25 billion. This acquisition is subject to regulatory approval and is expected to be completed in the coming months.#Ripple #HiddenRoad #FINRA #brokerdealer #acquisition #regulatoryapproval #fixedincome #primebrokerage #XRP
🚀 Prometheum Capital Approved to Offer Clearing Services for On-Chain Securities
#PrometheumCapital #ClearingServices #OnChainSecurities #FINRA #SEC #BrokerDealers #AssetTokenization #BlockchainSecurities
According to Odaily, Prometheum Inc., a provider of securities market infrastructure, has announced that its subsidiary, Prometheum Capital, has received approval to offer clearing services to third-party broker-dealers. Prometheum Capital, a member of the Financial Industry Regulatory Authority (FINRA) and a registered special purpose broker-dealer with the U.S. Securities and Exchange Commission, will provide clearing services for broker-dealers seeking to conduct on-chain securities transactions under federal securities laws.
Aaron Kaplan, CEO of Prometheum Inc., has revealed plans to enter the traditional asset tokenization sector. This initiative will encompass a range of assets, including stocks, debt instruments, structured products, options, ETFs, and money market funds, all represented as blockchain securities.#PrometheumCapital #ClearingServices #OnChainSecurities #FINRA #SEC #BrokerDealers #AssetTokenization #BlockchainSecurities
🚀 Linqto Founder Faces Securities Fraud Class Action
#Linqto #SecuritiesFraud #ClassAction #WilliamSarris #JohnDeaton #RetailInvestors #SEC #FINRA #InvestmentCompany #CryptoNews
According to Odaily, crypto journalist Eleanor Terrett reported on the X platform that attorney John E. Deaton has filed a securities fraud class action lawsuit against Linqto founder and former CEO William Sarris on behalf of thousands of retail investors. The lawsuit alleges that Sarris received internal legal memos in 2023 and 2024, which clearly warned that his actions violated several SEC and FINRA regulations, including operating as an unregistered broker and running an unregistered investment company. Despite these warnings, Sarris allegedly chose to ignore them. Deaton emphasized that this lawsuit targets Sarris personally and is not restricted by bankruptcy protection.#Linqto #SecuritiesFraud #ClassAction #WilliamSarris #JohnDeaton #RetailInvestors #SEC #FINRA #InvestmentCompany #CryptoNews
🚀 Dinari to Launch L1 Blockchain for Securities Coordination
#Dinari #L1Blockchain #Securities #Tokenization #Avalanche #Testnet #PublicRelease #FINRA #TokenizedSecurities #USMarket
According to Foresight News, U.S.-based tokenization company Dinari is set to introduce the Dinari Financial Network, an L1 blockchain designed to serve as a coordination and settlement layer for securities issued on networks like Arbitrum. This blockchain is custom-built using the Avalanche (AVAX) technology stack. The testnet is currently operational, with plans for a public release in the coming weeks.
In June of this year, Dinari secured broker-dealer registration from the U.S. Financial Industry Regulatory Authority (FINRA). This approval allows the company to tokenize securities from the U.S. National Market System (NMS), providing a compliant solution for issuing tokenized versions of publicly traded U.S. stocks.#Dinari #L1Blockchain #Securities #Tokenization #Avalanche #Testnet #PublicRelease #FINRA #TokenizedSecurities #USMarket
🚀 Plume Appoints Former FINRA Examiner as Head of Compliance
#Plume #Compliance #FINRA #Regulation #Blockchain #RealWorldAssets #FinancialServices #GlobalRegulation #PLUME
Plume, a blockchain platform specializing in regulatory-compliant real-world assets, has announced the appointment of Justin Vose as its new head of compliance. According to NS3.AI, Vose, who previously served as a FINRA examiner, brings a wealth of experience from both small and large regulated financial firms. His expertise is expected to bolster Plume's global regulatory efforts. The company is focused on expanding its on-chain real-world asset initiatives by working closely with regulatory authorities across the globe.#Plume #Compliance #FINRA #Regulation #Blockchain #RealWorldAssets #FinancialServices #GlobalRegulation #PLUME
🚀 U.S. Senators Question SEC and Finra on Trading Amid Venezuela Military Action
#USSenators #SEC #Finra #VenezuelaMilitaryAction #TradingConcerns #MarketIntegrity #TradingPatterns #NicolasMaduro #FinancialRegulation #FairTrading #Transparency
Two U.S. senators have raised concerns with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra) regarding trading activities that occurred around the time of the U.S. military intervention in Venezuela, which resulted in the ousting of President Nicolas Maduro. Bloomberg posted on X, highlighting the senators' inquiries into whether any irregular trading patterns were observed during this period. The senators are seeking to understand if any market participants had prior knowledge of the military action, which could have influenced trading decisions. The inquiry underscores the importance of maintaining market integrity and ensuring that all trading activities are conducted fairly and transparently.#USSenators #SEC #Finra #VenezuelaMilitaryAction #TradingConcerns #MarketIntegrity #TradingPatterns #NicolasMaduro #FinancialRegulation #FairTrading #Transparency