Newsfeed
United States SEC Commissioner Caroline Crenshaw Criticises Division of Corporation Finance’s Statement on Meme Coins
On 27 February 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline Anne Crenshaw issued a response statement to the Division of Corporation Finance’s Staff Statement on Meme Coins, strongly criticising its legal reasoning and conclusions. The response challenges the Division’s assertion that meme coins are not securities under federal law, arguing that the guidance lacks a clear legal definition of meme coins and may inadvertently provide a loophole for crypto issuers to evade regulation. Commissioner Crenshaw disputes the Division of Corporation Finance’s application of the Howey test, the US Supreme Court precedent that determines whether an asset qualifies as an investment contract under securities laws. She reasoned, ‘Howey demands a facts and circumstances analysis of the “economic realities” of an offer or sale. Today’s statement paints meme coins as cultural projects whose purpose is entertainment and social engagement. The reality is that...
US SEC Division of Corporation Finance Issues Staff Statement on Meme Coins
On 27 February 2025, the United States Securities and Exchange Commission (US SEC, issued a Staff Statement on Meme Coins through its Division of Corporation Finance. The statement elaborates on the Division’s position on the application of federal securities laws to meme coins and asserts that, in general, transactions involving meme coins do not constitute the offer and sale of securities under the Securities Act of 1933. As a result, the statement clarifies that meme coin purchasers and holders do not receive protections under federal securities laws. According to the United States Division of Corporation Finance, ‘A “meme coin” is a type of crypto asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading. Although individual meme coins may have unique features, meme coins typically share certain characteristics. Meme coins typically are...
US SEC to Hold Roundtable on Artificial Intelligence in Financial Industry
On 28 February 2025, the United States Securities and Exchange Commission (US SEC) announced that it will host a roundtable discussion on Artificial Intelligence (AI). The event is scheduled for 27 March 2025 from 9 a.m. to 4 p.m. United States time at the US SEC’s headquarters in Washington, D.C., and will be open to the public for both in-person and virtual attendance. The roundtable will elaborate and discuss on the risks, benefits, and governance of AI in financial markets. US SEC Acting Chairman Mark Uyeda, along with Commissioners Hester Peirce and Caroline Crenshaw, are expected to deliver remarks on the evolving role of AI in regulatory frameworks and financial decision-making. The discussion will explore how AI is transforming trading, investment management, and compliance processes while also addressing regulatory challenges and ethical considerations. The US SEC has emphasised the importance of broad industry participation in shaping AI governance policies. As AI...
UK Court Sentences Olumide Osunkoya to Four Years for Illegal Crypto ATM Operations
On 28 February 2025, the United Kingdom’s Financial Conduct Authority (UK FCA) announced that Olumide Osunkoya, 46, had been sentenced to four years in prison for illegally operating a crypto ATM network and associated offences. The sentencing took place at Southwark Crown Court following Osunkoya’s guilty plea to five charges on 30 September 2024. The UK FCA requested the court to initiate confiscation proceedings under the United Kingdom Proceeds of Crime Act 2002 to recover any financial benefits obtained from his criminal activities. This case is first criminal sentencing for unregistered cryptoasset activity in the UK. For brief understanding of the facts, between 30 December 2021 and 12 March 2022, Osunkoya operated a network of 28 crypto ATMs across various locations under his company, GidiPlus Ltd, despite being denied UK FCA registration. UK regulations prohibit operating crypto ATMs without prior approval and licensing by UK FCA. To evade detection, Osunkoya later...
US SEC Dismisses Civil Enforcement Action Against Coinbase Amid Crypto Regulatory Shift
On 27 February 2025, the United States Securities and Exchange Commission (SEC) published Joint Stipulation to Dismiss, and Release to dismiss its civil enforcement action against Coinbase Inc. and Coinbase Global Inc. The civil enforcement action, initially filed by the US SEC on 6 June 2023, accused Coinbase of operating as an unregistered securities exchange, broker, and clearing agency. The litigation progressed until 27 March 2024, when the United States District Court for the Southern District of New York granted, in part, Coinbase’s motion for judgment on the pleadings. On 7 January 2025, the court approved Coinbase’s request for an interlocutory appeal under 28 U.S.C. § 1292(b), allowing the company to challenge aspects of the ruling. However, with the launch of the US SEC’s Crypto Task Force on 21 January 2025, the Commission in the exercise of its discretion and as a policy matter, the US SEC decided that the dismissal of this case was appropriate and has opted to dismiss...
UK FCA Confirms September 2027 Trial for £64 Million WealthTek Fraud and Money Laundering Case
On 25 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) announced that the criminal trial of John Dance, the former principal partner of WealthTek LLP, has been scheduled for September 2027 at Southwark Crown Court. The case concerns allegations of fraud and money laundering involving the misappropriation of £64 million in customer funds between 2014 and 2023. The UK FCA’s enforcement action follows the charges brought against John Dance in December 2024 for multiple offences linked to fraudulent financial activities at WealthTek LLP. On 24 February 2025, at a plea and trial preparation hearing at Southwark Crown Court, John Dance pleaded not guilty to three counts of fraud by abuse of position and three counts of fraud by false representation. John Dance faces nine charges under UK fraud and financial crime legislation, including three counts of fraud by abuse of position under Sections 1 and 4 of the United Kingdom Fraud Act 2006, three counts of fraud by false...
ASIC Releases Discussion Paper on Australia’s Evolving Capital Markets: Regulatory Challenges and Investment Trends
On 26 February 2025, the Australian Securities and Investments Commission (ASIC) published a discussion paper titled Australia’s Evolving Capital Markets: A Discussion Paper on the Dynamics Between Public and Private Markets. The document examines trends in Australia’s capital markets, discussing the increasing shift from public to private market investments and the potential implications for investors, financial institutions, and regulatory frameworks. ASIC is seeking stakeholder feedback on whether current regulations adequately support both market structures and what reforms may be necessary to ensure market efficiency, transparency, and investor protection. ASIC has set a deadline of 28 April 2025 for responses, to gather actionable recommendations to inform future regulatory adjustments and enhance the efficiency and integrity of Australia’s capital markets. The discussion paper discusses the rapid growth of private capital markets in Australia and globally, raising concerns...
Germany’s BaFin Announces New Regulatory Framework for Crypto-Asset Service Providers in view of MiCAR
On 21 February 2025, Germany’s Federal Financial Supervisory Authority (BaFin) announced new regulatory measures under the European Union’s Markets in Crypto-Assets Regulation (MiCAR), which has been in force since December 2024. BaFin stated that crypto-asset service providers (CASPs) must submit well-prepared authorisation applications, as strict deadlines under MiCAR limit the time available for supervisory review. MiCAR is the first harmonised European Union framework governing crypto-assets, which provides a structured approach to regulation to enhance investor protection, prevent money laundering and terrorist financing, ensure market integrity, and maintain financial stability. MiCAR establishes a clear legal structure for innovations in distributed ledger technology (DLT). MiCAR introduces transparency requirements for the issuance and trading of crypto-assets, mandates authorisation for CASPs, outlines supervisory requirements, and sets rules for consumer protection, market...
UK FCA and PSR Assess Impact and Competition Concerns in Digital Wallet Market in United Kingdom and Published Feedback Statement
On 19 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) and the United Kingdom Payment Systems Regulator (UK PSR) published a joint Feedback Statement FS25/1: Big tech and digital wallets assessing the impact and growth of digital wallets, in response to the United Kingdom’s Competition and Markets Authority (CMA)’s Invitation to Comment on its Strategic Market Status Investigations. The response assesses competition, innovation, and regulatory concerns in the digital wallets ecosystem, particularly focusing on dominant market players such as Apple and Google, which evaluates the rapid adoption of digital wallets, the benefits to consumers, and the potential competition concerns within the sector. The UK FCA and UK PSR conducted engagement with businesses and industry representatives to analyse the increasing use of digital wallets in the UK. According to the report, digital wallet transactions have surged from 8% of total card transactions in 2019 to 29% in...
US SEC Extends Compliance Dates and Grants Temporary Exemption for U.S. Treasury Securities Clearing Requirements
On 25 February 2025, the United States Securities and Exchange Commission (US SEC) announced the extension of compliance dates and issued a temporary exemption through two documents: "SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities" and "Temporary Exemption Regarding Exchange Act Rule 17ad-22(e)(6)(i)." The compliance deadlines for Rule 17ad-22(e)(18)(iv)(A) and (B) under the United States Securities Exchange Act have been extended to 31 December 2026 for eligible cash market transactions and 30 June 2027 for eligible repo market transactions. US SEC granted temporary exemption for Rule 17ad-22(e)(6)(i), postponing its enforcement until 30 September 2025 instead of the original deadline of 31 March 2025. Relevant Entities which need to consider this compliance requirement is listed below: Covered Clearing Agencies (CCAs): US SEC-registered clearing agencies that provide central counterparty services for U.S....
United States SEC Establishes Cyber and Emerging Technologies Unit to Strengthen Investor Protection
On 20 February 2025, the United States Securities and Exchange Commission (US SEC) announced the creation of the Cyber and Emerging Technologies Unit (CETU). This unit replaces the Crypto Assets and Cyber Unit and will focus on combatting cyber-related misconduct and protecting retail investors from fraudulent activities in the emerging technologies sector. The CETU will be led by Laura D’Allaird and will consist of approximately 30 fraud specialists and attorneys across multiple offices of the United States SEC. The establishment of CETU aims to enhance enforcement measures in response to the increasing risks associated with cyber-related fraud, artificial intelligence (AI), blockchain, and digital finance. The United States SEC’s CETU will leverage specialised expertise in fintech and cybersecurity to tackle securities violations in several high-risk areas. The unit’s enforcement focus includes fraudulent use of emerging technologies, such as artificial intelligence (AI) and...
Hong Kong’s SFC Launches “A-S-P-I-Re” Roadmap to Shape the Future of Virtual Assets
On 19 February 2025, Hong Kong’s Securities and Futures Commission (HK SFC) introduced the "A-S-P-I-Re" roadmap, a virtual asset regulatory blueprint. It aims to develop clear licensing frameworks to enable compliant VASPs, OTC trading and custody services to enter the market efficiently. "A-S-P-I-Re" roadmap expands regulated VA products like token listings and derivatives, and aims to strengthen market surveillance and compliance measures by bridging traditional finance with blockchain innovation. The roadmap, named for its five pillars: Access, Safeguards, Products, Infrastructure, and Relationships, sets out 12 initiatives aiming to promote regulatory clarity, security, and sustainable growth in Hong Kong’s virtual asset market. According to the HK SFC, the roadmap seeks to streamline market access, improve compliance standards, foster product innovation, modernise oversight, and strengthen industry engagement. Under Access, new licensing frameworks will regulate virtual asset...
Important
This website and the information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.
Cryptocurrency markets are highly volatile and speculative in nature. The value of cryptocurrencies can fluctuate greatly within a short period of time. Investing in cryptocurrencies carries significant risks of loss. You should only invest what you are prepared to lose.
The content on this website is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our website constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any cryptocurrencies, securities, or other financial instruments.
We do not guarantee or warrant the accuracy, completeness, or usefulness of any information on this site. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to this website, or by anyone who may be informed of any of its contents.
Your use of this website and your reliance on any information on the site is solely at your own risk. Under no circumstances shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the website or reliance on any information provided on the website. Your use of the website and your reliance on any information on the site is governed by this disclaimer and our terms of use.