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Latvia’s Financial Services Sector Moves Towards Innovation, Connectivity, and Resilience
On 28 January 2025, Latvia’s central bank, Latvijas Banka, published an update outlining its vision for the future of financial services in the country. The update, authored by Marine Krasovska, Head of Financial Technology Supervision Department at Latvijas Banka, discusses an ambitious strategy focusing on digital innovation, enhanced regulatory frameworks, cybersecurity resilience, and the integration of traditional and emerging financial services. The update sets forth policy directions that apply to banks, fintech firms, payment service providers, and crowdfunding platforms. The next phase of transformation is expected to leverage European Digital Strategy initiatives, fostering a collaborative framework between fintech firms, traditional banks, and new financial service providers. The future of financial services in Latvia will be shaped by new regulatory obligations under European and domestic legislation. The implementation of the EU AI Act and the EU Digital Operational...
US SEC Appoints Natalia Díez Riggin as Senior Advisor and Acting Director of Legislative and Intergovernmental Affairs
On 30 January 2025, the United States Securities and Exchange Commission (US SEC) Acting Chairman Mark T. Uyeda appointed Natalia Díez Riggin as Senior Advisor and Acting Director of the Office of Legislative and Intergovernmental Affairs. The Office of Legislative and Intergovernmental Affairs plays a role in the US SEC’s interactions with Congress, other government agencies, and stakeholders involved in securities regulation. The office ensures that legislative initiatives align with the agency’s objectives and that policymakers remain informed about the regulatory landscape. Ms. Riggin brings experience in financial and economic policy, having worked with legislative figures in the US Senate. Before joining the US SEC, she served as a Senior Professional Staff Member on the United States Committee on Banking, Housing, and Urban Affairs under Chairman Tim Scott of South Carolina. In this role, she was involved in legislative oversight of financial markets, banking policy, and...
US SEC Approves NYSE Arca’s Rule Change for Listing and Trading of Bitwise Bitcoin and Ethereum ETF
On 30 January 2025, the United States Securities and Exchange Commission (US SEC) granted accelerated approval to a proposed rule change filed by NYSE Arca, Inc. This approval permits the exchange to list and trade shares of the Bitwise Bitcoin and Ethereum ETF under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares. The decision follows an Amendment No. 1 to the original proposal, ensuring compliance with US securities regulations and aligning with previous approvals of similar exchange-traded products (ETPs). The order, published as Release No. 34-102310, outlines the regulatory framework under which NYSE Arca will list and trade shares of the Bitwise Bitcoin and Ethereum ETF (Trust). The ETF will hold both spot bitcoin and spot ether, with asset allocation based on the relative market capitalisation of both cryptocurrencies. The Bitwise Bitcoin and Ethereum ETF’s objective is to provide investors with exposure to bitcoin and ether’s market value while managing...
US Court Orders Over $451 Million Penalty in Global Binary Options Fraud Case
On 29 January 2025, the United States District Court for the Northern District of Illinois issued a default judgment against multiple offshore entities and individuals for their involvement in a large-scale global binary options fraud. The ruling, following a United States Commodity Futures Trading Commission (US CFTC) complaint, found Yukom Communications Ltd., Linkopia Mauritius Ltd., Wirestech Limited (BigOption), WSB Investments Ltd. (BinaryBook), and Zolarex Ltd. (BinaryOnline), along with Israeli nationals Yossi Herzog, Lee Elbaz, and Shalom Peretz, liable for defrauding investors and violating the United States Commodity Exchange Act (US CEA). The court’s order imposed $112.9 million in restitution and $338.7 million in civil monetary penalties, bringing the total financial liability to over $451 million. The defendants were also permanently enjoined from engaging in any activities violating the US CEA and were banned from trading in any US CFTC-regulated markets. The order...
Singapore MAS Published Monetary Policy Statement – January 2025
On 24 January 2025, the Monetary Authority of Singapore (MAS) announced a slight reduction in the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, as part of its MAS Monetary Policy Statement - January 2025. The decision was taken in response to slowing economic momentum and a sharper-than-expected moderation in core inflation. The adjustment aims to ensure medium-term price stability while supporting economic conditions amid evolving global trade dynamics and financial tightening. MAS stated that the Singapore economy grew at a slower pace in the fourth quarter of 2024, following a stronger-than-expected expansion in the previous quarter. Economic growth is projected to moderate further in 2025 due to shifts in global trade policies and external uncertainties. Inflationary pressures have eased, with MAS Core Inflation stepping down to 1.9% year-on-year in the fourth quarter of 2024, lower than the earlier estimate. The revised outlook for 2025 now...
UK FCA Issues First Fine for MiFIR Transaction Reporting Failures Against Infinox Capital Limited
On 29 January 2025, the United Kingdom Financial Conduct Authority (UK FCA) imposed a fine of £99,200 on Infinox Capital Limited for allegedly failing to submit 46,053 transaction reports under the European Union Markets in Financial Instruments Regulation (MiFIR). This is the first enforcement action taken by the UK FCA for an alleged breach of MiFIR’s transaction reporting requirements. The fine follows an investigation into Infinox’s transaction reporting systems, which the UK FCA found to be lacking in controls necessary to ensure compliance. The Final Notice 2025: Infinox issued by the UK FCA states that between 1 October 2022 and 31 March 2023, Infinox allegedly failed to submit transaction reports for single-stock contracts for difference (CFDs) executed through one of its corporate brokerage accounts. This account represented a large part of Infinox’s business, and the alleged failure to report these transactions meant that market activity in this area was not fully recorded....
US SEC and US CFTC Extend Compliance Date for Form PF Amendments
On 29 January 2025, the United States Securities and Exchange Commission (US SEC) and the United States Commodity Futures Trading Commission (US CFTC) announced an extension of the compliance date for amendments to US Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers. The compliance deadline, initially set for 12 March 2025, has now been moved to 12 June 2025. The decision follows concerns raised by industry participants regarding the administrative and technological challenges associated with the original timeline. The US Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers is a confidential reporting form used by certain US SEC-registered investment advisers, including those also registered with the US CFTC as commodity pool operators (CPOs) or commodity trading advisers (CTAs). The form requires private fund advisers to provide data on their operations, financial condition, and risk exposure. These amendments, originally adopted...
US CFTC Commissioner Kristin Johnson calls for Creation of an Interagency Task Force to Oversee AI and Digital Assets at Davos Blockchain Event
On 20 January 2025, United States Commodity Futures Trading Commission (US CFTC) Commissioner Kristin Johnson delivered remarks at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos, held alongside the 2025 World Economic Forum. Speaking on the theme Collaboration for the Intelligent Age, Johnson addressed the role of blockchain and artificial intelligence (AI) in shaping financial markets. She called for regulatory frameworks that balance innovation with oversight, emphasising the need for collaboration among regulators, market participants, and policymakers. Commissioner Kristin Johnson outlined the rapid evolution of financial technology, with blockchain and AI driving changes in market structure, automation, and risk management. She said that while these technologies offer efficiency and accessibility, they also bring challenges related to fraud, manipulation, and systemic risks. She supported strengthening regulatory frameworks to ensure digital asset...
US CFTC Commissioner Kristin Johnson Calls for Stronger Digital Asset Oversight in Keynote Address
On 24 January 2025, the United States Commodity Futures Trading Commission (US CFTC) Commissioner Kristin Johnson delivered a keynote address at the University of Chicago Law School, titled Charting the Future of Financial Regulation. Her speech focused on financial technology, with a strong emphasis on digital assets and artificial intelligence (AI). Commissioner Kristin Johnson spoke about the need for clear regulations, investor protections, and governance in digital asset markets. Her remarks followed recent Executive Orders from the new administration on AI and cryptocurrency. Commissioner Kristin Johnson spoke about how technology is changing financial markets, particularly in digital trading, algorithmic models, and decentralised finance (DeFi). She said that while these developments bring new possibilities, they also create risks such as fraud, financial instability, and market manipulation. She also called for regulatory measures that would apply the same safeguards to...
US CFTC to Hold Public Roundtables on Innovation and Market Structure
On 27 January 2025, the United States Commodity Futures Trading Commission (US CFTC) announced the launch of a series of public roundtables focused on emerging trends and innovation in market structure. Acting Chairman Caroline D. Pham initiated the effort as part of a broader push for transparency and open engagement in policy discussions affecting derivatives markets. The roundtables will cover critical topics, including affiliated entities and conflicts of interest, prediction markets, and digital assets. The US CFTC’s new initiative aims to facilitate informed discussions among industry leaders, market participants, experts, and public interest groups. The roundtables will build a comprehensive administrative record by incorporating studies, data, expert reports, and public input. Acting Chairman Pham underscored the importance of a forward-looking regulatory approach, stating that the initiative will help ensure US markets remain resilient while fostering economic growth and...
US Securities and Exchange Commission Published Study on Payment for Order Flow in Crypto Markets
On 24 January 2025, the United States Securities and Exchange Commission (US SEC) published a pivotal working paper titled "How Does Payment for Order Flow Influence Markets? Evidence from Robinhood Crypto Token Introductions." The study, authored in collaboration with researchers from Miami University and Wayne State University, provides a detailed examination of how Payment for Order Flow (PFOF) impacts cryptocurrency markets. It analyses Robinhood Crypto’s staggered introduction of tokens and its broader implications for market quality, trading costs, and regulatory frameworks. The paper focuses on the role of PFOF, a practice where brokers receive payments from market makers for routing orders. This study revealed a distinct lack of transparency in crypto PFOF practices compared to equities and options, coupled with substantially higher fees, approximately 4.5 to 45 times higher. The findings indicate that the introduction of tokens on Robinhood Crypto led to reduced trading...
Mark T. Uyeda Announces Key Acting Appointments at US Securities and Exchange Commission
On 24 January 2025, the US Securities and Exchange Commission (US SEC) announced significant interim appointments made by Acting Chairman Mark T. Uyeda to fill senior vacancies following recent departures. These temporary selections aim to uphold the US SEC's commitment to safeguarding investors, fostering trust in the financial system, and ensuring seamless operations during leadership transitions. The announcement follows recent staff departures at the US SEC, necessitating temporary leadership assignments to ensure uninterrupted governance and oversight. These changes come at a critical time, as the US SEC continues its enforcement of securities laws, analysis of economic risks, and efforts to strengthen global financial relations. Jeffrey Finnell has been appointed as the Acting General Counsel, effective 24 January 2025. In this role, he will oversee the US SEC's legal advisory functions and support it’s regulatory and enforcement activities. Robert Fisher has assumed the...
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