- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-15T19:37:00
The Securities and Exchange Commission (SEC) denied a petition filed on behalf of cryptocurrency exchange platform Coinbase that called for the creation of a new regulatory framework for crypto asset securities.
On Friday, the SEC notified Coinbase Chief Legal Officer Paul Grewal of its decision regarding his call for cryptocurrency rulemaking. The agency’s response said it disagreed with Grewal’s belief the existing regulatory framework around crypto assets securities is unworkable.
“The commission is also engaged in many undertakings that relate to regulatory priorities extending well beyond crypto asset securities,” the agency’s letter to Grewal stated. “The requested regulatory action would significantly constrain the commission’s choices regarding competing priorities, and the commission declines to undertake it at this time.”
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Hester Peirce of the Securities and Exchange Commission said the agency should form an advisory committee comprised of chief compliance officers as part of a wide-ranging critique of the agency’s efforts to engage with the public.
The Financial Industry Regulatory Authority announced it uncovered potential violations of its disclosure rules in 70 percent of crypto asset communications reviewed during a targeted exam.
The Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds will provide investors with the same access to bitcoin, bought for cash on the spot market, as they currently have to other investments—for better or worse.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
