- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-09-21T13:37:00
By reacting to Coinbase’s now-scrapped Lend program proposal with a Wells Notice, the SEC sent a message that cryptocurrency companies should not expect the agency to bend to their will.
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Coinbase said it was served a Wells Notice by the Securities and Exchange Commission for potential violations of securities law regarding multiple of its cryptocurrency products.
The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.
The Securities and Exchange Commission announced plans to nearly double the number of employees assigned to its Cyber Unit, which has had its name changed to emphasize the agency’s pursuit of crypto asset-related investigations.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
