By: Daniel Knight, Ben Kneebush and Madison Jeffreys
On 29 November 2024, the Australian Parliament passed the long-awaited Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (Bill).
Read MoreBy: Christopher Valente, Scott Gelbman, and Joshua Durham
Artificial intelligence (AI) remains top of mind for lawmakers and regulators, who continue to grapple with new legislative proposals, as well as a changing regulatory regime designed to prepare the US government to interact with AI-related issues, while also positioning the US to be a leader in AI innovation. In line with 15 USC Ch. 119 and Executive Order 14110, two more bipartisan House bills were just introduced to further the government’s response to AI.
Read MoreBy: Daniel Knight, Simon Kiburg and Ben Kneebush
The Australian Securities and Investments Commission (ASIC) recently released proposed updates to Information Sheet 225 (INFO 225) and a corresponding consultation paper.
Read MoreBy: Daniel Knight, Simon Kiburg, Hugo Chow and Madison Jeffreys
The Australian Treasury released an Exposure Draft on 26 November 2024 (Amending Rules) proposing amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 (CDR Rules). Whilst the government designated the non-bank lending sector as subject to the CDR regime on 21 November 2022 and had released draft rules for consultation last year, the new proposed Amending Rules have taken into account stakeholder feedback and reflects the government’s recent ‘reset’ of the CDR regime.
Read MoreBy: Eden L. Rohrer, Richard F. Kerr, Jessica D. Cohn, and Joshua L. Durham
On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of securities dealers.
Read MoreBy: Daniel Knight, Ben Kneebush and Madison Jeffreys
As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, there is a risk that the deployment of AI might cause licensees to fall short of their existing regulatory obligations and emerging best practices.
Read MoreBy: Jay Lee, Natalie Chow, and Alvin Lam
On 29 October 2024, the Hong Kong District Court issued the judgment of the first legal action (Chan Wing Yan and Another v. JP-EX Crypto Asset Platform Ltd and Others [2024] HKDC 1628) against JPEX, which the Hong Kong Securities and Futures Commission has identified as an unlicensed virtual asset trading platform (VATP).
Read MoreBy: Cheryl L. Isaac, Judith Rinearson, Eden L. Rohrer, and Joshua L. Durham
On 8 October, Crypto.com made two novel, strategic moves to seek regulatory clarity regarding the classification of digital assets. First, the digital asset exchange sued the SEC, claiming that the SEC exceeded its statutory authority with respect to its classification of digital assets as securities without any notice-and-comment rulemaking as required under the Administrative Procedure Act (APA). Second, Crypto.com’s affiliate that is a CFTC-registered derivatives exchange petitioned the SEC and CFTC to provide a joint interpretation on how its swap products should be governed by the agencies.
Read MoreBy: Jeremy McLaughlin and Joshua Durham
On 2 October 2024, the California Department of Financial Protection and Innovation (DFPI), issued draft proposed rules to implement the state’s new cryptocurrency licensing regime, the Digital Financial Assets Law (DFAL). DFPI is seeking comments on the proposed rules and set a deadline of 18 November 2024.
Read MoreBy: Jeremy M. McLaughlin and Joshua L. Durham
Good news for the cryptocurrency industry. On 29 September 2024, California Governor Gavin Newsom approved Assembly Bill 1934, which extends the time within which digital assets companies must obtain a license to engage in digital financial asset business activity under the Digital Financial Assets Law (DFAL). Entities now have until July 2026 to obtain licensure, which is a year later than originally planned.
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