SEC Exceeds Authority with Hedge Fund Rule – US Appeals Court
A US Appeals Court invalidated a Securities and Exchange Commission (SEC) rule involving hedge funds and private equity firms, saying it exceeded its congressional authority. The case rebukes the regulator’s assertion of congressional authority over the sector. In recent years, vocal detractors of the regulator in the crypto industry have also expressed comparable criticism. On […]
Forcount Ponzi Promoter Pleads Guilty to Wire Fraud Conspiracy
One of the top promoters of the Forcount crypto Ponzi scheme, Juan Tacuri, has pleaded guilty to a conspiracy to commit wire fraud charge in New York. The United States Attorney’s Office in the Southern District of New York stated on June 5 that Juan Tacuri was the driving force behind the “Ponzi” scheme, which […]
McDonald’s Metaverse ‘My Happy Place’ Launches in Singapore
American fast food chain McDonald’s has introduced the “My Happy Place” metaverse in Singapore for residents to build virtual burgers andplay various games. McDonald’s Singapore collaborated with Bandwagon Labs, the metaverse division of entertainment media technology company Bandwagon, to develop an in-app virtual world for its consumers. Clarence Chan, the founder of Bandwagon Labs, emphasized […]
UAE Central Bank Approves Stablecoins Licensing System
The Central Bank of the United Arab Emirates (CBUAE) board of directors has authorized implementing a new regulation and licensing framework for stablecoins. During a meeting in Abu Dhabi, the board reportedly deliberated on initiatives under the government’s financial infrastructure transformation (FIT) program. The initiative aims to promote innovation, advance the country’s digital economy, and […]
Most Investors Should Have Some Bitcoin Allocation – Fidelity Exec
Matt Horne, head of digital asset strategies at Fidelity Investments, says most investors should have allocation in Bitcoin regardless of their market thesis. Horne alluded to the issue of analysis paralysis that besets several conventional investors and asset managers regarding Bitcoin and the digital asset market in a report published on June 4 for CNBC. […]