Former “shadow banker” Reginald Fowler pleaded guilty to charges of operating an unlicensed money transmission business during a court hearing Friday. In a hearing before the Southern District of New York, Fowler, a former co-owner of the NFL’s Minnesota Vikings, changed his original plea from not guilty, admitting to providing exchanges with banking services through his alleged operations with Crypto Capital, a payment processor which served exchanges like Bitfinex, QuadrigaCX and CEX.io. Additional charges of conspiracy to operate an unlicensed money transmitting business, bank fraud and conspiracy to commit bank…
Day: January 17, 2020
Ex-NFL Team Owner Intends to Plead Guilty to Running Unlicensed Money Transmitter
Former “shadow banker” Reginald Fowler intends to plead guilty to charges of operating an unlicensed money transmission business during a court hearing Friday. In a hearing before the Southern District of New York, Fowler, a former co-owner of the National Football League’s Minnesota Vikings, changed his original plea from not guilty, essentially admitting to providing exchanges with banking services through his alleged operations with Crypto Capital, a payment processor that served exchanges including Bitfinex, QuadrigaCX and CEX.io. While Fowler intends to plead guilty, the prosecution and defense must first come…
Tyrone Ross on Why Financial Advisors Are Taking Notice of DeFi
Financial advisor and crypto advocate Tyrone Ross joins The Breakdown for a discussion on financial advisors, DeFi and the most important company in crypto. One man. Three piping hot takes. In this special interview episode of The Breakdown, financial advisor and crypto advocate Tyrone Ross shares his thoughts on: Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests…
Canadian Regulatory Group Targets Crypto Exchanges Holding Users’ Digital Assets
Canada’s top financial watchdog has told crypto exchanges they will be subject to securities law if they act as custodians to users’ digital assets. The Canadian Securities Administrators (CSA) said in guidance published Thursday the common exchange practice of custodying users’ assets – “merely providing users with a contractural right or claim to an underlying crypto asset” – could subject them to securities legislation. “Whether a crypto asset has been immediately delivered to a Platform’s user is an important component in evaluating whether, and the extent to which, the transaction…
Canadian Regulatory Group Targets Crypto Exchanges Holding Users’ Digital Assets
Canada’s top financial watchdog has told crypto exchanges they will be subject to securities law if they act as custodians to users’ digital assets. The Canadian Securities Administrators (CSA) said in guidance published Thursday the common exchange practice of custodying users’ assets – “merely providing users with a contractural right or claim to an underlying crypto asset” – could subject them to securities legislation. “Whether a crypto asset has been immediately delivered to a Platform’s user is an important component in evaluating whether, and the extent to which, the transaction…
Telegram CEO’s 18-Hour Deposition Transcript Is Published Online
Telegram CEO Pavel Durov gave a deposition regarding the company’s alleged violation of United States securities law by conducting $1.7 billion Gram token sale in 2018. In line with a relevant court order, the deposition was held on Jan. 7 and Jan. 8 before a court reporter designated by the court reporting service engaged by plaintiff represented by the United States Securities and Exchange Commission (SEC). SEC uses the 18-hour deposition to continue grill Telegram on how it spent $1.7 billion According to the official transcript document, the deposition was…
Three Days of Hearings Before India’s Supreme Court on Crypto Ban
The Supreme Court of India has wrapped up the first three days in a hearing on a landmark case brought against the country’s central bank against its ban on banks’ dealings with cryptocurrency-related businesses. From Jan. 14 through 16, proceedings were focused on arguments presented by Ashim Sood, the legal counsel for the the Internet & Mobile Association of India (IAMAI). IAMAI is a not-for-profit industry body whose mandate is to appeal to governments on behalf of internet industry consumers, shareholders and investors. Members include Yahoo! India, Apple, eBay, Unocoin…
SEC’s CryptoMom Wants US to Learn From Chinese Digital Innovation
The United States could learn from China’s innovations in digital currency, says Securities and Exchange commissioner Hester Peirce. Fielding questions via webcam at this week’s Crypto Finance Conference in Switzerland, the public sector leader known as CryptoMom, called for the U.S. to: “Learn from what other countries are doing and take the best of what they’re doing and reject the worst of what they’re doing.” China outpacing U.S. on digital currency Last fall, Mark Zuckerberg’s congressional testimony on Facebook’s Libra leaned heavily on the idea of U.S. innovation falling behind.…
SEC’s CryptoMom Wants US to Learn From Chinese Digital Innovation
The United States could learn from China’s innovations in digital currency, says Securities and Exchange commissioner Hester Peirce. Fielding questions via webcam at this week’s Crypto Finance Conference in Switzerland, the public sector leader known as CryptoMom, called for the U.S. to: “Learn from what other countries are doing and take the best of what they’re doing and reject the worst of what they’re doing.” China outpacing U.S. on digital currency Last fall, Mark Zuckerberg’s congressional testimony on Facebook’s Libra leaned heavily on the idea of U.S. innovation falling behind.…
Davos Needs to Wake Up to the Ills of Centralization
This is part of a series of op-eds previewing the World Economic Forum in Davos, Switzerland. CoinDesk will be on the ground in Davos from Jan. 20–24 chronicling all things crypto at the annual gathering of the world’s economic and political elite. Follow along by subscribing to our pop-up newsletter, CoinDesk Confidential: Davos. Michael J. Casey is the chief content officer of CoinDesk. The opinions here are his own. As the world’s most influential and self-entitled gather in Davos, Switzerland, for next week’s World Economic Forum, a predictable set of problems are on…