{ }
Customers of JPMorgan Chase, Wells Fargo, and Bank of America have lost $870 million to scammers on Zelle over the past seven years, prompting a lawsuit from the Consumer Financial Protection Bureau (CFPB). The CFPB alleges that the banks failed to protect consumers from fraud, inadequately investigated complaints, and often left victims without assistance. Zelle, co-owned by these banks, defends its practices, claiming to have robust reimbursement policies and asserting that the CFPB's lawsuit is politically motivated.
In a discussion with Amanda Tuminelli, chief legal officer of the DeFi Education Fund, the implications of U.S. money transmission laws on crypto developers are examined, particularly in light of cases like Tornado Cash. Tuminelli highlights the risks associated with Section 1960, emphasizing the critical nature of custody and control, while noting that varying legal interpretations are fostering uncertainty in the crypto innovation landscape.
Luigi Mangione, charged with the murder of UnitedHealth Group CEO Brian Thompson, has been placed in the same Brooklyn jail as FTX founder Sam Bankman-Fried, who is serving a 25-year sentence for his role in the crypto exchange's collapse. Additionally, hip-hop artist Sean "Diddy" Combs, facing racketeering and sex trafficking charges, is also housed at the facility and has hired one of Bankman-Fried's lawyers for his appeal.
Natalia Ferrara, vice president of the Swiss Bank Employees Association, has called for the criminal prosecution of Credit Suisse's top management following a report on the bank's bankruptcy. She criticized the Federal Financial Market Supervisory Authority (Finma) for failing to fulfill its supervisory role, suggesting that its concessions since 2017 obscured the bank's instability. Ferrara also demanded the resignation of Finma's president, emphasizing the need for accountability in light of the mismanagement.
Haliey Welch has resurfaced to address the fallout from the Hawk Tuah meme coin, which plummeted 90%, resulting in $151,000 in investor losses. A lawsuit has been filed against the creators, alleging the token was fraudulently marketed as an unregistered security. Despite the backlash and internet ridicule, Welch stated her commitment to assist the legal team representing affected investors.
The EU's upcoming MiCA crypto regulations are reshaping the digital token market, particularly impacting stablecoins like Tether’s USDT, which many exchanges have delisted to comply. Experts warn that these regulations may reduce market liquidity and make the EU less appealing to traders, as USDT is crucial for transactions and cross-border transfers. While Circle has secured the necessary e-money license, Tether has not, potentially leading to its removal by the end of the year, amid concerns over illegal activities associated with USDT.
Investors of Haliey Welch’s HAWK memecoin have filed a federal lawsuit against the project's creators, alleging a pump-and-dump scheme after the token's value plummeted over 95% shortly after launch. The suit claims unlawful promotion and sale without proper registration, leading to significant investor losses. The defendants include Tuah The Moon Foundation, OverHere Ltd, and promoter Alex Larson Schultz.
A parliamentary inquiry has concluded that Credit Suisse's management is primarily responsible for the bank's collapse, while the Swiss financial regulator, Finma, faced criticism for its ineffective oversight. The report highlights the bank's history of scandals and regulatory failures, recommending enhanced powers for Finma to prevent future crises.
The PUK report reveals a troubling relationship between Swiss democracy and major banks, highlighting Ueli Maurer's misleading statements about Credit Suisse's stability before its collapse. The report criticizes the lack of accountability for bank executives and calls for reforms to curb political lobbying and enhance regulatory oversight to prevent future crises.
Roman Storm, co-founder of Tornado Cash, has filed a motion to dismiss criminal charges against him, citing a recent Fifth Circuit Court ruling that deemed sanctions on the platform's smart contracts unlawful. His defense argues that he had no control over these autonomous contracts, which undermines the government's case related to the International Emergency Economic Powers Act. Storm's legal team contends that the nature of the smart contracts absolves him of liability for money laundering and unlicensed money transmission charges, asserting that the government's interpretation of the law violates due process.
Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

MachinaCore is a highly modular and scalable system that allows users to build custom widgets and tools tailored to their specific financial data needs, while seamlessly integrating with other MachinaLabs products, like Machinary, MachinaAI Modules and MachinaTrader.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings

Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.