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Recent Editions
Risk Channel
North America
Two crypto industry trade associations, the Blockchain Association and the Crypto Freedom Alliance of Texas, have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) to block a new rule that expands the regulator's interpretation of what constitutes a "dealer" of securities. The associations argue that the SEC exceeded its authority by adopting an unclear rule that conflicts with existing securities regulations. The rule aims to enforce stricter oversight and risk management controls on proprietary traders and other firms in the U.S. Treasury market. However, the crypto groups claim that the rule could potentially harm the digital assets industry. The lawsuit seeks to declare the rule arbitrary and capricious and asks for its complete removal. The SEC spokesperson stated that the commission will vigorously defend the rule in court. This is the second lawsuit challenging the SEC's rule to be filed in Fort Worth, Texas. The case is related to another lawsuit filed by groups representing the private fund management industry. The plaintiffs' case has been marked as related to the previous lawsuit and may be assigned to the same judge. The case is Crypto Freedom Alliance of Texas, et al, v. Securities and Exchange Commission, U.S. District Court for the Northern District of Texas. The plaintiffs' legal representation includes Jeffrey Wall of Sullivan & Cromwell and Randy Gordon of Duane Morris.
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UK/Europe
The Basel Committee on Banking Supervision, a global forum for banking regulators, has revised its rulebook to better address risks from climate change, the rise of non-banks, and digitalisation of finance. The new standard emphasizes the responsibility of a bank's board in ensuring sustainability and introduces a new definition of climate-related financial risks. The committee will also issue new guidelines for banks on managing risks from clients and other counterparties. Regulators are focusing on the rapidly growing non-bank financial sector, calling for better data on risks and links to lenders. The committee will publish a report on the digitalisation of finance and its implications for regulation. "The revised standard reflects changes to promote operational resilience, reinforce corporate governance and risk management practices, and address new and emerging risks," said the committee.
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