Jack J. Kelly, Author at Compliancex

Crypto industry distances itself from Silvergate as bank collapses

Jack J. Kelly Cryptocurrency, Stabelecoins March 2, 2023

On Thursday several crypto firms made statements meant to distance themselves from crypto-friendly bank Silvergate, which saw shares free fall on Thursday after the company delayed its annual report and said it would report further losses. Coinbase, Paxos, Galaxy Digital, Gemini, BitStamp, Crypto.com and Circle each ...Read More

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Binance Can’t Keep Its Story Straight on Misplaced $1.8B USDC

Jack J. Kelly Cryptocurrency, Stabelecoins March 2, 2023

A new and detailed investigation by Forbes has raised significant questions about the management and custody of customer assets and stablecoin collateral by Binance. There are many possible explanations for the nature and intent of certain on-chain transactions highlighted by Forbes, and they could be ...Read More

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CoinEx crypto exchange sued by New York for failing to register with state

Jack J. Kelly Broker Dealer, Commodities, Cryptocurrency, Lawsuit, Securities March 2, 2023

Cryptocurrency exchange CoinEx has been sued by New York Attorney General Letitia James, who alleges the firm falsely represented itself as an exchange by failing to register as a securities and commodities broker-dealer in the state. A 38-page petition filed by James in the New York ...Read More

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JPMorgan Joins Other Companies in Banning ChatGPT

Jack J. Kelly Artificial Intelligence, Financial Services February 27, 2023

Financial services giant JPMorgan Chase has reportedly banned its staff from using ChatGPT. CNN cited sources saying that the decision, which applies to global staff, was due to compliance concerns over using third-party software. JPMorgan staff were asked not to enter sensitive information into ...Read More

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A look at the crypto firms looking to expand their workforce while others continue layoffs

Jack J. Kelly Cryptocurrency, ESG, FinTech, Hiring, Open Banking February 27, 2023

Even with most tokens posting significant gains this year, several crypto firms are still reeling from the contagion effects of 2022. As such, some of the biggest web3 companies, including Polygon, Dapper Labs, Coinbase, Crypto.com, etc., have declared job slashes this year to mitigate ...Read More

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Supreme Court will hear case challenging Consumer Financial Protection Bureau funding

Jack J. Kelly CFPB, Consumer Financial Protection Bureau, Dodd-Frank, Supreme Court February 27, 2023

The Supreme Court on Monday agreed to hear arguments in a case challenging the constitutionality of funding for the Consumer Financial Protection Bureau. The order taking the case came four months after a federal appeals court panel unanimously ruled that the CFPB’s funding mechanism was unconstitutional. That ruling, which tossed out a CFPB regulation targeting payday ...Read More

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Disgraced FTX founder Sam Bankman-Fried has another big problem: He won’t shut up

Jack J. Kelly Cryptocurrency, Wire Fraud February 27, 2023

Sam Bankman-Fried, the disgraced founder of the cryptocurrency exchange FTX, isn’t doing himself any favors. Despite being charged with orchestrating one of the largest financial frauds in history and facing the prospect of spending his life in prison, he has been tweeting and giving interviews with ...Read More

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SEC charges fugitive Do Kwon, Terraform with fraud in connection with Terra collapse

Jack J. Kelly Cryptocurrency, Fraud February 17, 2023

The Securities and Exchange Commission charged Terraform Labs and its CEO, Do Kwon, with fraud, alleging that they orchestrated a multibillion dollar “crypto asset securities fraud,” the SEC said Thursday. Kwon and Terraform allegedly schemed from Apr. 2018 until the collapse of TerraUSD, also known ...Read More

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SEC Charges NBA Hall of Famer Paul Pierce for Unlawfully Touting and Making Misleading Statements about Crypto Security

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission February 17, 2023

The Securities and Exchange Commission today announced charges against former NBA player Paul Pierce for touting EMAX tokens, crypto asset securities offered and sold by EthereumMax, on social media without disclosing the payment he received for the promotion and for making false and misleading ...Read More

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Silvergate Bank accused of being in cahoots with SBF-FTX

Jack J. Kelly Cryptocurrency, Fraud February 16, 2023

Silvergate Bank is being accused of aiding and abetting a multibillion-dollar fraudulent scheme orchestrated by SBF through his entities FTX and Alameda. The bank is one of only a handful of U.S. banks that cater to cryptocurrency-related exchanges, funds, and customers. Silvergate Bank became ...Read More

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