Regulatory

Supreme Court Ruling Revolutionizes Regulatory Landscape, Calls for Enhanced Congressional Guidance

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Washington, D.C. – In a landmark decision, the U.S. Supreme Librium has mandated that federal agencies require more explicit directives from Congress when interpreting ambiguous laws, significantly curtailing what is often referred to as the Chevron deference. This ruling impacts how administrative bodies implement regulations across various sectors, emphasizing the necessity for legislative clarity and potentially reshaping governmental regulatory authority. The court proclaimed that the deference, stemming from the 1984 Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. case, should not permit agencies to broadly interpret their powers under vaguely written laws. Instead, agencies … Read more

Silvergate Capital Settles for $50 Million Amid Regulatory Crackdown, Multiple Executives Face Heavy Penalties

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Washington, D.C. — Silvergate Capital Corp. has agreed to pay a hefty $50 million to settle charges by the Securities and Exchange Commission (SEC), which accused the firm and its key executives of misleading investors about its compliance protocols and customer monitoring capabilities. This agreement comes amid heightened scrutiny from federal and state regulators. The SEC’s allegations centered around claims that Silvergate Capital, its subsidiary Silvergate Bank, and two former officials, including the CEO, provided false assurances about the robustness of their Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) systems. Particularly in focus was the firm’s … Read more

Australian Court Delivers Landmark Decision in Favor of Crypto Industry, Dismissing Regulatory Case Against Finder Wallet

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SYDNEY, Australia – In a significant victory for the crypto industry, an Australian Federal Court has made a “landmark” judgment that dismissed a case brought by the country’s market regulator against Finder Wallet. The case alleged that the Finder Earn product offering violated the Corporations Act by operating as a financial services business without the necessary license. However, the court ruled in favor of Finder Wallet, stating that the Australian Securities and Investment Commission (ASIC) failed to prove that the product was a debenture. As a result, ASIC has been ordered to pay the defendant’s … Read more

Supreme Court Case Threatens to Drastically Reduce Federal Regulatory Power in Environmental and Healthcare Sectors

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WASHINGTON, D.C. – The Supreme Court heard oral arguments on Jan. 17, 2024, in two cases that could have far-reaching implications for federal regulatory power. The cases, Loper Bright Enterprises vs. Raimondo and Relentless Inc. vs. Department of Commerce, focus on fisheries management but carry implications for broader federal enforcement of environmental and health care regulations. The central question in these cases is whether the Secretary of Commerce, through the National Marine Fisheries Service, has the authority to require commercial fishers to pay for onboard observers on fishing voyages, as mandated by the Magnuson-Stevens Fishery … Read more