U S SECURITIES REGULATOR
European regulators crack down on Big Tech
EU regulators probe Big Tech. Apple addresses DMA breaches, Spotify's complaint. Microsoft leaves OpenAI’s board. Meta's consent model, CrowdTangle features, Facebook, Instagram’s child safety scrutinized. Google fined 2.42 billion euros. Amazon's DSA compliance checked. NVIDIA faces French probe. TikTok, Meta gatekeeper disputes. Italy fines Facebook, Meta. Germany ends Google probe. UK investigates cloud market. Spain suspends Meta products.
US delays H-1B visa system overhaul, F-1 student protection rules
The United States has postponed the next phase of H-1B visa system changes to December 2024. The Department of Homeland Security is preparing to introduce various significant regulations to modernize the program and enhance security measures.
Wall Street regulator to start over on 'swing pricing' rules for open-end funds
The SEC will redraft swing pricing rules for open-end funds, originally met with objections. The 2022 proposal aimed to address market stresses, like during the coronavirus pandemic. Requirements included a seven-day liquidity standard. Chair Gary Gensler consulted banking regulators. BlackRock, Vanguard, and Fidelity previously saw a similar rule scrapped for money market funds, as it jeopardized investments.
Sebi framework for finfluencers; Nazara's Freaks4U deal
The Security and Exchange Board of India (Sebi) has approved a regulatory framework for financial influencers. This and more today’s ETtech Top 5.
PayU's LazyPay expands quick commerce partnership with Blinkit addition
LazyPay partners with Blinkit for seamless checkout, expanding its portfolio. PayU's revenue grows in India, driven by the credit business despite regulatory challenges. India remains a key market for digital payments, with significant growth projected in digital credit transactions.
US regulators could approve spot ether ETFs for launch by July 4
Ether ETFs are on the brink of approval, with major stock exchanges gearing up for trading. The process, involving top asset managers and regulatory bodies, seems to be approaching its final stages, indicating a significant development in the ETF market.
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A new $72,000 migrant smuggling route to the US starts with a charter flight, and many Indians are waiting to board
Indian nationals on a Legend Airlines flight faced challenges in El Salvador as they attempted to reach the U.S. via Mexico. The incident sheds light on a new phase of illegal immigration through intercontinental smuggling routes, impacting U.S. border policies and migrants' journeys.
US probing China Telecom, China Mobile over internet, cloud risks
The Biden administration is investigating China Mobile, China Telecom, and China Unicom over concerns they could misuse access to American data through their U.S. cloud and internet services by sharing it with Beijing. The Commerce Department is leading the probe, which has completed "risk-based analyses" of China Mobile and China Telecom. These companies, despite being barred from providing certain services, still offer cloud and internet routing services in the U.S., posing potential national security risks. The investigation aims to close any remaining avenues for Chinese firms to access U.S. data, amid ongoing tech tensions.
Bitcoin ETF launches on Australia's main stock exchange for the first time
Australia's first bitcoin ETF, the VanEck Bitcoin ETF, launched on the Australian Securities Exchange with around A$990,000 in assets after three years of negotiations with ASX.
Election Result 2024: Narendra Modi-led NDA wins world's largest elections, but there's a lot to brood over
Election Result 2024: The BJP-led National Democratic Alliance (NDA) is struggling to achieve the 400-seat target set by Prime Minister Narendra Modi in the 2024 Lok Sabha election. Falling short of the 272-seat majority mark, the BJP will need support from key allies like Chandrababu Naidu's TDP and Nitish Kumar's JD(U) to form the next government. Unemployment, inflation, inequality, farmers' protests, and concerns over a repressive government are major challenges for the new NDA coalition government.
Tesla shareholder sues Musk for alleged $7.5 billion insider trading
A Tesla shareholder filed a lawsuit accusing CEO Elon Musk of insider trading by selling over $7.5 billion of Tesla shares before disappointing production numbers were public.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
Stock gaming apps under Sebi scanner; ETtech Done Deals
The capital markets regulator is cracking down on illicit gaming apps that offer virtual trading services and fantasy games. This and more in today’s ETtech Top 5.
The business ties that bind the U.S. and China are strong but fraying
Many big U.S. companies depend on China for a substantial part of their income and rely on Chinese suppliers and factories for their products.
Is it a good idea for laid off H-1B workers to switch to a US tourist visa, and back again?
When laid-off H-1B workers consider transitioning to B-1/B-2 visitor status for job searching, they gain valuable time and a streamlined process back to H-1B, endorsed by USCIS. This strategic move offers a safety net and opportunity for a successful career transition in the U.S.
Fed's Waller ponders future path of underlying interest rates
Federal Reserve Governor Christopher Waller said on Friday it's possible that a key underlying interest rate that influences the potency of monetary policy may rise in the future after years of declines, but it's too soon to say if that will happen.
US stock changes push FX trades into Asia's 'twilight zone'
Asian money managers face disruption as U.S. stock settlement window shortens next week, requiring quicker fund validation in thin, volatile currency markets.
US House passes crypto bill despite warnings from SEC
The House approval comes as the U.S. Securities and Exchange Commission (SEC) signals that it will likely approve applications for spot ether exchange-trade funds in a surprising boost to the industry.
WisdomTree to list crypto products on London Stock Exchange
Britain's financial regulator has approved WisdomTree's bid to list exchange-traded products (ETPs) backed by cryptocurrencies bitcoin and ether on the London Stock Exchange, the asset manager said on Wednesday ahead of an expected launch this month.
Sebi suggests local regulators oversee crypto trading
Both sets of documents, which have been seen by Reuters, have been submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI's stance has not previously been reported.
Shein steps up London IPO preparations amid US hurdles to listing
Shein pivots to a London IPO from New York, facing U.S. regulatory challenges. The online retailer, valued at $66 billion, navigates hurdles with plans for a dual U.S. listing post-London float, monitoring the political climate.
Grayscale's application for ethereum futures ETF withdrawn
Crypto asset manager Grayscale Investments' proposal for an exchange-traded fund tied to ether futures was withdrawn last week, according to a Tuesday notice from the U.S. Securities and Exchange Commission.
Robinhood Crypto gets Wells notice from US SEC
The company said it received a so-called "Wells notice," which the SEC issues when it is planning to bring enforcement action against them. Such notices do not necessarily mean the company has engaged in wrongdoing.
US confident about meeting new deadline for UK, Australia AUKUS exemptions
A top U.S. arms control official expressed confidence on Tuesday that the country is likely to meet a new deadline to finalize trade exemptions for the AUKUS defense project with Australia and Britain. AUKUS, established in 2021 to address concerns about China's growing power, involves Australia acquiring nuclear-powered attack submarines and deepening defense cooperation. The sharing of technology under AUKUS is subject to strict U.S. International Trafficking in Arms Regulations (ITAR). Although a 120-day deadline to qualify Australia and Britain for exemptions passed without certification, the State Department expects to finalize the exemptions after an additional 120 days.
Ethereum ETFs: The next big push for bull run
If Bitcoin's dominance in the crypto market is undeniable, Ethereum's unique functionalities and growing ecosystem make it a force to be reckoned with. The Ethereum blockchain and its native currency, Ether (ETH), serve as the backbone for a vast array of decentralized applications and innovative projects.
Texas crypto company sues SEC for 'overreach' on digital assets
Fort Worth-based crypto company Lejilex and lobbying group Crypto Freedom Alliance of Texas (CFAT) claim the SEC has asserted jurisdiction over the industry without a "clear statutory mandate." Lejilex wants the court to rule that listing pre-existing tokens will not violate securities laws.
China stocks close up after Beijing appoints new securities regulator
For the week, the CSI300 jumped 5.8% and the Shanghai Index advanced 5%, both booking their biggest weekly gain since November 2022. The markets will be closed for the long Lunar New Year holiday from Friday.
Cryptoverse: Bitcoin derivatives traders bet billions on ETF future
Derivatives traders are already piling in, though, betting the Securities and Exchange Commission will give the green light to several ETF hopefuls this week and electrify the market.
US regulator denies Apple, Disney bids to skip votes on AI
In notices dated Jan. 3, the US Securities and Exchange Commission rejected requests by the iPhone maker and by the entertainment giant to exclude from their upcoming annual meetings calls for reports on their use of AI.
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