Latest news with #Dodd-Frank
Yahoo
23-05-2025
- Business
- Yahoo
'Clear momentum': OKX plots full-scale US comeback
Crypto exchange giant OKX is making a return to U.S. soil with its full brand behind the push, this time under the leadership of Roshan Robert, a seasoned TradFi and crypto executive who joined in September 2024 to spearhead the U.S. expansion. 'I joined OKX in September of 2024 with the mandate to build out the franchise here in the [U.S.],' Robert said in an interview with Scott Melker, host of TheStreet Roundtable and The Wolf of All Streets podcast. 'Amongst the roles straddling both TradFi and crypto, I'd like to highlight two... I was at Barclays at a time when the Dodd-Frank regulations were being implemented... [and] was part of the founding team [at Hidden Road] and took on the dual responsibilities of Groups COO and Groups ECO.' Now, he's bringing that dual-background discipline to OKX's U.S. strategy. 'Robust risk management, strong compliance, focus on client money controls and cybersecurity,' he said. Melker noted the significance of this relaunch. 'OKX's previous presence was with OKCoin... It seems like this is a bit different... Is that an accurate assessment?' 'Absolutely,' Robert confirmed. 'It is one single brand and we are coming to the US with a better product.' That 'better product' includes a centralized spot exchange and a Web3 wallet built specifically for U.S. users. 'Right now what we're doing is we're bringing on a centralized exchange for spot markets,' Robert said. 'We're not looking at perps right now because we don't have a DCM... As of now, we plan to really expand our spot market, launch the centralized exchange, have the full wallet tailored for US users.' Robert remains optimistic. 'There is a clear momentum as far as regulatory infrastructure is concerned... Over time we will definitely look to expand the market and expand across multiple areas and multiple products.' On April 16, OKX officially announced its expansion into the United States, marking a significant milestone for the company as it brings its full-scale platform to U.S. users. The exchange launched trading operations across 46 states and Washington, D.C., and simultaneously named Roshan Robert as the new CEO of OKX U.S. Robert, a veteran of Barclays and PricewaterhouseCoopers, will lead the charge from the company's newly established headquarters in San Jose, California. As part of this relaunch, OKX introduced a new self-custody wallet supporting over 130 blockchains and offering features such as token swaps, cross-chain transfers, NFT access, and Web3 dApp integration. 'Clear momentum': OKX plots full-scale US comeback first appeared on TheStreet on May 23, 2025
Cision Canada
13-05-2025
- Business
- Cision Canada
Bullish partners with the Gibraltar Government and GFSC to pioneer world's first crypto clearing regulation
GIBRALTAR, May 13, 2025 /CNW/ -- Bullish, one of the fastest-growing regulated virtual asset exchanges, today announced its partnership with the Gibraltar Government and the Gibraltar Financial Services Commission (GFSC) to develop the world's first regulation for the clearing and settlement of derivative contracts settled in virtual assets. This innovation will enable virtual asset derivative contracts to be cleared and settled in virtual assets by a recognized clearing house for the first time. This groundbreaking initiative moves beyond the limitations of traditional fiat-based clearing and settlement infrastructure and marks a significant milestone in the evolution of virtual asset regulation. Over the past six months, Bullish and the GFSC have collaborated and agreed to create a regulatory framework that seamlessly adapts traditional finance clearing regulations with the unique requirements and capabilities of the virtual asset market. For example, under the proposed clearing framework, select virtual assets may be eligible as collateral and settlement currency. The selection criteria will follow the principles underpinning existing traditional clearing regulations. Additionally, the framework will expand the range of institutions authorized to hold collateral, enhancing market integrity and participation while mitigating key risks. Setting the standard for a crypto clearing solution Major virtual asset exchanges have been performing the clearing function without appropriate regulatory oversight, leading to failures impacting customers. The proposed regime introduces a regulated clearing house entity, separate and independent from the exchange and its participants, with improved transparency and capitalization to strengthen market infrastructure protection. In a separate announcement, His Majesty's Government of Gibraltar expressed its enthusiasm for the framework, which fosters trust, resilience, and integrity in virtual asset markets. Bullish warmly welcomes their announcement and is excited to work alongside the government and GFSC to bring this groundbreaking regulatory framework to fruition. "There is currently no regulation that specifically addresses the clearing needs of the crypto industry. We aim to change that by introducing a framework that manages risk for virtual asset trading and is aligned with traditional market infrastructure standards," said Tom Farley, Bullish Group CEO. "While Central Counterparties have become more robust in other asset classes, this initiative will bring that same robust risk management and regulatory oversight to the crypto clearing space that EMIR & Dodd-Frank brought to traditional derivatives markets. We welcome the announcement from the government of Gibraltar and look forward to introducing our joint proposal to the market." The Hon Nigel Feetham KC MP, Minister for Financial Services adds, "Gibraltar is renowned for pioneering clear regulation and embracing forward-looking technology, being the first jurisdiction globally to introduce legislation for firms using Distributed Ledger Technology. We are excited to deepen our relationship with Bullish and to introduce this unprecedented virtual asset clearing solution to the market." Bullish exchange poised to become first regulated virtual asset clearing house globally In anticipation of the new framework, Bullish plans to introduce its Clearing Services offering alongside Options trading later this year. This initial launch will integrate a variety of clearing benefits into the market as Bullish moves toward establishing a standalone clearing house under the new regulatory framework. With licenses from the GFSC, the German Federal Financial Supervisory Authority (BaFin), and the Hong Kong Securities and Futures Commission (SFC), Bullish is well-positioned to set the standard for virtual asset clearing solutions. "Our long-term goal is to establish a robust regulatory framework that not only meets the current needs of the virtual asset ecosystem but also anticipates future developments. This initiative underscores our commitment to operating a regulated, compliant exchange that supports institutional participation with an end-to-end clearing solution," said Randi Abernethy, Head of Clearing and Group Risk at Bullish. "Several market participants have already voiced strong support for our business model because they recognize the value of regulated central clearing. We look forward to Bullish becoming the first operational regulated digital assets clearing house in the world." In advance of this, Bullish will form a clearing member working group to bring industry leaders together to share their expertise, establish the initial clearing network, and enhance the robustness of Bullish's clearing ecosystem. Media contact Bullish [email protected] HM Government of Gibraltar [email protected] Gibraltar Financial Services Commission [email protected] About Bullish exchange With a focus on developing products and services for the institutional digital assets sector, Bullish has rewired the traditional exchange to benefit asset holders, enable traders and increase market transparency. Supported by the Group's well-capitalized treasury, Bullish's digital asset spot and derivatives trading services utilize high-performance central limit order matching and proprietary market making technology to deliver deep liquidity and tight spreads within a compliant framework. Launched in November 2021, the exchange is available in 50+ select jurisdictions in Asia Pacific, Europe, Africa, and Latin America. Bullish prioritizes compliance and safeguarding customer assets through robust security measures and regulatory oversight. The business is licensed by the Hong Kong Securities and Futures Commission, German Federal Financial Supervisory Authority, and the Gibraltar Financial Services Commission. For more information on the Bullish exchange, please visit and follow LinkedIn and X. Forward-Looking Statements This press release may include "forward-looking statements" relating to future events or the Bullish Group's future financial or operating performance, business strategy, and potential market opportunity. Such forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Bullish Group, are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. You should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made, and the Bullish Group undertakes no duty to update these forward-looking statements.
Yahoo
01-05-2025
- Business
- Yahoo
Proxy Battles and Succession Questions Loom Over Berkshire's 2025 Annual Meeting
Berkshire Hathaway (NYSE:BRK.A) heads into its May 3 annual meeting in Omahafamously dubbed the Woodstock of Investingwith seven shareholder proposals on the ballot, covering clean energy financing metrics, pay-ratio disclosures, diversity oversight, and AI risk governance, all of which the board urges investors to vote down. The slate begins with the National Legal and Policy Center's call for an annual breakdown of voluntary environmental costs at Berkshire Hathaway Energybeyond federal and state mandatesa request Berkshire rebuffs, noting it already publishes detailed performance reports. Shareholder Jing Zhao presses for executive pay-ratio disclosures beyond Dodd-Frank requirements, while the American Conservative Values ETF seeks an audit of purported divisive civil-rights training, a motion Berkshire insists is based on false premises. The National Center for Public Policy Research wants a legal and reputational risk audit of race-based initiatives at subsidiaries like Geico and Shaw Industries, even as those businesses develop compliance-driven diversity programs independently. Meredith Benton of Whistle Stop Capital asks for a board committee on inclusion strategya function Berkshire's audit committee already coversand Tulipshare Capital proposes an independent AI oversight committee, which Berkshire says its annual risk assessment already encompasses. Finally, As You Sow returns with its clean energy financing ratio request, a banking-style metric it argues holds insurers to similar scrutiny, even though Berkshire maintains it is not a bank. Last year's proxy fight set the stage: As You Sow's clean energy metric earned 21% support overall and nearly 40% of independent votes, while Whistle Stop's DEI effectiveness proposal captured 20.5% overall (38.7% of independents), and Illinois Treasurer Michael Frerichs' greenhouse-gas emissions disclosure ask won 17.7%. Proxy solicitor Georgeson and the UK Corporate Governance Code view any proposal with 20%+ supporteven if not adoptedas warranting a formal company response, a dynamic that could compel Berkshire to revisit its disclosure stance. BlackRock, meanwhile, cautions against micromanaging board strategy with overly prescriptive resolutions. Investors should care because these votes will reveal whether Berkshire's famously hands-off culture can withstand growing ESG demands. A strong showing for any anti-management proposal could mark a turning point, pressuring Warren Buffett (Trades, Portfolio) and his eventual successor to adapt Berkshire's governance model to modern expectations. With Buffett's opening remarks keenly awaited for clues on succession and capital deployment, and the shareholder votes set to close on May 3, this year's gathering will test whether Berkshire's rock-solid reputation in value investing can weather the storm of mounting governance challenges. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
House Republicans advance ‘best shot' at reining in Obama-era consumer protections
House Republicans on Wednesday advanced legislation that seeks to significantly limit the funding the Consumer Financial Protection Bureau (CFPB) is able to access, a move Democrats say would 'dismantle' the agency. The GOP-led House Financial Services Committee on Wednesday afternoon voted 32-20 along party lines to make major changes to the funding structure for the consumer watchdog, which was established during the Obama administration in the aftermath of the 2008 financial crisis. The measure would also add to the chopping block a key audit watchdog created in 2002 off the heels of the Enron scandal, among other changes. The markup is just one of a series that House Republicans have held this week as they work to assemble a significant package to advance President Trump's tax agenda and spending cuts. For its role in the process, the Financial Services Committee was instructed to find at least $1 billion in savings as Republicans seek well more than a trillion dollars in cuts to government funding as part of the evolving plan. While key details of that plan are still coming into view, Republicans won't be counting on any Democratic support for the emerging package as their colleagues across the aisle have ramped up their opposition campaign to the slew of partisan proposals. In their hearing on Wednesday, Democrats criticized proposals that they said could lead to the CFPB's budget being slashed by 70 percent, while describing the proposed cuts as offsets to pay for Trump's proposed tax cuts. 'The bill before us, as you know, would not only dismantle the Consumer Financial Protection Bureau, which provides critical support for people who are being taken advantage of, it also takes the civil penalty fund … from CFPB, and sweeps it to the Treasury to pay, ultimately, for the enormous, the trillions of dollars of tax giveaways to the most wealthy in the United States without helping those who have been harmed,' Rep. Brittany Pettersen (D-Colo.) said during the markup session. Democrats have hailed the CFPB as one of the most successful creations of the 2010 Dodd-Frank Wall Street reform law, praising its aggressive track record of enforcing consumer protection laws, while defending it as the only agency with the sole responsibility for protecting consumers. At the same time, Republicans have long pressed for measures to rein in the agency, which they have argued has too much power and independence from Congress. The CFPB has also faced legal challenges over how it's funded, as Republicans have pushed for the agency to be funded through the annual appropriations process in Congress that many other federal agencies are subject to instead of the Federal Reserve. As part of its funding structure, the CFPB receives transfers from the central bank not exceeding a cap set at 12 percent of the Federal Reserve System's total operating expenses. The GOP-crafted recommendations considered in the committee on Wednesday would, if enacted, significantly reduce the amount of funding the agency can receive from the central bank, setting that cap to 5 percent. The CFPB can also tap into the Civil Penalty Fund mainly for payments for victims, but the Congressional Research Service (CRS) said it 'may also be used for consumer education and financial literacy.' In fiscal 2023, the CRS said unobligated balances in the fund totaled $2.5 billion, while noting the CFPB often has 'not spent the entirety of the funding provided toward its operations, leaving money for unobligated balances that it could keep in reserve.' The legislation considered Wednesday would also call for 'excess amounts' from the Civil Penalty Fund to be transferred to the general fund of the Treasury. In remarks to The Hill on Tuesday, Rep. Lisa McClain (R-Mich.) said she thinks the measure is lawmakers' 'best shot' at limiting the agency. Not only would the proposal help rein in spending, McClain said, it would also rein in 'the CFPB in their overreach of authority.' 'It's like we have government agency on top of government agency on top of government agency. We don't need that,' she said. The committee also greenlighted proposed changes to the Public Company Accounting Oversight Board (PCAOB) that its chair, Erica Williams, said earlier this week would 'eliminate the PCAOB as we know it.' Among the changes agreed to on Wednesday evening were measures to transfer the board's powers and duties, as well as its intellectual property, to the Securities and Exchange Commission (SEC). Williams said this week that she was 'deeply troubled' by the proposals and emphasized the contrast between her agency's work from the SEC's operations. 'The unique experience and expertise built up by the PCAOB over decades cannot simply be cut and pasted without significant risk to investors at a time when markets are already volatile,' she said, according to prepared remarks, adding the 'disruption to inspections alone while a new program gets up and running could last years.' She also pointed to the PCAOB's work abroad, noting local laws in many countries 'require cooperative agreements that the PCAOB has secured over years of negotiation to ensure we have the access necessary to inspect and investigate completely.' 'None of the agreements contain provisions that would allow the PCAOB's privileges and responsibilities under the agreements to be transferred to the SEC. They would have to be renegotiated before inspections could be conducted, which could take years,' she said. However, the PCAOB's budget has also come under scrutiny in recent years. SEC Commissioner Hester Peirce, a Trump appointee, described its budget as 'ballooning' in 2022, while raising concerns about an 'overly ambitious agenda.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
01-05-2025
- Business
- The Hill
House Republicans advance ‘best shot' at reining in Obama-era consumer protections
House Republicans on Wednesday advanced legislation that seeks to significantly limit the funding the Consumer Financial Protection Bureau (CFPB) is able to access, a move Democrats say would 'dismantle' the agency. The GOP-led House Financial Services Committee on Wednesday afternoon voted 32-20 along party lines to make major changes to the funding structure for the consumer watchdog, which was established during the Obama administration in the aftermath of the 2008 financial crisis. The measure would also add to the chopping block a key audit watchdog created in 2002 off the heels of the Enron scandal, among other changes. The markup is just one of a series that House Republicans have held this week as they work to assemble a significant package to advance President Trump's tax agenda and spending cuts. For its role in the process, the Financial Services Committee was instructed to find at least $1 billion in savings as Republicans seek well over a trillion dollars in cuts to government funding as part of the evolving plan. While key details of that plan are still coming into view, Republicans won't be counting on any Democratic support for the emerging package as their colleagues across the aisle have ramped up their opposition campaign to the slew of partisan proposals. In their hearing on Wednesday, Democrats criticized proposals that they said could lead to the CFPB's budget being slashed by 70 percent, while describing the proposed cuts as offsets to pay for Trump's proposed tax cuts. 'The bill before us, as you know, would not only dismantle the Consumer Financial Protection Bureau, which provides critical support for people who are being taken advantage of, it also takes the civil penalty fund … from CFPB, and sweeps it to the Treasury to pay, ultimately, for the enormous the trillions of dollars of tax giveaways to the most wealthy in the United States without helping those who have been harmed,' Rep. Brittany Pettersen (D-Colo.) said during the markup session. Democrats have hailed the CFPB as one of the most successful creations of the 2010 Dodd-Frank Wall Street reform law, praising its aggressive track record of enforcing consumer protection laws, while defending it as the only agency with the sole responsibility protecting consumers. At the same time, Republicans have long pressed for measures to rein in the agency, which they have argued has too much power and independence from Congress. The CFPB has also faced legal challenges over how it's funded, as Republicans have pushed for the agency to be funded through the annual appropriations process in Congress that many other federal agencies are subject to instead of the Federal Reserve. As part of its funding structure, the CFPB receives transfers from the central bank not exceeding a cap set at 12 percent of the Federal Reserve System's total operating expenses. The GOP-crafted recommendations considered in the committee on Wednesday would, if enacted, significantly reduce the amount of funding the agency can receive from the central bank, setting that cap to 5 percent. The CFPB can also tap into the Civil Penalty Fund mainly for payments for victims, but the Congressional Research Service (CRS) said it 'may also be used for consumer education and financial literacy.' In fiscal year 2023, the CRS said unobligated balances in the fund totalled $2.5 billion, while noting the CFPB often has 'not spent the entirety of the funding provided toward its operations, leaving money for unobligated balances that it could keep in reserve.' The legislation considered Wednesday would also call for 'excess amounts' from the Civil Penalty Fund to be transferred to the general fund of the Treasury. In remarks to The Hill on Tuesday, Rep. Lisa McClain (R-Mich.) said she thinks the measure is lawmakers' 'best shot' at limiting the agency. Not only would the proposal help rein in spending, McClain said, it would also rein in 'the CFPB in their overreach of authority.' 'It's like we have government agency on top of government agency on top of government agency. We don't need that,' she said. The committee also greenlit proposed changes to the Public Company Accounting Oversight Board (PCAOB) that its chair, Erica Williams, said earlier this week would 'eliminate the PCAOB as we know it.' Among the changes agreed to on Wednesday evening to were measures to transfer the board's powers and duties, as well as its intellectual property, to the Securities and Exchange Commission (SEC). Williams said this week that she was'deeply troubled' by the proposals and emphasized the contrast between her agency's work from the SEC's operations. 'The unique experience and expertise built up by the PCAOB over decades cannot simply be cut and pasted without significant risk to investors at a time when markets are already volatile,' she said, according to prepared remarks, adding the 'disruption to inspections alone while a new program gets up and running could last years.' She also pointed to the PCAOB's work abroad, noting local laws in many countries 'require cooperative agreements that the PCAOB has secured over years of negotiation to ensure we have the access necessary to inspect and investigate completely.' 'None of the agreements contain provisions that would allow the PCAOB's privileges and responsibilities under the agreements to be transferred to the SEC. They would have to be renegotiated before inspections could be conducted, which could take years,' she said, including China. However, the PCAOB's budget has also come under scrutiny in recent years. SEC Commissioner Hester Peirce, a Trump appointee, described its budget as 'ballooning' in 2022, while raising concerns about an 'overly ambitious agenda.'
