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Kayode Oyero
A civil society organisation, the Digital Rights Lawyers Initiative, has dragged the Central Bank of Nigeria and Securities and Exchange Commission to court over the recent action of the apex bank that Deposit Money Banks should desist from transacting in and with entities dealing in cryptocurrencies.
In Suit No. FHC/L/CS/ 188/2021 filed on Monday, February 8, 2021 at the Federal High Court in Lagos, the group said the CBN, which is the first defendant, lacked the power to restrict financial institutions from dealing in cryptocurrency transactions.
The digital rights lawyers argued that the second defendant, SEC, had in a circular dated September 14, 2020, declared cryptocurrencies as legal digital assets “protected under section 44 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended)”.
GameStop frenzy leaves mess for Wall Street regulators
Tory Newmyer and David J. Lynch, The Washington Post
Feb. 3, 2021
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Long before an army of small investors buying shares of GameStop shocked Wall Street, regulators saw the need for a clearer, real-time view of the trillions of dollars that sloshed through the markets each day.
In May 2010, a trader in London using an algorithm to manipulate a futures market helped trigger a chain reaction that wiped 9% off the Dow Jones industrial average in minutes. The market quickly recovered. But that flash crash underscored regulators urgent need for a tool that would allow them to pinpoint who was buying and selling what securities down to the millisecond, equipping them to monitor a business already transformed by the explosion of computerized trading.