The SEC reached settlements with two firms that conducted unregistered ICOs; Bitcoin Cash split over concerns around proposed network changes; the NYDFS granted a new BitLicense to the New York Digital Investment Group; France intends to introduce new ICO rules early next year; Revolut hopes to raise $500 million to bankroll its expansion into the U.S. market; the head of the IMF encouraged central banks to consider adopting cryptocurrencies; and the Economist explores the impact of quantum computing on encryption and data security.
The SEC plans to release “plain English” guidance on ICOs; American Express became the first foreign card provider to be approved to enter the Chinese card market; Credit Karma acquired Noddle and entered the U.K. market; HSBC disclosed a data breach affecting some of its U.S. retail customers; and Vox profiled Initiative Q, a new cryptocurrency and payments network.
The WSJ profiled the increasing use of “alternative data” to track people and their financial choices; the world marked the ten-year anniversary of the invention of bitcoin; the NAC revealed a scam involving California ATMs; Monzo achieved unicorn status after raising an additional £85M; Coinbase raised $300M in new funding and is now valued at $8B; and Quartz commemorated the tenth anniversary of the invention of bitcoin with an investigation into its mysterious creator, Satoshi Nakamoto.
The CSBS refiled suit against the OCC; the FDIC is creating an office of innovation; Coinbase was approved to be a NY qualified custodian; Apple CEO Tim Cook decried the “data-industrial complex”; Cathay Pacific and British Airways both disclosed new data breach details; and IBM is acquiring Red Hat for a reported $33B.
Consumer groups voiced opposition to the CFPB’s proposed sandbox; North Dakota issued cease and desist orders against three firms offering ICOs; PwC and Cred are developing a new stablecoin; PayPal and Walmart announced a new partnership; Gary Cohn joined Spring Labs as an advisor; and losses related to crypto hacks in 2018 are approaching $1 billion.
A U.S. House bill proposed establishing a working group to define blockchain and recommend possible governmental use cases; TD Ameritrade and Virtu are backing regulated digital currency exchange ErisX; Circle is buying SeedInvest in a move that could bring crypto assets to equity crowdfunding; Coinbase is reportedly approaching new funding and an $8B valuation; and German challenger bank N26 launched in the U.K.