The NYDFS approved two new stablecoins and sued the OCC; leading crypto firms formed a DC lobbying group; there is now a searchable database of global blockchain projects; Blend appointed former U.S. Treasury Secretary Jack Lew to chair its board of advisors; and LabCFTC will host an emerging trends event on Oct. 3-4 in D.C.
Varo won preliminary approval for a US national bank charter; HSBC is reportedly launching a digital bank startup; IBM plans to demonstrate a blockchain-based cross-border payments service in October; British Airways was hacked, exposing customers’ personal and financial information; and U.K. challenger bank Monese raised $60 million in Series B funding.
State groups are not pleased about the OCC’s decision to accept bank charter applications from fintech firms; IBM and Maersk are partnering on a blockchain-based global supply chain management platform; the NYDFS will begin enforcing new cybersecurity regulations next month; the U.K. FCA established a Global Financial Innovation Network; and China’s Bitmain is on track to become the first blockchain-focused company with $10B in annual revenue.
Citizens Financial launched a new digital bank; IBM is building a blockchain-based corporate filing system for Delaware; former CFPB deputy director Raj Date launched a new consulting firm for fintech regulatory issues; a16z’s new crypto venture fund made its first investment; and Uber will begin allowing users to pay for rides using Venmo.
What’s The Big Idea with the the CFPB and CFTC’s new sandbox? Also: a small blockchain startup in the Cayman Islands is raising $4B through token sales; Amex is using blockchain to support a rewards program; Visa’s European network had an outage; and Chime pulled in $70M in new funding.
The DOJ is investigating crypto price manipulation; U.S. and Canadian regulators are investigating nearly 70 ICOs; BOX and T0 are working on an SEC-compliant, blockchain-based securities exchange; SoFi plans to expand into crypto investing by 2019; and 2018 VC funding for blockchain firms has already surpassed 2017 totals.