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.
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.
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.