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.
The CFPB has a new head of its Office of Innovation and is developing a regulatory sandbox; Coinbase received SEC and FINRA approval to offer tokenized securities on its platform; challenger bank Revolut reported suspected money laundering on its platform to U.K. authorities; Columbia University and IBM partnered on a new blockchain research center; and PayPal led a $50M investment round in merchant payments firm PPRO.
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 CFPB restructured Project Catalyst; Coinbase is making moves; PayPal is buying iZettle for $2.2B; the WSJ found hundreds of fraudulent cryptocurrency offerings; California is considering a new data protection bill; and Circle gained unicorn status after raising $110M in new funding.
The SEC questioned SIFMA about crypto ETFs; Zelle is facing consumer complaints; TechCrunch gives a GDPR primer; Goldman tries to grow its consumer lending portfolio; SC and BB&T have new fintech investment units; and the NYT looks at crypto-mania through the lens of history.
The CFPB outlined new consumer data-sharing principles; J.P. Morgan Chase is buying WePay; IBM and J.P. Morgan are both working DLT cross-border payments projects; you can now use Venmo to pay online; and PayPal’s market cap is now bigger than that of AmEx.