FIN urged Congress to apply BSA standards to crypto firms; Jay Clayton affirmed his stance that crypto products are subject to existing securities laws; China’s proposed cryptocurrency is taking shape ahead of an expected go-live later this year; Stripe launched a lending product for online businesses; Uber is exploring offering loans to its drivers; the Hong Kong Stock Exchange suffered cyber attacks; and U.K. digital banks are expected to triple their customer base over the next year, but likely will remain unprofitable.
Bitwise filed with the SEC to create a bitcoin ETF; the EBA called on the EU to review its current regulatory stance on crypto assets and consider promulgating new rules; Google was granted an EU payments license; N26 raised $300M, giving it a $2.7B valuation; two prominent UK fintechs are setting up new EU offices ahead of Brexit; China established new anti-anonymity regulations for blockchain firms; and MUFG launched a $185M VC fund focused on fintech.
Square re-filed its ILC charter application; New York established a digital currency task force; Ant is considering acquiring WorldFirst; Google gained an EU e-money license; Robinhood is apparently preparing to expand to the U.K.; and the WSJ profiles the SEC’s Hester Peirce.
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 OCC will begin accepting national bank charter applications from fintechs; the U.S. Treasury released a wide-ranging fintech report; the WSJ found massive manipulation of cryptocurrency markets; IBM and CLS are building a blockchain “app store”; and TechCrunch profiled P2P lending in China.
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.