The New York AG reported three crypto exchanges to the NYDFS; U.K. banks were hit with widespread outages; PNC joined Ripple Net; California prepared the first U.S. IoT security legislation; the U.K. parliament published a report calling for crypto regulation; and Fannie Mae’s GC joined Coinbase.
Fintechs are getting into subprime credit card lending; Tether is facing scrutiny about its cash reserves; Coinbase acquired blockchain identity startup Distributed Systems; the WEF reported on AI and financial services; and Monzo is close to $150M in new funding, which would value it at nearly $1.5 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.
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 charged a startup with fraud related to an initial coin offering (ICO); Coinbase is considering becoming an SEC-regulated brokerage; PayPal is rolling out a new debit card and direct deposit service; Monex acquired embattled crypto exchange Coincheck; and India imposed strict constraints on digital currency activities in the country.
The IRS and SEC upping the pressure on crypto investors; Gemini established a crypto SRO; Coinbase received an FCA e-money license; Google will ban crypto ads; Robinhood eyes a $5B valuation; and Circle launched its new crypto platform.