The SEC is on “high alert” for ICOs; the CFTC sued My Big Coin for an alleged Ponzi scheme; Coincheck was hacked for over $500M; Coinbase brought in over $1B in 2017; and blockchain was buzzy at Davos this year.
SoFi has withdrawn its ILC application and the ICBA wants a moratorium on all ILC applications; a DLT PoC shows its potential for global financial services; Hyatt announced it experienced a data breach that exposed customer payment info; China’s government shows its heavy-handedness (again…); and Russia will begin issuing “CryptoRubles” on a blockchain.
The NYDFS wants state legislators to prevent online lenders from imposing out-of-state interest rates on in-state borrowers; TransferWise announced “borderless” accounts, allowing users to open multiple accounts in different currencies; Canada’s central bank concluded that DLT technology is not ready to “underpin” the financial system; Singapore’s financial regulator helped launch a new network to connect and foster Southeast Asian fintech innovators; and the R3 consortium raised $107 million.
SoFi intends to apply for an industrial loan company (ILC) charter in June, which, if successful, would make it the first new ILC in over 10 years; Chinese mobile payment giant Alipay partnered with First Data to enter the U.S. market; Citi invested in DLT firm Axoni; and The Economist looks at how data has become “the world’s most valuable resource,” and what that means for those regulating it.
The WSJ writes that Goldman Sachs has made $1B from selling data gained after its purchase of credit bureau TransUnion; China’s Ant Financial plans to expand its DLT initiatives to increase the transparency of and access to its financial services; the ECB said DLT is not mature enough to be part of Europe’s market infrastructure; China may pass restrictive data rules for foreign businesses; and digital savings firm Digit decided to charge for its service.
The Delaware Corporate Law Council proposed amendments to the state’s corporate law to allow for DLT-based stock records; BlackRock plans to rely more on computer models and algorithms in its stock-picking unit; Japan’s financial regulator will officially recognize Bitcoin as a method of payment starting tomorrow; and the NYDFS’s Maria Vullo discussed her opposition to the OCC’s proposed fintech charter in an American Banker interview.