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.
The House passed a bill establishing a fintech task force; the SEC rejected the Winklevoss application to list a crypto ETF on the BATS BZX exchange; Google banned cryptocurrency mining apps from its app store; the U.K. FCA tightened crowdfunding rules; the NYT looked at Figure and what it says about #MeToo in Silicon Valley; and Flywire raised $100M.
The U.S. Supreme Court backed American Express in an antitrust case; California passed a stringent new privacy law; Andreessen Horowitz launched a cryptocurrency fund; JP Morgan took its mobile-only bank, Finn, nationwide; Facebook reversed its decision to ban all cryptocurrency ads; and Ant Financial launched a cross-border remittance service.
What’s The Big Idea with Circle, Coinbase, and Revolut all making moves to expand their capabilities? Also: The CFTC subpoenaed several crypto exchanges; Ant raised $14B in the largest fundraising round in history; Google published its AI “code of ethics”; Facebook took another privacy hit; and the CFSI unveiled its 2018 FinLab cohort.
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 DOJ is investigating crypto price manipulation; U.S. and Canadian regulators are investigating nearly 70 ICOs; BOX and T0 are working on an SEC-compliant, blockchain-based securities exchange; SoFi plans to expand into crypto investing by 2019; and 2018 VC funding for blockchain firms has already surpassed 2017 totals.