The CFPB launched a program to encourage collaboration between state and federal regulators on financial innovation; the London Stock Exchange unanimously rejected the Hong Kong Exchange’s £29.6 billion takeover bid; Switzerland’s financial regulator published new guidance on stablecoins and confirmed that the Libra Association requested an assessment of its Libra coin; Blockstack raised more than $20 million in the first SEC-approved token sale; and Stripe launched a corporate credit card for business customers.
The SEC settled with DJ Khaled and Floyd Mayweather for improperly promoting ICOs; CLS launched its blockchain-based CLSNet payments netting service; the ECB launched its TIPS platform; Marriott disclosed a data breach affecting up to 500 million customers; Monzo wants to raise £20M through crowdfunding; and SEC Chair Jay Clayton commented on the possibility of an approved crypto ETF.
The SEC reached settlements with two firms that conducted unregistered ICOs; Bitcoin Cash split over concerns around proposed network changes; the NYDFS granted a new BitLicense to the New York Digital Investment Group; France intends to introduce new ICO rules early next year; Revolut hopes to raise $500 million to bankroll its expansion into the U.S. market; the head of the IMF encouraged central banks to consider adopting cryptocurrencies; and the Economist explores the impact of quantum computing on encryption and data security.
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.
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.
A group of U.S. Representatives requested greater clarity from the SEC on ICOs; Facebook discovered that hackers gained access to up to 50 million user accounts; Goldman Sachs launched its Marcus platform in the UK; Bitmain filed for an IPO on the Hong Kong Stock Exchange; Stripe raised $245M, at a $20B valuation; and Circle unveiled USDC, a new stablecoin to facilitate trading on crypto exchanges.