The NYDFS approved two new stablecoins and sued the OCC; leading crypto firms formed a DC lobbying group; there is now a searchable database of global blockchain projects; Blend appointed former U.S. Treasury Secretary Jack Lew to chair its board of advisors; and LabCFTC will host an emerging trends event on Oct. 3-4 in D.C.
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.
A federal judge dismissed the New York’s challenge to the OCC fintech charter; the SEC halted an in-progress ICO; Bitcoin futures trading debuted; JPMorgan and Barclays joined IBM’s quantum computing initiative; and Wired looks at China’s social credit scoring platforms “for everything in your life.”
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.
The NYDFS sued the OCC over its proposed “fintech charter,” while the CSBS announced a new initiative to “modernize” state regulation of fintech firms; the CFTC created an internal fintech lab to engage with new products and innovators; SoFi is expanding into the wealth management market; the DTCC produced a new white paper on cloud-based financial markets infrastructure; and IBM is working to build “the world’s first securities lending blockchain platform.”