FIN urged Congress to apply BSA standards to crypto firms; Jay Clayton affirmed his stance that crypto products are subject to existing securities laws; China’s proposed cryptocurrency is taking shape ahead of an expected go-live later this year; Stripe launched a lending product for online businesses; Uber is exploring offering loans to its drivers; the Hong Kong Stock Exchange suffered cyber attacks; and U.K. digital banks are expected to triple their customer base over the next year, but likely will remain unprofitable.
The SEC brought suit against Kik for its $100 million token offering that allegedly violated U.S. securities laws; JPMorgan is shuttering its mobile-only bank Finn one year after its nationwide rollout; Facebook plans an independent foundation to run its proposed cryptocurrency; the FSB considers the effect of decentralized financial technology on financial stability; and a survey finds half of EU businesses are unprepared for new security rules for payments.
Kik is crowdfunding money to officially challenge the SEC’s ruling that its Kin token is subject to securities rules; IBM and Maersk expanded their successful blockchain-based TradeLens shipping consortium; Facebook’s GlobalCoin is reportedly set to launch in early 2020; the German Bundesbank was critical of blockchain following a test of its ability to facilitate securities transactions; TransferWise raised nearly $300M in new funding, giving it a $3.5B valuation; and Plaid expanded services to the U.K.
The SEC delayed its decision on Bitwise’s proposed bitcoin ETF again; Paytm is working with Citi to launch its first physical card in India; Investec shut down its robo-advisory business; the ECB produced a white paper exploring the risk to the EU posed by crypto assets; British MPs called for shared bank hubs; Coinbase expanded global access to the USD Coin stablecoin; and crypto trading platform eToro is expanding to the U.S.
The SEC issued new guidance on digital assets, and also issued a no-action letter regarding digital token use; BNY Mellon and BlackRock partnered on a data sharing agreement; the FSB published a directory of global crypto-asset regulators; Affirm raised $300M in Series F funding; and JP Morgan CEO Jamie Dimon highlighted developments in AI, fintech, and China in his annual letter to shareholders.
The U.S. SEC delayed making a decision on two bitcoin ETFs; FICO and Equifax announced they plan to sell customer data to banks; a new report indicates that the majority of crypto exchanges lack appropriate KYC and AML controls; Apple announced it will introduce a new credit card in partnership with Goldman Sachs and Mastercard; and Hong Kong’s securities regulator announced new guidance on crypto token offerings.