TFU | July 22-28

The U.S. Treasury Secretary said U.S. regulators are likely to issue new crypto regulations; despite misgivings about Facebook, Congress appears unlikely to block its plans to go live with Libra; the IRS is warning U.S. taxpayers to review and potential revise their tax returns to account for gains from crypto transactions; Apple’s new credit card is expected to launch in August; Robinhood raised over $300 million at a $7.6B valuation; and Facebook is readying its launch of WhatsApp Pay in India.

TFU | July 15-21

U.S. lawmakers voiced their concerns regarding Facebook’s Libra rollout; Australian digital bank 86 400 was granted a banking license; The FCA announced its partnership with the Alan Turing Institute to explore the use of AI in the financial sector; N26 raised an additional $170M; and Jamie Dimon said he does not expect Libra to have a short-term impact on JP Morgan.

TFU | July 1-7

The U.S. House Financial Services Committee formally requested that Facebook halt its planned Libra rollout; the U.K. FCA proposed a ban on derivatives tied to crypto assets; IBM’s TradeLens consortium added new members; the forthcoming Libra currency is already attracting digital scammers and domain squatters hoping to make a quick profit; and the Financial Times published an opinion piece on why central banks should issue digital currencies.

TFU | Jun. 24-30

We look at the recent news and reactions to the Libra cryptocurrency in our “Big Idea”; the CFTC established its LabCFTC Accelerator to further support its fintech R&D efforts; Congress investigated the use of algorithms in lending decisions; TransferWise announced it will launch in the U.S. market; Monzo raised £113M to support its U.S. expansion; and JPMorgan is rumored to be launching a digital banking operation.

TFU | Jun. 17-23

Facebook announced its new cryptocurrency, Libra, which brought immediate scrutiny from global lawmakers, including the U.S. Senate Banking Committee; Alipay partnered with six European mobile wallets to implement QR codes in their services; Ripple invested $50M in MoneyGram, which will use Ripple technology to conduct money transfer and settlement; two Nordic banks are trimming compliance staff in favor of AI tools; and Grab is considering applying for a Singaporean banking license.

TFU | May 6-12

The Senate Banking Committee is seeking details from Facebook about its reported stablecoin project; the Binance crypto exchange was hacked, causing a loss of about $40M; Nordea launched its IBM-built we.trade blockchain platform; Facebook is ramping up its Whatsapp-based mobile payments plans, centering its efforts in London; the HKMA approved four new virtual banking licenses; and SoFi launched two new ETFs.