Digital currency and ICO regulation continues to dominate the news: The SEC set up a new unit dedicated to it and brought charges for ICO-related fraud; Overstock has a new SEC-compliant exchange platform in the works; Japanese banks are making a national digital currency; and South Korea banned ICOs.
The OCC says it’s not ready for fintech applications; the CFPB approves its first no-action letter; Cagney steps down from SoFi amid scandal; China bans crypto exchanges; and what’s the Big Idea with open banking?
The Basel Committee publishes a new paper on fintech. Square applies for an ILC charter. And what’s the Big Idea with ICOs?
Fed Governor Lael Brainard spoke about banks’ place in the fintech ecosystem; Juniper Research projected that the total value of digital payments will reach $3.9 trillion in 2017; the American credit unions are studying how to leverage DLT; the Center for a New American Security examined the risk that virtual currencies may be used to finance terrorism on a wide scale; and White & Case examined the ability of AI to improve bank compliance functions.