The U.S. House heard testimony on fintech and regulation; Zelle is adding 100,000 new customers per day; Lightning Network could mean much more efficient crypto transactions; S. Korea is not banning crypto exchanges; and Alibaba is taking a 33% stake in Ant. Also: what’s the Big Idea with the SEC and CFTC stepping up crypto scrutiny?
The SEC questioned SIFMA about crypto ETFs; Zelle is facing consumer complaints; TechCrunch gives a GDPR primer; Goldman tries to grow its consumer lending portfolio; SC and BB&T have new fintech investment units; and the NYT looks at crypto-mania through the lens of history.
J.P. Morgan launched a new digital bank for millennials. Zelle partnered with IBM. The U.K. said that crypto-currencies are a “low risk” for terrorist financing. The DTCC published a white paper on the current state of fintech. And what’s the Big Idea with America’s fintech lag? Plus, Happy Halloween!
The Basel Committee publishes a new paper on fintech. Square applies for an ILC charter. And what’s the Big Idea with ICOs?
The U.S. House of Representatives relaunched its “Blockchain Caucus,” which focuses on issues related to DLT policy; BoA became the first bank to launch mobile payments on the Zelle network; Facebook now offers cross-border payments in its Messenger app, thanks to a new partnership with Transferwise; China’s largest P2P lender, Lufax, will offer online wealth management tools to China’s retail investing market; Goldman Sachs was named “Most Innovative in Finance” by Fast Company; and Bill Gates argues that governments should tax companies that replace human workers with AI-enhanced robots.