In new report, Fed flirts with central bank digital currencies

In new report, Fed flirts with central bank digital currencies

Late last week, the Federal Reserve released a 40-page report on the potential creation of a digital U.S. dollar, inviting explicit policy guidance from the White House and Congress.

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Visa, ConsenSys eye central bank digital currencies

Visa, ConsenSys eye central bank digital currencies

Visa has partnered with blockchain technology company ConsenSys to let central bank digital currencies (CBDCs) expand through existing financial networks.

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Will Fidelity’s spot bitcoin ETF launch in Canada force the hand of US regulators?

Will Fidelity’s spot bitcoin ETF launch in Canada force the hand of US regulators?

Fidelity earlier this month launched a spot bitcoin exchange-traded fund (ETF) offering in Canada, a product which differs from bitcoin-linked ETFs currently approved in the U.S., which are bitcoin futures-based ETFs.

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Regulators will crack down on banks that are overly reliant on overdraft fees

Regulators will crack down on banks that are overly reliant on overdraft fees

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said the regulator plans to enhance its scrutiny of banks that are “heavily dependent” on overdraft fees, hinting at enforcement actions that could follow.

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BlockFi in hot water with regulators over crypto lending product

BlockFi in hot water with regulators over crypto lending product

Cryptocurrency exchange BlockFi is in the crosshairs of the Securities and Exchange Commission (SEC) over a product that pays high interest rates for lending out their digital tokens.

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Robo-advisers aren’t acting in client interests, SEC says

Robo-advisers aren’t acting in client interests, SEC says

Robo-advisers tout their transparency of fees and pro-consumer approaches, but the Securities and Exchange Commission (SEC) found that many were misleading clients through their advertising and not acting in clients’ best interests.

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Regulators demand bank-like oversight for stablecoin issuers

Regulators demand bank-like oversight for stablecoin issuers

A report from the President’s Working Group on Financial Markets this week highlighted regulators’ desire for a closer watch on stablecoin issuers, particularly given concerns about how secure they are.

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Crypto advocates seek clarity on measuring the climate impact of mining activities

Crypto advocates seek clarity on measuring the climate impact of mining activities

As the United Nations Climate Change Conference (COP 26) begins in Glasgow, a crypto trade group called Global Digital Finance is lobbying for more concrete parameters on how to measure the environmental impact of digital assets.

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Justice Department investigates Visa’s fintech relationships

Justice Department investigates Visa’s fintech relationships

The U.S. Justice Department is probing Visa’s relationships with fintech firms as part of a bigger antitrust investigation of the company, a new report suggests.

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German regulator BaFin imposes new sign-up caps on neobank N26

German regulator BaFin imposes new sign-up caps on neobank N26

N26, a Germany-based neobank with a global presence, has been ordered by German financial regulator BaFin to limit new account signups in an effort to slow down its expansion.

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SEC stirs up debate on whether ‘nudges’ from financial apps are recommendations

SEC stirs up debate on whether ‘nudges’ from financial apps are recommendations

In-app “nudges” or suggestions are expected offerings from digital financial platforms, but there is debate around whether they are forms of financial advice that need to be regulated.

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Lender Opportun withdraws bank charter application

Lender Opportun withdraws bank charter application

Opportun, a California-based consumer lender, announced it’s pulling a bank charter application it filed last year. The company said it would amend elements of its application to “reflect changes to our business.”

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Department of Justice creates team to investigate criminal misuse of cryptocurrencies

Department of Justice creates team to investigate criminal misuse of cryptocurrencies

The Department of Justice unveiled its National Cryptocurrency Enforcement Team this week, a body that will deploy cyber and money laundering expertise to go after crypto actors engaged in criminal wrongdoing.

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SEC Chair Gensler says a crypto ban would be ‘up to Congress’

SEC Chair Gensler says a crypto ban would be ‘up to Congress’

Securities and Exchange Commission (SEC) chair Gary Gensler told the House Financial Services Committee this week that the SEC would not follow China’s lead and ban cryptocurrencies.

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UK neobank Monzo pulls US bank charter application

UK neobank Monzo pulls US bank charter application

U.K.-based digital bank Monzo pulled its U.S. bank charter application after it was told by regulators it wasn’t likely to be approved.

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