Brian Brooks, former acting Comptroller of the Currency during the Trump administration, said the head of “one of the two largest banks in the United States” was considering a ban on gun purchases using the bank’s debit and credit cards. Brooks convinced the bank CEO to not go ahead with the move.
Read MoreThe Netherlands Authority for Consumers and Markets (ACM) said Apple will comply with a ruling that requires the computing giant to allow other payments methods for dating app purchases. Penalty payments surrounding the case totaled €50M.
Read MoreInvestigative work by Reuters suggests Binance has processed more than $2.35B in crypto originating from hacks, fraud, and illegal drug sales. The volume of illicit crypto processed by Binance has plummeted since it established KYC/AML protocols, but the crypto exchange has still failed to cooperate with cybercrime investigators on several occasions since then.
Read MoreSEC Chair Gary Gensler is expected to outline new rules to make the stock market more efficient for small investors and public companies.
Read MoreSenators Cynthia Lummis (R., WY) and Kirsten Gillibrand (D., NY) introduced a bill called the Responsible Financial Innovation Act, which proposes a “complete regulatory framework for digital assets.”
Read MoreJonathan Lofthouse, Head of Markets and Enterprise Risk Technology, said Citigroup plans to hire more than 4,000 tech workers to help digitize services for institutional clients.
Read MoreReporting by Business Insider exposed a woefully delayed pivot to crypto trading by Robinhood. An overly cautious legal team and leadership churn further contributed to the slow pace.
Read MoreDaniel Defense, which allegedly manufactured the weapon used to kill 21 people last week at Robb Elementary School in Uvalde, Texas, offers BNPL financing through the fintech Credova. Larger BNPL providers, like Affirm, Afterpay, and Klarna, do not work with firearms sellers in the U.S.
Read MoreAlex de Vries, a data scientist at the Dutch Central Bank, said the crypto sector’s $1T loss in the past few months may have slowed the growth of data mining, but it hasn’t decreased it. He estimated that, respectively, Bitcoin and Ether use as much electricity as Thailand and Kazakhstan.
Read MoreIn a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit ruled that the SEC’s use of an administrative judge violated a defendant’s seventh amendment right to a jury trial. Judge Elrod, who was appointed to the court by President George W. Bush, wrote the majority opinion.
Read MoreIn an interview with The Financial Revolutionist, Federico Baradello, Founder and CEO of Finalis, dives into his company’s mission, outlines how compliance can be a strategy for growth, and encourages other entrepreneurs to find “unsexy” but promising niches to disrupt.
Read MoreThe Consumer Finance Protection Bureau (CFPB) said on Monday that it will start distributing Consumer Finance Protection cyclicals to other agencies and enforcers. The CFPB hopes the documentation can create more consistent consumer finance enforcement across the U.S. regulatory landscape.
Read MoreReporting by Quartz suggests that Mayor Francis Suarez of Miami may have “tripped” regulatory wires during interviews in support of MiamiCoin. The cryptocurrency is a city-specific virtual currency created by CityCoins, and is designed to provide free money to cities.
Read MoreAn unsealed memorandum opinion by Magistrate Judge Zia Faruqui of the U.S. District Court in Washington, D.C., states that virtual currencies are subject to sanctions laws, just like fiat currencies.
Read MoreAccording to Meta’s Head of Fintech, Stephane Kasriel, the company is rebranding Facebook Pay as Meta Pay to emphasize interoperability across its platforms, and to reflect Meta’s investment in the metaverse. People across 160 countries currently use Facebook Pay.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
