Regulatory Developments

Long-awaited Volcker Rule changes finalized

Bankers’ calls for a tailored, streamlined approach to enforcing the regulatory framework implementing Section 619 of the Dodd-Frank Act provision, commonly known as the “Volcker Rule,” have been answered by a newly finalized joint agency rule revising provisions governing banks’ ability to engage in proprietary investment activities. Regulators and banking industry advocates assert that the … Read more

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ICBA doubles down urging ILC charter denial

Continuing in its ongoing effort to prevent fintechs from exploiting a “loophole” in federal banking laws, the Independent Community Bankers of America (ICBA) once again urged the Federal Deposit Insurance Corp. to impose an immediate moratorium on industrial loan company (ILC) charters and to deny a high-profile applicant’s bid to obtain one. The letter represents … Read more

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FDIC proposes new rate cap calculation methodology

The Federal Deposit Insurance Corporation (FDIC) recently proposed a new methodology for calculating interest rate restrictions for entities considered not to be well-capitalized insured depository institutions. Per the FDIC’s notice of proposed rulemaking (NPR), the national rate would be the weighted average of rates offered on a given deposit product by all reporting institutions weighted … Read more

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OCC amends assessment refund policy

The Office of the Comptroller of the Currency (OCC) has announced plans to amend its rules for assessing partial refunds owed to national banks, federal thrifts and federal branches of foreign banks that leave OCC jurisdiction before the end of the six-month assessment period. The American Bankers Association said the rule would improve fairness in the refund … Read more

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7,000+ Sign Petition Against Drafted Cash Restrictions in Australia

More than 7,000 people have signed a new petition against drafted cash restrictions in Australia, different drafts of which include and exclude digital currencies from proposed limits. Earlier this week, Robert Barwick, director at the Citizens Electoral Council of Australia, initiated a petition against the proposed “Currency (Restrictions on the Use of Cash) Bill 2019” … Read more

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Cybersecurity, Data and AML/Sanctions

How Google’s Plan to Increase Your Online Privacy Differs from Apple and Firefox Ideas

Google outlined a plan to try and make surfing the web more private while still allowing enough targeted advertising to keep publishers—and itself—in business. Google’s suggestions include cryptographic tokens users can amass showing they are trustworthy, using artificial intelligence to show people relevant ads based on minimal information, and storing personally-identifiable data on someone’s device … Read more

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VMware Agrees to Buy Carbon Black and Pivotal for Combined $4.8 Billion

VMware Inc. agreed to purchase two software companies on Thursday for almost $5 billion, expanding its reach in development tools and cybersecurity. The Palo Alto, Calif.-based company said it was purchasing Pivotal Software, which sells cloud software and services, for $2.7 billion, and Carbon Black, a cybersecurity firm, for $2.1 billion. VMware, which makes virtualization … Read more

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US Treasury Department Blocks Crypto Addresses of Chinese Fentanyl “Kingpins”

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) have named several Chinese nationals, “as significant foreign narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act).” OFAC is also, “identifying Bitcoin addresses associated with these two drug traffickers to maximize disruption of their financial dealings.”

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Apple accidentally reopens security flaw in latest iOS version

Vulnerability could be exploited to gain control of iPhone, users are warned Apple users are being warned to exercise particular caution over their cybersecurity for the next few days, after the company mistakenly reopened a security flaw in the latest version of iOS. In iOS 12.4, released last month, Apple fixed a number of security … Read more

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Trump Administration Gives Smaller Wireless Companies More Time to Cut Off Huawei

The Trump administration has extended a limited reprieve on U.S. technology sales to Huawei, even as questions remain over how much of an effect broader sanctions are having on the Chinese technology giant. Huawei has become enmeshed in the trade war between Washington and Beijing, with President Donald Trump showing a willingness to use the sanctions as … Read more

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Crypto/Blockchain

Crypto News from the German-speaking World

The German-speaking world was highly active as far as crypto was concerned this past week. Among other stories, the German Federal Financial Supervisory Authority (BaFin) issued several items of interest to the crypto community, a new fund for blockchain startups launched in Hamburg and an Austrian crypto ATM service filed for bankruptcy following an armed … Read more

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Chainalysis Rolls Out Real-time Threat Detector for 15 Major Cryptos

Blockchain analytics firm Chainalysis has launched transaction alerts for suspicious exchanges of a range of cryptocurrencies. In a post published on the firm’s blog on Aug. 22, Chainalysis announced the launch of alerts for suspicious cryptocurrency transactions in Chainalysis Know Your Transaction (KYT), the company’s real-time anti-money laundering compliance solution. The company also claims that … Read more

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Send Token Payouts with Ease Using Bitcoin.com’s SLP Dividend Calculator

On August 23, Bitcoin.com released a new application called the SLP Dividend Calculator. The new platform allows users to build a transaction to make dividend payments to any Simple Ledger Protocol (SLP) token holder. Over the last year, SLP tokens have been extremely popular among BCH proponents, and so far supporters have made thousands of … Read more

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US FTC Settles with Alleged Crypto Pyramid Scheme for $500,000

The United States Federal Trade Commission (FTC) has settled charges it filed in 2018 against an alleged crypto pyramid scheme involving four individuals. According to an official statement on Aug. 22, the regulator permanently banned the defendants from multi-level marketing and misrepresenting investment opportunities and charged a total of over $500,000 as part of the … Read more

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The Bitcoin Price Just Did Something It’s NEVER Done Before

Bitcoin has been hawked as a safe haven asset for quite some time now, with bulls crediting the rising price of the cryptocurrency in 2019 to macroeconomic uncertainties and geopolitical tensions arising out of the US-China trade war. Recent price action suggests that bitcoin might finally be operating as a real-time macroeconomic hedge, as pointed … Read more

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Banking, Finance and Investment

Initiative to Curtail Negative Interest Rates Gains Traction in Germany

Negative interest rates, a common occurrence in Europe these days, are unpleasant for both banks and clients. And financial institutions have been increasingly transferring the bulk of the burden on to their customers. Some political factions in Germany, however, aren’t happy with the trend and are pushing for adequate protection for the ordinary small saver, … Read more

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Prime Trust Announces Integration with Vertalo to Provide On-chain Cap Table Solution for Issuers

Prime Trust, a blockchain-driven trust company, announced on Thursday it has integrated with Vertalo, an operating system for digital assets, to provide proprietary asset tokenization and cap table management solutions to its crowdfunding business unit, which is formerly known as FundAmerica.

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Smarterly’s Seedrs Round Now Nearing £2.3 Million in Funding

UK-based investment services Smarterly has successfully secured nearly £2.3 million in funding through its equity crowdfunding round in Seedrs. The funding round, which has attracted close to 500 investors so far, was launched earlier this month and quickly surpassed its initial £2 million. As previously reported, Smarterly is on a mission to turn the UK … Read more

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Old Banks Continue to Invest in Fintech Led by Goldman Sachs, Citi & JP Morgan Chase

Old finance continues to leverage one of its most valuable assets: lots of money. While traditional banks may struggle to innovate and adapt they continue to do what they do best which is to spend money on emerging tech to hedge against a sectorial shift. According to a study by CBInsights, investment into Fintech from … Read more

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N26 Moves Out of Beta in US

German neo bank N26 has rolled out its mobile banking app nationwide to US consumers after completing a two-month Beta programme. Starting today, US residents can download the app directly from the Apple App Store and Google Play and apply for an N26 account and Visa debit card provided through FDIC-insured Axos Bank in five … Read more

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