Fort Worth city gov first to mine bitcoin
/This afternoon, Fort Worth, Texas, became the first city government in the U.S. to mine bitcoin. The pilot program is limited to three machines mining Bitcoin for six months.
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CFPB doubling down on fintechs
/The Consumer Financial Protection Bureau said it would carry out supervisory exams of nonbank fintech companies that pose a risk to consumers. The CFPB has had the authority to look into nonbanks since 2013, but it’s only decided to invoke that authority now.
Read MorePayday dispute resolutions moved online. Chaos ensued.
/Analysis by The Markup, a data-driven newsroom covering Big Tech, suggests Utah’s decision to move payday disputes to online courtrooms has increased default judgments against defendants. Defaulting on these loans can lead to garnished wages and a lower credit score.
Read MoreWill the public accept biometric payments?
/Amazon announced that it had added Amazon One—which lets customers pay with their palm print—to the checkout process at a Whole Foods store in Austin, Texas. It’s one of the first Amazon-owned stores outside Seattle to have the feature.
Read MoreMastercard links bonuses to ESG goals
/In a memo to staff, Mastercard CEO Michael Miebach said all employees’ compensation would be tied to the company’s ESG goals. This had previously only been the case for Mastercard executives.
Read MoreHow can crypto affect the future of taxes?
/Adam Willems, Lead Reporter for The Financial Revolutionist, wrote about the future of taxes for WIRED. Looking at crypto’s efforts to tokenize city taxes, Adam argues that crypto is trying to turn taxes into another investment vehicle.
Read MoreMajority of central banks mull CBDCs
/According to PwC, 80% of central banks worldwide are considering rolling out a central bank digital currency (CBDC). PwC estimates the larger stablecoin ecosystem to be worth $190B.
Read MoreFacing sanctions, Russian billionaires sell fintech holdings
/FIBR Tech Ltd., which provides online lending to businesses, and ANNA Money, a business account and admin service provider, have announced searches for new buyers. Both businesses are currently owned by ABH Holdings, which includes sanctioned Russian billionaires as its owners.
Read MoreThe crypto industry is writing its own laws
/Investigative work by the New York Times revealed that lawmakers in at least six states have worked directly with crypto lobbyists to draft legislation. Some bills copy-paste wording directly from lobbyists’ proposals.
Read MoreWhat’s up with NYC pols and Wells Fargo?
/In a letter to Wells Fargo, the New York City government said it won’t open new Wells Fargo depository accounts. It follows accusations that the bank discriminates against Black homeowners.
Read MoreThe future of proptech with Kenon Chen (Clear Capital)
/The PAVE report could drastically change how homes are bought and sold in the U.S. and address a long history of discrimination against minority homeowners—especially if PAVE’s recommendations are codified into law. That’s a big if when Congress has a hard time agreeing on, well, almost anything.
Read MoreIndian payments body dismisses Coinbase launch
/The National Payments Corporation of India, which maintains the country’s Unified Payments Interface (UPI), released a voluntary statement saying it did not know of any crypto exchange using UPI. This came after Coinbase announced its launch in the country featuring UPI support.
Read MoreMeta restarts currency plans
/Internal memos suggest Meta, which owns Facebook, has plans to add virtual coins, tokens, and lending to its apps. This includes “social” or “reputation” tokens that reward substantive contributions to Facebook groups.
Read MoreVisa faces antitrust suit over network fees
/Yesterday, the 5th U.S. Circuit Court of Appeals reinstated two counts in an antitrust suit against Visa related to its debit card fees for payment processing networks. The plaintiff, Pulse Network LLC, argues that Visa’s fixed monthly fees for using its debit network encouraged payments processors to favor Visa over other card networks.
Read MoreUber gears up for super app launch
/The rideshare giant said it will soon add plane, train, and rental-car booking to its app in the U.K. It also said it may scale these services beyond the U.K. if the new services gain traction.
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