An 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 MoreTerraUSD’s value spiraled this week after depegging from a 1:1 value with the US Dollar. Its value hovered around 31 cents this morning, but it’s more than doubled since then to 69 cents.
Read MoreAn early settler in the crypto space, Aaron Kaplan, Founder and Co-CEO of Prometheum and a securities attorney by trade, has, since 2014, advocated for crypto to be regulated as securities.
Read MoreFour years of hindsight, especially the underwhelming results of crypto’s Super Bowl ad blitz, suggest the power of celebrity endorsements in finance is overhyped, or, at the least, uneven.
Read MoreGlobal shipping giant Maersk announced that it’s partnered with Stripe to overhaul its payments infrastructure. Stripe tailored its products to accommodate Maersk’s multinational compliance requirements.
Read MorePayPal was one of several companies that made an informal complaint to the European Commission about restricted access to Apple’s NFC technology for payments. On Monday, the Commission released its preliminary findings, which suggest that Apple unfairly prevents competitors from using NFC payments tech on Apple devices.
Read MoreThis morning the Securities and Exchange Commission said it would create an additional 20 positions in the unit overseeing crypto markets and internet-based threats. It also announced that the unit would be renamed Crypto Assets and Cyber Unit, previously known as the Cyber Unit, to reflect its additional crypto-based purview.
Read MoreA draft majority opinion leaked by Politico suggests the Supreme Court will overturn reproductive rights as they are enshrined in Roe v. Wade. “Roe was egregiously wrong from the start,” Supreme Court Justice Alito writes.
Read MoreA study by the U.S. National Bureau of Economic Research has deemed El Salvador’s decision to accept bitcoin as legal tender to have been an economic failure. The cryptocurrency has failed to spread as a popular medium of exchange, and cost the country up to 1% of its GDP.
Read MoreThis morning, the European Commission released the initial findings of an antitrust case surrounding Apple Pay and third-party access to NFC technology on Apple hardware. The Commission has concluded that Apple unfairly prevents competitors from using NFC payments tech on Apple devices.
Read MoreThe Meta-owned messaging platform said it will offer cashback rewards for Indian consumers who make peer-to-peer payments on the app. It will also look into similar rewards for merchant payments.
Read MoreProposals at annual shareholder meetings for Citigroup, Bank of America, and Wells Fargo would have pushed management to curb lending for projects in oil and gas. The proposals received between 11% and 12.8% votes in favor.
Read MoreThis 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.
Read MoreThe 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 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.
