Making sense of Klarna’s tanked valuation
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The BNPL giant is in talks to fundraise at a $15B valuation. It had previously been valued at $46B.
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Fintech News Stories
The metaverse may be a gateway for marijuana payments
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Golden Ark, a marijuana payments startup, has launched a metaverse-based payments system. It’s developed virtual cannabis as a cryptocurrency that supports real-life cannabis authentication and transactions.
Read MoreFormer OCC head talked big bank out of gun control measure
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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 MoreDutch regulators throw wrench in Apple’s payments plans
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The 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 MoreBinance hosted billions in illicit crypto, exposé reports
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Investigative 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 slated to overhaul stock market rules
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SEC Chair Gary Gensler is expected to outline new rules to make the stock market more efficient for small investors and public companies.
Read MoreWhat’s in the bipartisan Senate bill on crypto?
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Senators 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 MoreCitigroup commits to “digital explosion”
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Jonathan 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 MoreIs Robinhood’s crypto push bound to fail?
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Reporting 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 MoreHow finance plays a role in gun control
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Daniel 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 MoreCrypto may be crashing, but its carbon footprint isn’t
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Alex 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 MoreIs the SEC about to get defanged?
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In 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 MoreCompliance as a gateway to growth with Federico Baradello (Finalis)
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In 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 MoreCFPB calls on other agencies to work in lockstep
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The 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 MoreMiami Mayor’s endorsement may land MiamiCoin in hot water
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Reporting 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.
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