The US Supreme Court ruled last week against the Environmental Protection Agency (EPA), limiting its powers to interpret or enforce laws without explicit Congressional authority. Two top Republican lawmakers told the Financial Times that the ruling will soon affect financial regulators as well.
Read MoreLast week, the Reserve Bank of India, the country’s central bank, banned loading pre-paid payment instruments using credit lines. The regulatory shift effectively outlaws the business strategy of major BNPL providers in the country.
Read MoreSpecial Purpose Acquisition Companies (SPACs) once seemed like the future of public launches. But, where there were more than 300 SPAC IPOs in Q1 2021, less than 70 took place a year later.
Read MoreThe Supreme Court overturned Roe v. Wade on Friday, ending the federally protected right to an abortion. In response, banks and financial institutions like JPMorgan Chase, Wells Fargo, and Goldman Sachs said they would cover travel costs for employees seeking an abortion in other states.
Read MoreThe BNPL giant is in talks to fundraise at a $15B valuation. It had previously been valued at $46B.
Read MoreGolden 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 MoreBrian 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 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.
