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Companies like Hummingbird and Babel Street are successfully applying new technologies to improve the efficiency of long-cumbersome aspects of compliance.
The use of messaging apps raises compliance issues that SnipperSentry addresses. This issue is not going away for fintechs and banks.
As Banking-as-a-Service develops into Embedded Finance, who holds the responsibility of compliance gets decidedly murky.
A new LexisNexis Risk Solutions report shows how an explosion in sanctions over the past few years has made compliance increasingly challenging for financial institutions.
State regulators are stepping into action to regulate earned wage access. But the process is slow and could create a mismatch for providers.
In a case that has taken three years to reach a verdict, XRP token is found not to be a security. But Ripple isn't completely off the hook.
Money Laundering is a perpetual thorn in the side of financial institutions. BIS reports that AI and use of networks could be way forward.
central bank / CBDCcivilization and politicsenterprise blockchainmacroeconomicsnarrative zeitgeistphilosophyregulation & complianceSocial / Communitystablecoinsthings that are not true
·We anchor our writing around the World Economic Forum 223 page report on CBDCs and stablecoins. The analysis highlights the key conclusions across several white papers in the report. We then add a layer of meta analysis around the language in the report, and question what it is trying to accomplish, and whether that will work with the Web3 revolution. This leads us to think about the tension between populism, as represented by crypto, and institutionalism, as represented by banking structures. We discuss theories of cultural and national DNA, and the rise of populism, as difficult problems to solve for any global alignment.
The principle behind Mastercard’s CipherTrace acquisition, L1 growth, and IRS getting your bank data
Paying attention is the path to seeing and doing. Mastercard has bought CipherTrace to see blockchain-based finance, to launch new businesses, and to plug in more networks into its nexus. The crypto networks proliferate at every layer, creating more computation on Ethereum, Polygon, Arbitrum, Optimism, Fantom, and Solana. The US executive seeks to see more too, asking the banks for their records of financial transactions to enforce taxation compliance.
exchanges / cap mktsgaming & sportsgovernanceidentity and privacyMetaverse / xRNFTs and digital objectsregulation & complianceSocial / Community
·We discuss the top-down and bottoms-up approaches to innovation and project building. For the former, we reference Australia’s draconian surveillance laws, and the integration of US driver’s licenses into Apple’s wallet. For the latter, we dive into the Ethereum-based Loot project and its incredible derivatives, $500MM token, and $200MM of volume. Last, we conclude by highlighting the role of creators on the coming wave of Fintech.