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Regulation

Stablecoins Added to Agenda of U.S. Financial Stability Watchdog

“Stablecoins have become official business of the Financial Stability Oversight Council, the U.S. uber regulator responsible for heading off dangers to the financial system. The FSOC is considering the cryptocurrencies at its next meeting, according to an agenda released Friday.  The group of financial regulators is set to hear “an update on the report on […]
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Regulation

WSJ News Exclusive | Biden Administration Seeks to Regulate Stablecoin Issuers As Banks

“The Biden administration is considering ways to impose bank-like regulation on the cryptocurrency companies that issue stablecoins, according to people familiar with the matter, including prodding the firms to register as banks. The administration is also expected to urge Congress to consider legislation to create a special-purpose charter for such firms that would be tailored […]
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Regulation

Card Issuers Resisted Slashing Credit Limits During Pandemic: CFPB

“In a shift from the previous U.S. economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. The report, one of the most extensive analyses of credit card trends during the pandemic, found a significant tightening of […]
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Regulation

Can Regulators Keep Pace With Fintech Innovation?

“Digital payment products and alternative credit took off rapidly during the pandemic — and while they may have outpaced regulation, these technologies did not escape regulators’ notice. New fintech and payment services are likely to face tougher rules under the Biden administration, but the market is moving so fast that regulators can’t keep up, according […]
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Regulation

Alibaba Offers WeChat Pay on Some Apps at Beijing’s Behest

“Alibaba Group Holding Ltd. added rival Tencent Holdings Ltd. ’s payment system to some of its apps, further widening cracks in the internet giants’ walled-off ecosystems. Services including food-delivery app Ele.me, online ticketing platform Damai, e-book reader Shuqi and Kaola, a site for imported goods, now offer WeChat Pay alongside existing payment options like Ant […]
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Regulation

China’s Central Bank Says All Cryptocurrency-related Activities Are Illegal, Vows Harsh Crackdown

“China’s central bank renewed its tough talk on bitcoin Friday, calling all digital currency activities illegal and vowing to crack down on the market. In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges […]
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On The Wires

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Regulation

Regarding the CFPB’s Inquiry into Big Tech Payment Platforms

“Congress has tasked the CFPB with ensuring that markets for consumer financial products and services are fair, transparent, and competitive. To that end, it has authorized the CFPB to require participants in the marketplace to provide information that help the Bureau monitor risks to consumers and to publish aggregated findings that are in the public […]