U.S. bank regulator sees potential in fintech solutions to legacy banking issues. A fintech-positive U.S. banking regulator sees a role for private companies in providing better banking services. United States Acting Comptroller of the Currency also formerly Chief Legal Officer at Coinbase, Brian Brooks, expressed his willingness to embrace fintech solutions in an interview with CNN.
“We need to get to a place where payments can be transmitted virtually instantaneously, where errors can be eliminated,” says @BrianBrooksOCC of @USOCC who also explains why the #crypto “phenomenon” cannot be ignored! pic.twitter.com/0o4WZwdhnA
— Julia Chatterley (@jchatterleyCNN) August 18, 2020
Tether (USDT) could be enabling capital flight from China, says Chainalysis. The East Asia crypto market has reacted fast to news of Beijing’s national digital currency and regional economic tumult. The report states that over 44% of crypto transactions in East Asia are conducted with counter-parties within the region, making it “the closest we have to a self-sustaining market” in the industry.
Rich Dad Poor Dad Author, Robert Kiyosaki has warned to buy Bitcoin before major banking crisis. Robert Kiyosaki says there is no longer any time to “think about” buying safe havens like Bitcoin as dollar weakness continues worsening.
WHY BUFFET is OUT OF BANKS . Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over banking system? Fed and Treasury “helicopter fake money” direct to people to avoid mass rioting? Not a time to “Think about it.” How much gold, silver, Bitcoin do you have?
— therealkiyosaki (@theRealKiyosaki) August 21, 2020
James Lewis, the head of the Center for Strategic and International Studies’ tech policy program, dissects Facebook’s updates to Libra. Facebook has relaunched Libra with a new group called Facebook Financial (F2) in charged by David Marcusm, to pursue payments and commerce opportunities.
The Financial Times’ editorial board echoes what is rapidly becoming the official line on central bank digital currencies: They are “inevitable,” but don’t rush.
Lawyers for Shearman and Sterling examine new rules on ICO promotions in the UK. HM Treasury has released proposals to amend the U.K.’s financial promotion rules to subject unregulated crypto-assets to the financial promotions regime, aim to enhance consumer protection, ensure market integrity and fight against financial crime.
Aave is an open-source and non-custodial protocol for money market creation. Originally launched with the Aave Market, it now supports Uniswap and TokenSet markets and enables users and developers to earn interest and leverage their assets. Aave also pioneered Flash Loans, an innovative DeFi building block for developers to build self-liquidations, collateral swaps, and more.