For many FinTechs, particularly those operating in cutting-edge spaces like blockchain and cryptocurrency, regulation has often been seen as a dirty word; something that can only shackle innovation. But lack of regulation in the blockchain and crypto space has often served as a greater restriction than most actual laws can be, creating an air of uncertainty for companies … [Read more...] about Crypto’s Regulatory Imperative
Regulation
New Charter Law Could Make Illinois a Crypto Leader
Illinois FinTechs may soon have a new opportunity to provide safekeeping of digital assets such as cryptocurrencies, in a move that would make the state only the second in the nation to offer this authority to applying companies. A new charter for these “special purpose trust” companies got one step closer to passage through the state legislature Tuesday, with the Illinois … [Read more...] about New Charter Law Could Make Illinois a Crypto Leader
Innovation and Regulation: Building Better International Payments
International trade and commerce are a major piece of the payments industry, with volume only increasing year over year as digital options further connect the globe – and yet, many of the systems that businesses and retail consumers alike rely on to make these payments remain too slow, too complex, and expensive. There’s a growing need to fundamentally rethink the payments … [Read more...] about Innovation and Regulation: Building Better International Payments
What Lessons Can Europe Teach the U.S. about Open Banking?
In late October, the Consumer Finance Protection Bureau (CFPB) put out a call for comment on the Dodd-Frank Act Section 1033, looking for input to drive clarifying rulemaking on the act’s language calling for banks to make available consumer information on request from the consumer. In Europe, similar language was part of the PSD2, and led to a new standard in open banking – … [Read more...] about What Lessons Can Europe Teach the U.S. about Open Banking?
Chicago FinTech News – Corporate Cash Surges
Corporate Cash Holdings Soar, Says New Carfang Group Study Corporations in the U.S. added $1.1 trillion or 38.5% to their cash holdings in the first half of 2020 according to recent data Federal Reserve data analyzed by The Carfang Group. For the second quarter, cash is up $424B or 12% and now stands at $3.9T. According to Anthony J. Carfang, Managing Director at The … [Read more...] about Chicago FinTech News – Corporate Cash Surges
Emerging Cannabis Market Presents Opportunities for Payments Trailblazers
In January 2020, Illinois joined 10 other states in the country (along with the District of Colombia) by legalizing recreational marijuana. While this has presented an immediate business opportunity that many have taken advantage of, the continued federal ban on the drug has led to unique challenges for both business owners seeking ways to process payments, as well as for … [Read more...] about Emerging Cannabis Market Presents Opportunities for Payments Trailblazers