FinTech Firms: Big Banks Are Lobbying to Block Change
European FinTech firms believe that banks are lobbying against EU legislation that could see the power balance shift, in a report from the Financial Times. In the report, it discusses PSD2, which is the second payment-services directive that has been created to improve competition by getting banks to allow third parties, such as FinTech companies, to access the data of customers who sanction it. In return, FinTech companies would face greater regulation, but the belief is that this would provide greater confidence to users in the reliability of the services. However, the European Banking....
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Per the latest in lobbying disclosures, Ripple Labs shelled out for its lobbying on legislation looking to change the treatment of crypto under securities laws. Ripple Labs spent $690,000 on lobbying in the United States in 2020, which still didn't save the firm from the Securities and Exchange Commission.Per legally mandated disclosures for 2020, Ripple's lobbying program dwarfed those of other firms in the crypto industry. Coinbase, which looks to become the first American crypto exchange to issue public shares, spent $230,000 over the same year, while other exchanges like Binance.US,....
Over the past few years, New York state has proven to take aggressive stances to financial technology. The state of New York has a somewhat unusual reputation when it comes to financial regulation. The state’s regulator is not too keen on the OCC’s bank charter pan for fintech firms. Overseeing the financial technology sector is a coveted price, and a national bank charter may not be the best idea. It is unusual to see NY state go after the OCC this way, although it remains unclear how things will play out. Not too long ago, the OCC proposed their plans for a national bank charter in the....
Even though Bitcoin can do a lot of good for the unbanked and underbanked nations of the world, there has been a fair amount of opposition from banks and consumers, most notably in Africa. But even local banks in that region – including Barclays – have to acknowledge the coming change, as they are now putting all of their eggs in the baskets of FinTech and Bitcoin If you can’t beat them, join them, seems to be a very appropriate saying in this regard. A Different Opinion on FinTech and Bitcoin. It has taken African banks quite some time, but they are starting to see how the continent could....
In a bid to respond to competition from FinTech firms U.K.-based NatWest Bank has announced that it is launching a digital lending platform that promises fast loan decisions to compete with services that peer-to-peer firms provide. In a report from Computer Weekly, the NatWest platform, known as the Esme platform, will offer unsecured loans to SMEs of up to £150,000. The FinTech industry is quickly gaining ground on traditional banking services, which is seeing banks ramping up their efforts to keep financial technology companies at bay. By doing so, banks such as NatWest are launching....
Cryptocurrency and blockchain firms are concerned about the future legislation revolving around the cryptocurrency industry and money spent on lobbying cemented this fact. A recently published study indicates that money spent on crypto lobbying jumped 116% in 12 months with $9.56 million leveraged to seek to influence from politicians and public officials.
Millions of Dollars Were Spent on Crypto Lobbying and Interest Representation in 2021
While the digital currency and blockchain industry has matured a great deal, a number of crypto advocates are concerned about regulation and....