Congress weighs crypto payments and fintech lending in hearing today
Despite skepticism about loosening regulations on loans, the Fintech Task Force couldn't stop talking about crypto as a way of upgrading payments in the U.S. In a hearing on Tuesday, the Congressional Fintech Task Force heard arguments on new rules that would potentially expand banking regulations to accommodate more technology firms providing financial services.A subunit of the Financial Services Committee, the Fintech Task Force leads the committee’s examinations of emerging technologies. As Task Force Chair Stephen Lynch (D-MA) noted, “Banking is becoming less centralized. Consumers are....
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This new regulation is a first step towards supervising the fintech sector in Indonesia. Fintech is a trend that captivates audiences all over the world. A financial technology evolution is upon us, and it is only a matter of time until drastic changes occur. Indonesia is preparing for what the future may bring, by issuing a new regulation for fintech firms. To be more precise, the government focuses on P2P lending first and foremost. One of the many sectors fintech is “threatening” is the way people think about lending and borrowing money. In most cases, consumers and enterprises have to....
In 2015, fintech entered the mainstream in the business world, doubling VC investment value in 2014 to over US$13.8 billion. Fintech is gaining momentum everywhere across North America, Asia and Europe. Globally in 2015, venture-capital-backed fintech companies raised $13.8 billion across 653 deals, compared to $6.7 billion across 587 deals in 2014. These statistics show the growing performance of fintech in recent years. The increase in deal volume is not as significant as the increase in deal value, indicating that average deal size has gone up dramatically compared to historical levels.....
The Bitcoin Policy Institute has recently issued a rebuttal to the letter that prompted the hearing.
U.S. Senator Ted Cruz has introduced a resolution that would position Congress to lead in the area of cryptocurrency by having congressional cafeterias, vending machines, and gift shops accept crypto payments. “Congress is typically slow to adopt new technology,” he said.
Senator Pushes for Crypto Adoption in Congress
U.S. Senator Ted Cruz has introduced a resolution titled “Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution,” also referred to as “ACCEPT Resolution,” in the Senate Monday.
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A new report has found that over half of the respondents believe that segments investing and asset management, payments, and crowdfunding/lending have the greatest potential for the future of FinTech, but that revenue development lies in blockchain companies. The report, FinTechs in Europe – Challenger and Partner [PDF] conducted by Roland Berger, looked at 248 FinTech companies from 18 European countries. According to the report, 55 percent of those surveyed stated that investing and asset management hold the greatest potential for FinTech companies; 54 percent said it was payments; and....