cryptocurrency

Crypto enthusiasts say new products lend bitcoin credibility
Futures considered crucial to gain buy-in from financial industry

The big development at the end of 2019 was the first trading of what’s known as physically settled bitcoin futures, following approval from state and federal regulators. Those bitcoin futures trade through regulated exchanges and clearinghouses. (Avishek Das/SOPA Images/LightRocket via Getty Images photo illustration)

The cryptocurrency industry is hailing the emergence of complex bitcoin investment products as a needed step to attract new investors while lending credibility to the digital asset and building a pathway to regulatory clarity.

The big development at the end of 2019 was the first trading of what’s known as physically settled bitcoin futures, following approval from state and federal regulators. And while the launch of these investment products hasn’t convinced everyone that they will lead to buy-in from a skeptical financial industry, those leading the charge say it’s a crucial step.

Fintech Beat sits down with the former chief of the Federal Reserve’s open banking unit
Fintech Beat, Ep. 34

The Federal Reserve building. (Caroline Brehman/CQ Roll Call)

Open banking’s benefits involve using customer consent to develop new financial products to revolutionize financial services. But critics claim open banking can at times bypass customer consent by using digital avatars and other online tools to infiltrate and collect customer data. Fintech Beat sits down with the former chief of the Federal Reserve’s open banking unit to get answers.

Rules, privacy issues loom for fintech industry in 2020
Advocates foresee sparse congressional activity for 2020

Facebook changed the fintech industry's focus this year when the social media giant announced plans to launch its own cryptocurrency called Libra. (Photo by Chesnot/Getty Images)

The nascent financial technology industry started the year faintly optimistic that the 116th Congress would pass bills in its favor. But as 2019 comes to an end without legislation, the industry isn’t even expecting action in 2020. And for that, they’re feeling relieved, not disappointed.

Facebook Inc.’s midyear announcement that it planned to launch a cryptocurrency, Libra, upended the industry’s focus, tilting the legislative strategy from pressing hard for beneficial bills to staying clear of measures aimed at checking the social media giant’s ambitions to transform commerce.

Fintech Beat explains how open banking is poised to revolutionize financial services
Open Banking 101, Ep. 28

Open banking is shaking up financial experiences for customers across the globe (iStock).

Open banking is set to shake up financial experiences for customers across the globe, enabling customers to allow third parties to access financial information needed to develop new apps and services. Fintech Beat sits down with the head of policy at Plaid, a unicorn fintech sitting in the middle of the revolution, to discuss the process of information sharing and how regulation shapes it.

Libra’s regulatory hurdles appear taller after House hearing
Still to be decided: How the cryptocurrency would be regulated

Libra, known as a stablecoin, would be backed by a basket of dollars, euros and other traditional currencies called the Libra Reserve. (iStock)

Facebook CEO Mark Zuckerberg provided only a few additional details about the company’s proposed cryptocurrency to a House Financial Services Committee on Oct. 23 that generally didn’t like what it heard. 

Zuckerberg said Facebook wouldn’t proceed with the proposed Libra until it had satisfied regulators’ concerns. That pledge and the harsh criticism from lawmakers on both sides the aisle appears to narrow, if not eliminate, the company’s path to approval, at least for a project as sweepingly ambitious as Libra is.

Fintech Beat and FRT team up to cover all things fintech in DC
Fintech Beat, Ep. 27

An attendee at Fintech Week 2019 asks a question during a panel. (Photo by CQ Roll Call)

Cryptocurrencies complicate effort to stop opioid dealers
Law enforcement ramping up efforts to trace, halt use of digital currencies in illegal drug trade

House Republican leaders hold photos of people from their district affected by the opioid epidemic during a news conference at the Capitol Visitor Center on Wednesday June 13, 2018. (Sarah Silbiger/CQ Roll Call file photo)

The fight against the opioid crisis is facing a growing problem: Criminals are getting better at hiding the cryptocurrency transactions they use to buy drugs online.

The opioid crisis, which claims more than 100 lives a day, has been fueled partly by cryptoassets, but law enforcement is ramping up efforts to trace and halt their use in the illegal trade.

Brad Garlinghouse speaks to Fintech Beat about all things crypto
Fintech Beat, Ep. 25

Brad Garlinghouse (left), CEO of Ripple, sits with Chris Brummer, co-founder of Fintech Beat, at last week's Fintech Week. (Photo by CQ Roll Call)

 

Brad Garlinghouse, CEO of Ripple, sits down with Fintech Beat's Chris Brummer about the state of his company, XRP, Facebook's Libra, Cryptocurrency, and the vast universe of the regulatory unknown.

Zuckerberg threatened with Facebook breakup
At hearing, lawmakers press founder and CEO over Libra cryptocurrency plan

Mark Zuckerberg arrives to testify at House Financial Services hearing on its cryptocurrency proposal. (Bill Clark/CQ Roll Call)

Zuckerberg to face criticism over cryptocurrency, other issues
Democrats and Republicans will interrogate the Facebook CEO on Wednesday over a number of issues

Facebook CEO Mark Zuckerberg is expected to face bipartisan criticism Wednesday when he appears before the House Financial Services Committee. (Tom Williams/CQ Roll Call file photo)

A conciliatory-sounding Mark Zuckerberg will face questions Wednesday about Facebook’s world-altering ambitions from congressional critics of both parties.

Democrats and Republicans are expected to interrogate the Facebook CEO over the plan to launch Libra, a cryptocurrency pegged to a basket of global currencies and managed by a consortium of multinational corporations, as well as the company’s role in the spread of political propaganda, alleged violations of housing legislation, dominance of online advertising, monetization of users’ data and censoring of right-wing media.