Jamie Dimon, CEO of JPMorgan Chase, reiterated his concerns with the crypto space and said he has always been “deeply opposed” to it due to its use by bad actors at home and abroad. So Reports CBS News.

“If I was the governments, I’d close it down,” said the magnanimous financial figure. Dimon was responding to a question from noteworthy crypto skeptic Sen. Elizabeth Warren when he made the weighed statement.

Read the full article from CBS News.

Congressional Republicans called for the Biden Administration to prioritize the use of technology to create a more robust financial services landscape while regulators pushed for a premium on responsible innovation during a Tuesday, Dec. 5 hearing.

Rep. French Hill, the chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led the effort to push for more innovation in the space during the meeting.

Hill posited that despite a number of noteworthy regulatory actions taken under President Joe Biden’s watch, not enough has been done to push the financial services landscape forward. Among some of the problematic initiatives and missteps cited by Hill include the Fed’s Novel Activities Supervision Program aimed at enhancing supervision of the digital asset space, the gutting of the 2018 Office of Innovation created by the Consumer Financial Protection Bureau (CFPB) and irresponsible leadership and mismanagement at the Office of the Comptroller of the Currency.

“Today we want to talk about how government agencies, while they’re not at the forefront of innovation frequently, they definitely can stop innovation dead in its tracks,” Hill said. “This hearing is the first time that the Committee has called each of you to testify about your agency’s work relating to innovation. Regrettably, when I look at the Government Accountability Office’s recent report, maybe some of that progress is lacking, so we’ll have a good discussion about that today.”

As such, the “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services” panel discussion included representatives from a number of federal agencies who discussed the work they are doing to facilitate innovation while also protecting consumers.

Testimony at the hearing was provided by:

• Valerie A. Szczepanik, director of the Strategic Hub for Innovation and Financial Technology at the Securities and Exchange Commission (SEC)
  Donna Murphy, the acting deputy comptroller for the Office of Financial Technology and deputy comptroller for compliance risk policy in the Office of the Comptroller of the Currency
• Mark Mulholland, the deputy chief information officer for management at the Federal Deposit Insurance Corporation
• Ann Epstein, assistant director of the Office of Competition and Innovation of the Consumer Financial Protection Bureau
• Charles Vice, director of Financial Technology and Access at the National Credit Union Administration
• Michael S. Gibson, director of the Division of Supervision and Regulation for the Federal Reserve

From X (formerly Twitter)

Financial Services GOP @FinancialCmte

"#WATCH: Chairman @PatrickMcHenry to financial regulators’ fintech offices at today’s hearing: 'These offices should not be used to smother innovation and technology, or simply ignore it.'
https://twitter.com/i/status/1732063740906922454"

Gibson said the Federal Reserve, for its part, has, in fact, looked for ways to boost stability-inducing, cost-saving and inclusive innovation in the banking system but warned novel technologies do often carry inherent risks.

“The Federal Reserve is committed to supporting responsible innovation, both by the firms we oversee directly, and in the financial system broadly,” Gibson said. “However, innovation can also lead to risks, some of which are familiar and others more novel. The Federal Reserve Board, alongside the other federal bank regulatory agencies, has a statutory responsibility to supervise banks to help ensure they operate in a safe and sound manner and in compliance with all applicable laws.”

Szczepanik said the SEC, too, encourages industry players to help shape a responsibly innovative fintech landscape because doing otherwise puts the entire financial system at risk. “The aim is to get this balance right, which will help investors and enable our capital markets to continue to flourish. Investor and market harms and other adverse developments in using new technologies can negatively impact the acceptance of such technologies and potentially curtail investment in them or arrest their development altogether.”

Visit here for a livestream of the event: https://www.youtube.com/watch?v=85tdRc0nHzg.

Two Maricopa County men are facing dozens of charges related to an alleged scheme involving fake crypto investments. So reports AZ Family.

The two men, Luis Ortega and Jeremie Sowerby, are accused of fraud and money laundering after allegedly duping victims in an investment scam involving Bitcoin and a cryptocurrency they made up called “Millennium.” According to the U.S. Attorney’s Office for the District of Arizona, there may be additional unidentified victims who were involved in the scheme.

Read the full story from AZ Family.

U.S. Sen. Ted Budd introduced a new bill aimed at bolstering crypto custody autonomy. So reports crypto.news.

As such, the “Keep Your Coins Act” seeks to ensure individuals can make cryptocurrency transactions without “mandatory reliance on third-party intermediaries.” The bill closely resembles another legislative effort from Rep. Warren Davidson that was introduced last year.

Read the full article from crypto.news.

More than 50% of consumers under 50 said they would like Generative AI to assist them in managing their personal finances. So reports FinTech Magazine.

The research also found the number of those interested in exploring Generative AI as a financial aid was generally higher in the U.S. than in the U.K. at 40% to 29%, respectively. Additionally, two-thirds of those asked also reported cutting back on overall spending as economic uncertainty continues to plague broader markets, notes the new Marqeta study.

Read the full article from FinTech Magazine.

Online software vendor Kashoo is forming focus group to react to the new features in its software. The Vancouver, B.C.-based company wants feedback on the new features and focus group members may also participate in testing before a broader release this fall.

CEO Jim Secord outlined changes to the accounting software package on the company’s website. Kashoo automated bank reconciliations so the system learns how users categorize accounts, leaving them to handle exceptions. Dashboards, new reporting tools, and business insights have been added and the company has harmonized the software’s look-and-feel for mobile and desktop apps. Kashoo said no more than 10 small business owners will be invited to participate in a 30-minute online session with Secord and his team.

Net@Work has acquired Inventory Management Solutions, the New York-based reseller said this week. IMS provides fixed asset inventory services and training for the Sage Fixed Assets Software Solutions.

IMS Founder Suzanne Pedone, who is joining Net@Work as a subject matter expert for fixed asset management, will be accompanied by three IMS employees, who will continue to work out of Tampa, Fla. IMS was previously a Net@Work Alliance partner, with the two companies sharing resources and collaborating on projects. Pedone’s team will continue to provide barcode labels, software upgrades, services for inventory of assets and specialized Fixed Asset Process training.

Google is changing its cryptocurrency advertising policies and has encouraged advertisers to make themselves familiar with the plan. So reports Search Engine Journal.

The changes, which are planned for the end of January, pertain to Cryptocurrency Coin Trusts. Per the announcement, advertisers will be allowed to promote the products only if they follow the new guidelines and obtain a certification from the search engine.

Read the full article from Seach Engine Journal.

Bitcoin’s value is surging as it topped $35,000—a mark it has not hit since May 2022. So reports CNN.

The digital asset, which spiked 20% in just a five-day window, likely saw gains at the prospect it could be traded on “good old-fashioned stock exchanges.” Additionally, others speculate the rise in value could be due to economic uncertainty surrounding traditional bonds and stocks, which have floundered in recent months.

Read the full article from CNN.

The Celo blockchain is readying a move to Ethereum’s layer 2, but it is unclear what company will provide the project with the requisite tech. So reports Coindesk.

Recently, Polygon Labs submitted a proposal to that end, though, and may be the frontrunner to land the gig. Initially, it appeared Celo was primed to select Optimism’s OP Stack to execute the migration, but Optimism, Polygon and a number of other firms are still in contention for the job.

Read the full article from Coindesk.

A World Federation of Exchanges report aimed at analyzing cryptocurrency exchange engagement found retail demand for cryptocurrency-related services and products is actually greater than institutional demand in nearly every use case.

The exception, notes the report, is with respect to custody services where demand for such is more pronounced with institutions than retail customers. Additionally, the report indicates approximately 40% of all cryptocurrency trading platforms function as decentralized entities, and 60% of all crypto platforms rely on Central Limit Order Books (CLOBs) to execute trades much like those deployed in other more traditional regulated exchanges.

Per Nasdaq, CLOBs act as a hub for sellers and buyers and submit trade orders and, as such, serve as a mechanism to facilitate trades between them. Matches are made based on a predetermined set of rules and then executed according to those rules, notes the exchange.  

Additionally, notes the World Federation of Exchanges report, many of the decentralized exchanges surveyed operate using “DLT-based Automated Market Making” to set prices and generally provide anonymity to their users through access to self-custodial wallets. “There is a growing demand for crypto products and services. Crypto-related innovations are seen as an opportunity to advance technology development and increase investor choice, however, the lack of minimum governance and investor protection standards of unregulated crypto platforms, as well as the high volatility observed in these markets, and the risk of cybersecurity threats, is a concerning mix,” said Pedro Gurrola-Perez, head of research at the World Federation of Exchanges.

The report includes a glimpse at the some 500 trading platforms operating around the world. Many of these platforms also offer other related services and products, it adds.

From X (formerly Twitter)

BizToc @biztoc ·Sep 2 Replying to @markets

"Interesting to observe Tether’s market cap wild ride. This implies a shift in investors’ preferences, possibly to more regulated or trustworthy stablecoins. Greater diversity in the stablecoin market hints at improved resilience in the crypto market's infrastructure."

The survey report also noted a dozen of the regulated exchanges included said they offer crypto products like stablecoins and tokens in response to “the increasing demand from investors, especially from the retail segment.”

Those included in the survey also indicated they believe the crypto market represents an opportunity for the development of technology as well as an avenue to bolster investor choice. However, there were several notable concerns raised by principal stakeholders regarding the absence of uniformity with respect to regulatory standards, cybersecurity threats and market volatility.  

“Crypto is at the forefront of all of our members’ minds and we are in constant dialogue with them about how to capitalize on the new opportunities in the area. As this industry and market matures, coming in to the mainstream of financial markets, the exchange-traded model which places investor trust, transparency, accountability and investor protection at the heart of platform, will gain further momentum,” said Nandini Sukumar, CEO of the World Federation of Exchanges.

A full copy of the report can be downloaded here.

The House Committee on Energy and Commerce passed the Deploying American Blockchains Act of 2023, which if made law would “task the U.S. commerce secretary with promoting blockchain deployment.” So reports Cointelegraph.

The bill passed committee 46-0 and now heads to the Senate. The bill is being portrayed as a way to ensure U.S. competitiveness in the blockchain space and to facilitate the competitiveness of the nascent technology.

Read the full article from Cointelegraph.

Peter Yu, a professor at the Texas A&M University School of Law, published a new research paper indicating blockchain technology could revolutionize the intellectual property space due to its immutability. So reports Cointelegraph.

Yu noted using a blockchain ledger could help people determine the status of certain records, particularly with respect to what is in the public domain and what has become “orphaned.” Additional benefits, per the research, include “traceability, transparency, and disintermediation.”

Read the full article from Cointelegraph.

The South Dakota Blockchain Institute is hosting its inaugural symposium on Thursday, Nov. 2. So reports SiouxFalls.Business.

The event, which will be hosted at the Sioux Falls Convention Center, will feature speakers covering digital assets, Web3, blockchain, artificial intelligence and more. Among the conference’s speakers will be Nick Carmi, Circle’s VP for institutional markets, Kyle Pickner of Crypto.com, Carla Reyes, a law professor at the SMU Dedman School of Law and Charles Mooney Jr., a former law professor at the University of Pennsylvania.

Read the full article from SiouxFalls.Business.

The FRUITS Eco-Blockchain Project will allow gamers to redeem in-game items for real-life “golden eggs.” So reports Cointelegraph.

As such, the game Golden Egg Wonderland will allow players to try to collect NFTs with the hopes one will yield actual gold. The game is set to debut at the Tokyo Blockchain Expo on Wednesday, Oct. 25.

Read the full article from Cointelegraph.