FinTech Weekly - GG: The National Disgrace - Issue #419

Gary Gensler has no respect for US entrepreneurs and investors.

June 08, 2023

This is the opening statement of an article published by Blockworks. What the SEC chairman thinks about cryptos doesn’t make crypto enthusiasts happy — as well as all the US people that want to work with and benefit from fintech innovation. The new lawsuit against Binance could threaten, once again, the position of the US within the global fintech space, while many countries work to improve the role of fintech in their economics, on de-dollarization and look for more ties with China. The US tries to be more fintech-friendly with its FedNow, but will it be enough? In the meantime, even the CEO of OpenAI warns about possible human extinction because of AI. This and much more in this number of FinTech Weekly, the fintech newsletter to discover fintech news and events. Stay ahead of competition with #FTW!

Gary Gensler Is a National Disgrace: It’s Time to Rein Him In
Gary Gensler Is a National Disgrace: It’s Time to Rein Him In
— via Blockworks

Millions of US people hold cryptocurrencies. But the SES decided to sue Binance and to investigate 61 cryptocurrencies considered as unregistered securities, making the whole crypto market fall. When the market falls, so do the investments of people and entrepreneurs, but it doesn’t seem to be a problem for the SEC. As reported by Blockworks, Gary Gensler’s SEC is becoming a way for the US to leave future global financial leadership to other countries.

CDAO Fall October
CDAO Fall October
— via Corinium Global Intelligence

Join your data & analytics peers from leading brands across North America as you discover the latest trends and challenges facing your role.

AI should be regulated like medicine and nuclear power: UK minister
— via Cointelegraph

UK Labour Party’s Lucy Powell said that artificial intelligence (AI) should be regulated as pharmaceutical and nuclear industries. Concerns related to the risks that AI poses for human beings arise, and the sentiment becomes constantly more negative. Matt Clifford even assessed that in two years AI could become so powerful that humans won’t be able to control it.

UK Lawmakers Call for a Dedicated Government Role to Oversee Crypto Regulation
— via CoinDesk

The UK wants to regulate cryptocurrencies because they’re here to stay. Prime Minister Sunak wants to bring cryptos into the regulatory framework already existing for other financial services, the Crypto and Digital Assets All Parliamentary Group (APPG) published a report that asks for immediate regulation, and UK lawmakers call for the introduction of a dedicated governmental role to manage the process.

SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations
— via CNBC

The SEC sued Binance, the largest cryptocurrency exchange, and its CEO, Changpeng Zhao, for allegedly selling unregistered securities to US people, through an unregistered securities exchange, by attracting investors with misleading information.

JPMorgan Turns to Blockchain for Dollar Trades in India Hub
— via Bloomberg

JPMorgan Chase launched a pilot program to settle transactions with six Indian banks by using Onyx, the blockchain created by the company. The project will be tested for a few months, also to understand the experience of banks.

Latam Insights —Tether to Start Bitcoin Mining Operations in Uruguay; Lula Proposes Abandoning US Dollar
— via Bitcoin.com

Tether, the company behind USDT, is starting a new Bitcoin mining project in Uruguay — especially because of the large production of energy thanks to renewable resources in the country. In the meantime, Brazilian president Lula proposed to abandon US dollar in bilateral settlements, and also Argentina continues with de-dollarization efforts – also by expanding a credit line with China.

FedNow instant payments are about to unlock fintech investment opportunities
— via TechCrunch

The Fed launches a new initiative, FedNow, that will allow instant payments. The initiative is aimed at favoring small businesses, banks and consumers.

Privacy Concerns Dominate CBDC Discussion at Consensus 2023
— via CoinDesk

In the meantime, CBDCs (Central Bank Digital Currencies) are still one of the most discussed topics. At Consensus 2023, participants talked about the way governments want to build them — and privacy concerns arise, since they think that governments can’t be trusted in this case.

A.I. poses human extinction risk on par with nuclear war, Sam Altman and other tech leaders warn
— via CNBC

Another letter from tech personalities. Among the tech experts that signed this new statement, Sam Altman, CEO of OpenAI (the company that created ChatGPT), warned about the risks posed by artificial intelligence (AI) to the survival of humanity.

Regulating Fintech: 5 Steps To Grow Sustainably [UPDATE]
— via FinTech Weekly

FinTech Weekly. Here are the five steps to regulate fintech without threatening innovation and avoiding gray areas in regulatory frameworks for this industry.

Jobs

Technical Product Manager
Technical Product Manager
— via Paymentology

A key part of your role as a Product Manager at Paymentology will be guiding product & engineering teams to ensure conformation to our design, and governance through a well-formulated process.

BI Developer
BI Developer
— via JUMO

As BI Developer you will be involved in building new reports, maintaining existing reports, creating data sources and pipelines for reporting purposes, deriving data extracts for operational and analytical needs and engage with both internal and external stakeholders on their data and reporting requirements.

Senior Operational Risk Manager
Senior Operational Risk Manager
— via Pay.UK

The purpose of this role is to support the maintenance and embedding of operational risk frameworks, processes, and reporting (as an integrated component of the Enterprise Risk Management Framework).







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