Global newsletter: Crypto going to heck in a handbasket

We could have devoted this entire newsletter to the crypto crackdown, but that would have been needlessly punitive for all of us.

Truth is, we do need to focus most of our attention on World War Web3 (I mean, close enough for alliteration’s sake). If we’re going to do so, why not feature arguably the best opinion writer in the space: Matt Levine?

His take features this subhead: “Also Flo Rida at private equity parties,” so you know it will be a fun ride.

We’ve clearly shifted to the farce department as Gary Gensler doubles down on his dimwitted denouement (alliteration is my ear candy). 

Seeing as Binance US is about to freeze its assets off, it’s a prime pun playground for pundits.

OK, that’s the last one.

Featured

USA

The SEC Comes for Crypto By Matt Levine   Also, Flo Rida at private equity parties.

From Fintech Nexus

USA Coinbase case: Is clarity from SEC close? By Isabelle Castro Margaroli    The SEC’s filing against Coinbase was expected but might be the beginning of the end to their years of crypto regulation avoidance.

LatAm How LatAm fintechs are diversifying their businesses to tackle challenging times By Jorge C. Carrasco    Fintechs are diversifying to survive, adding solutions to monetize their customer base and reduce dependence on riskier lines of business.

Fintech Blueprint Long Take: Revolut’s $100MM opportunity cost and faltering profitability without a UK banking license By Michiel Milanovic    Consumer-led financial technology emerged in full in the wake of the 2008 financial crisis. In the United States, personal financial management like Mint and investment platforms like Betterment came first. In Europe, customers were particularly dissatisfied with their banking experience, leading to the rise of neobanks.

Also making news

• USA: Crypto crackdown: Coinbase and Binance lawsuits shake markets The SEC’s actions indicate a push to require crypto businesses offering securities to follow the same rules as traditional stock and bond exchanges.
• USA: CFPB warns banks that poorly deployed chatbots could harm consumers The Consumer Financial Protection Bureau issued a warning to financial institutions about adopting technologies such as generative chatbots that may provide inaccurate information to consumers.
• USA: Lawmakers try again to curb Visa, Mastercard fees, with broader support Lawmakers plan to re-up proposed legislation that would give merchants the power to process many credit cards over different networks.
• USA: SEC’s Coinbase complaint sets off battle for crypto’s future A wide-ranging regulatory complaint goes well beyond what constitutes a security.
• USA: How Venmo fosters financial responsibility through Teen Account PayPal-owned mobile payment service Venmo is expanding its reach by rolling out new Venmo Teen Accounts that offer financial flexibility to 13 to 17-year-olds but keep parents in charge.
• Global: Thunes powers global money transfers with $60m in Series C funding Thunes, a global B2B payment infrastructure platform, has closed its Series C funding round of $60m. Founded in 2016, the company aims to tackle the global inefficiencies present in international money transfers.
• Global: HSBC says rebranded Silicon Valley Bank UK will maintain startup focus while targeting global growth Silicon Valley Bank UK will continue to serve startup businesses from “seed funding to IPO” after its takeover, the CEO of HSBC UK told CNBC.
• Europe: UK regulators not ready to deal with digital assets like cryptocurrencies – report A cross-party group of MPs has called for another review into developing skills to help the UK crypto industry grow.