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Judge Denies Federal Agency’s Authority to Issue Fintech Bank Charters

October 23, 2019

By Yuka Hayashi : wsj – excerpt

The ruling is a victory for state financial regulators

A federal banking regulator doesn’t have the authority to grant national charters to financial technology companies, a federal judge ruled Monday, a blow to the Trump administration’s effort to offer firms a new pathway to the traditional banking system…(more)

Is Congress ready to look at cryptocurrencies as they are attempting to break into the protected role of banks? Do public banks have a role to play in this?

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SoftBank to Boost Stake in WeWork in Deal That Cuts Most Ties With Neumann

Co-founder Adam Neumann to step down from WeWork board, while maintaining a stake in the company – By Maureen Farrell and Eliot Brown : wsj – excerpt-

SoftBank Group Corp. said it agreed to take a majority stake in WeWork after securing a deal that could hand co-founder AdamNeumann a nearly $1.7 billion windfall and sever most of his ties with the troubled office-space startup… (more)

A Telling Exchange at the Zuckerberg Hearing:

How a question about vaccines made it into a hearing about cryptocurrency
By Rachel Gutman : theatlantic – excerpt

“Are you 100 percent confident that vaccines pose no injury to any person on this planet?”

That was a real question asked today by Bill Posey, a congressman representing Florida’s Eighth District, to Facebook CEO Mark Zuckerberg. Facebook, for the record, is not a pharmaceutical company. Zuckerberg is not a medical professional. There are no indications that Libra, the proposed cryptocurrency that was supposedly the object of the House subcommittee hearing during which this exchange took place, will require its users to submit their vaccination records.

Posey’s monologue—he claimed to “support vaccinations,” but was also “disappointed Facebook would consider interfering with free speech with vaccinations”—was shocking in not only its content, but also its context. Posey was complaining about changes Facebook announced in March: that it would reject ads that include misinformation about vaccines and stop recommending groups and pages that spread such misinformation. Today’s hearing was about whether, in starting a cryptocurrency, Facebook might destabilize the global financial system…(more)

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