China Securities Regulatory Commission (CSRC) is now consulting some blockchain companies on ICOs, China Business News exclusively reports; now it is in the phase of collecting suggestions and having discussions; CSRC will particularly keep tabs on the fraud projects that raise money in the guise of cryptocurrencies and ICOs. Source (Chinese)
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Deloitte tracked 86,034 blockchain projects since 2009 that are hosted on GitHub; according to their data over 26,000 blockchain projects were started in 2016 and financial services firms are leading the way in blockchain; 92% of blockchain projects have failed or were started as an experiment; The Finanser shares other findings from the Deloitte report. Source
The US Senate's Banking Committee majority leader says a full reform of Dodd-Frank is unlikely but the Committee will seek to pass targeted reforms; the Banking Committee majority leader also sees larger regulatory changes coming mainly from the independent agencies; the outlook means the Financial Choice Act led by House Financial Services Committee Chairman Jeb Hensarling is also unlikely to be passed in the Senate; "The Choice Act is our omnibus legislation, but we will also reintroduce its component bills," says Hensarling; a previous executive order from President Trump which halts new federal regulations or requires regulators to repeal two rules for every new one issued is also slowing the regulatory process. Source
Speaking to American Banker fintech firms Chime, Moven, Kabbage and more say the move by Amazon is a net positive; most comments showed surprise that it took the retail giant this long to make a move like this; the overall sentiment was positive, pointing out that the entrance of Amazon will increase knowledge of fintech and validating their thoughts on the need for improved consumer experience in banking; the fear that Amazon would just take over is overblown, there is room for the giant retailer and a lot of fintechs who cater to a specific market. Source.
The pilot occurs after a successful proof of concept in September with BNP, Commerzbank and ING; they hope to expand later this year with more banks, credit insurers and enterprise planning and logistics providers; they are looking to address risk mitigation, payables finance and receivables finance; “The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot," said Ivar Wiersma, head of innovation at ING Wholesale Banking, to CoinDesk. Source.