Blockchain
Brian Brooks, Former Chief Banking Regulator, Joins Spring Labs
Brian Brooks, the former acting head of the U.S. Office of the Comptroller of the Currency (OCC), has joined Spring Labs, a leading financial technology firm transforming the exchange of sensitive data, as its first independent director. His appointment to Spring Labs’ Board of Directors follows Mr. Brooks’ high-impact tenure at the OCC, the national banking regulator that oversees over 1,200 banks, including JPMorgan Chase and Wells Fargo, that collectively represent 70% of the US banking system’s assets.
“Spring Labs is transforming financial data exchange in a way that is better for consumers,” Brian Brooks said in a statement. “I launched my financial inclusion initiative Project REACH while at the OCC, and I look forward to working with the Spring Labs team to bring the benefits of financial services to more Americans, while reducing cost and increasing security for everyone.”
By fundamentally altering the way consumer financial data is stored and shared, Spring Labs technology offers a unique combination of transparency and privacy that strengthens oversight while also unlocking new data sources that can be used to remove barriers that currently keep as many as 55 million Americans from fully utilizing modern financial services–or from being able to access them at all.
“Brian has a remarkable perspective on where the industry is headed, and his experience has given him a unique lens on transformative technologies and how they are being adopted,” said Adam Jiwan, co-founder of Spring Labs. “We are thrilled that he shares our vision as we build the secure rails for data exchange.”
The Spring Labs’ network technology is built on modern cryptography, which allows the visibility of information shared by network participants to be strictly controlled, and a permissioned blockchain, which provides a time-stamped, immutable record and audit trail to all network participants. This combination of data opacity and transaction transparency is a key to resolving the age-old problem of information sharing among competitors, as well as providing regulatory transparency without inhibiting competition.
In addition to financial inclusion, Mr. Brooks sees the Spring Labs platform as key “middleware” that builds upon another legacy of his time at the OCC: integrating digital assets, such as cryptocurrencies, into the traditional financial system to allow the new technology to securely scale within federal regulatory frameworks, including KYC/AML and compliance laws.
Spring Labs has raised over $38m and built an industry-leading partnership with over 50 major financial institutions, including GM Financial, SoFi, and Avant. In December, the company announced the launch of their network among PACE energy loan lenders. The technology has been credited with catching fraud at a rate of 1% of originations, saving an estimated 10% of annual industry revenue.
Spring Labs counts numerous industry veterans as advisors, including Gary Cohn, former President of Goldman, Sachs & Co, Bobby Mehta, former CEO of TransUnion, Nigel Morris, co-founder of Capital One, and Sheila Bair, former Chair of the FDIC.
Prior to his tenure at the OCC, Mr. Brooks was chief legal officer at Coinbase Global and Executive Vice President, General Counsel, and Corporate Secretary of Fannie Mae. Before those positions, Mr. Brooks was vice chairman at OneWest Bank and managing partner at global law firm O’Melveny & Myers LLP. Mr. Brooks holds a bachelor’s degree from Harvard University in government and a law degree from the University of Chicago.
Blockchain
Ebang International Reports Financial Results for Fiscal Year 2023
Blockchain
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
The post FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers appeared first on HIPTHER Alerts.
Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
The post Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets appeared first on HIPTHER Alerts.
-
Blockchain Press Releases4 days ago
DeFi Lens builds advanced Generative AI for Technical Analysis
-
Blockchain3 days ago
Venezuela’s Oil Giant Turns to Crypto as US Sanctions Bite Again
-
Blockchain3 days ago
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
-
Blockchain2 days ago
Global Payment Gateway Industry Report 2024: Seamless Integration with In-Game Virtual Currency Systems Enables Payment Gateways to Contribute to the Monetization Strategies of Game Developers
-
Blockchain4 days ago
PairedWorld Earns Nomination for Best Blockchain Project for Social Impact, Secures $1.5 Million in Private Token Sales, and Welcomes Paul Taylor Who Is a Venture Partner at BlackRock to its Advisory Board
-
Blockchain1 day ago
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
-
Blockchain5 days ago
PairedWorld Earns Blockchain Award Nomination, Secures $1.5 Million in Private Token Sales, and Welcomes BlackRock Venture Partner to Advisory Board
-
Blockchain1 day ago
39% of Canada’s institutional investors have exposure to crypto: KPMG