Blockchain

Senate Banking members take skeptical look at cryptocurrencies
Blockchain firms have tried selling lawmakers on the potential for dramatically reduced transaction costs.

Senate Banking Chairman Mike Crapo, R-Idaho, sees data privacy as one of the primary risks. (Bill Clark/CQ Roll Call file photo)

Concerns over data privacy and skepticism about just how unique and beneficial cryptocurrencies and other blockchain-based digital assets could be dominated Tuesday’s Senate Banking Committee hearing on regulating the new technology.

“This new digital currency and blockchain technology is a very real — and potentially helpful — innovation,” said Chairman Michael D. Crapo, R-Idaho. “It’s also potentially harmful as there can be some serious risk involved in it.”

2 minutes with CFTC Chairman Christopher Giancarlo
Fintech Beat's Chris Brummer talks blockchain, derivatives and Hollywood

Chris Brummer (left) of Fintech Beat interviews CFTC Chairman Christopher Giancarlo in Washington. (Jinitzail Hernández/CQ Roll Call)

Financial technology is changing how we do business, and regulators are trying to catch up
Fintech Beat

Whether you’re paying a friend for drinks on Venmo or logging in to your online banking, you’ve probably engaged with fintech.