banking

According to Politico, Tim Scott, the chairman of the U.S. Senate Banking Committee, has requested that former NVIDIA CEO Jensen Huang and U.S. Secretary of Commerce Gina Raimondo testify next month before the committee regarding Jensen Huang's extramarital affair.Scott sent letters to both Jensen Huang and Gina Raimondo on Thursday evening, requesting their attendance at the Senate Banking Committee hearing. This move indicates that two oversight hearings will be held next month.

According to The Block, JPYC Inc., the issuer of the yen stablecoin, CEO Noritaka Okabe stated that as more banks face service disruptions, the demand for JPYC stablecoin will rise. Shortly before Okabe made the above remarks, Japan's GMO Aozora Net Bank suspended part of its bank API services after detecting unauthorized communications.Its parent company, GMO Internet Group, experienced a significant cybersecurity incident last month, involving ransom demands following unauthorized access to servers. JPYC is a regulated yen-pegged stablecoin, and the company registered as a money transfer service provider with Japanese authorities in October 2025.

Analyst qinbafrank published an interpretation of the impact if anti-crypto Senator Elizabeth Warren were to become the chair of the Senate Banking Committee. Warren has consistently advocated for embedding anti-money laundering obligations deeply into wallets, miners, and validators, preventing banks from bringing crypto risks into the traditional lending and borrowing system, and opposing the use of tokenization to circumvent securities laws. Warren is likely to push for a stricter legislative agenda, but she will face significant resistance in actual implementation.The comprehensive tightening of crypto regulation bills will still be limited by the 60-vote filibuster threshold, and even if both chambers pass them, Trump can still exercise veto power. Therefore, hardline proposals lacking significant compromise are unlikely to directly become law. However, Warren could escalate Trump's scrutiny of crypto businesses into ongoing investigations and initiate intensive hearings targeting the SEC, CFTC, and crypto companies. While this does not equate to criminal convictions, it would significantly impact market sentiment.At the administrative regulatory level, for the next two years, the chairs of the SEC and CFTC will still be held by Republicans, who can continue to advance crypto policies within their existing statutory authority (such as the September tokenized stock trading exemption and the recent derivatives framework request for comments). Warren's oversight cannot automatically invalidate these policies, but it may slow down the process or narrow the scope of exemptions. At the same time, she can use her committee powers to obstruct Trump's nominations for regulatory agency commissioners. Analysts conclude that although hearings and investigations will bring greater pressure, the crypto regulatory environment in the next two years is unlikely to be stricter than during the period of full Democratic control from 2023 to 2024.

The founder of the decentralized lending protocol Aave, Stani Kulechov, stated that Bitcoin is now more important than ever, and one can see this by looking at Paraguay today.According to a report by Reuters, after the Paraguayan digital bank Ueno was taken over by the central bank, a large number of depositors were unable to withdraw their deposits, leading to public protests demanding the return of funds, expedited compensation, and accountability. The affected group includes retirees who receive pensions through the bank.

According to Cointelegraph, citing The Wall Street Journal, long-time critic of the cryptocurrency industry, U.S. Senator Elizabeth Warren is expected to lead the Senate Banking Committee, a change that could pose challenges for Wall Street and the cryptocurrency industry.

According to a report by Reuters, after Binance suffered a $6.3 billion hacking attack last week, the U.S. Federal Reserve and the Office of the Comptroller of the Currency (OCC) began contacting banks on Monday to inquire whether their systems had experienced any unusual activity or service disruptions, in order to assess the risk of security incidents in the cryptocurrency market spreading to the traditional financial system.Insiders stated that several banks are conducting security diagnostics on their internal systems and evaluating whether there are vulnerabilities that similar attack methods could exploit. The cybersecurity team of a major U.S. bank has contacted Binance and is in the process of drafting an internal report, which may lead to a review of systems and updates to cybersecurity measures.Binance stated that it is currently maintaining close contact with global regulators and promptly reporting on this security incident. The Federal Reserve and OCC declined to comment. Insiders also pointed out that the rapid evolution of AI models has increased the difficulty for banks to defend against hacking attacks, and banks are investing significant resources to review and patch cybersecurity code.

On November 4, the French banking group Crédit Mutuel Arkéa announced details of a previously disclosed theft of funds revealed by ZachXBT. The bank stated that the attackers gained access through a platform of an unnamed third-party service provider, and then used the bank's own accounts to transfer funds to other financial institutions, with the related funds potentially being exchanged for cryptocurrency through specialized platforms.The bank denied that the attack entry point was located in its online bank Fortuneo and stated that customer assets were unaffected. Regarding the previously reported stolen amount of approximately 118 million euros (133 million dollars), the bank did not confirm the specific figure but acknowledged its magnitude, with some funds already frozen and the final loss still being assessed.

According to Crowdfund Insider, Lyn I. Javier, the Deputy Governor of the Central Bank of the Philippines and head of the financial regulatory department, revealed that the UK fintech company Revolut is actively negotiating with the bank to obtain a digital banking license in the Philippines.She pointed out that Revolut must go through the assessment process of the Central Bank of the Philippines, including meeting the relevant requirements for establishing a foreign bank institution in the Philippines. As for the specific approval timeline, it depends on the company's progress in compliance preparations.Revolut currently holds banking licenses in the UK, Australia, Colombia, and France, and has received conditional approval to establish a bank in the United States. Additionally, the company applied for a banking license in Switzerland in September.

According to the latest episode of the Gatecast podcast, Gate founder and CEO Dr. Han shared the product philosophy and future plans of Gate Money. He stated that Gate is extending years of accumulated experience into the fields of asset management and daily payments, reaching a broader user base, with the goal of doubling the user scale of Gate Money in the next one to two years.Leveraging the technical systems, institutional clients, and market-making liquidity accumulated from years of trading operations, Gate supports the exchange between various types of assets; relying on a global licensing layout and partnerships with banks and payment networks, Gate Money creates conditions for users' fund collection, payment, and consumption applications. These capabilities collectively form the operational foundation of Gate Money, enabling the platform to reduce exchange and fund circulation costs in different usage scenarios.Through various capabilities such as holding, exchanging, appreciating, and paying, Gate Money connects multiple types of assets with life needs. Dr. Han illustrated the consumption use of assets beyond investment by using the example of "buying coffee with stocks." In eligible regions, users can open bank accounts in their own names, using familiar payment methods, with transfers processed by underlying blockchain technology; idle funds can also participate in appreciation through yield products.Looking ahead, Dr. Han also shared the application prospects of AI Agent providing round-the-clock assistance in asset allocation and fund management. With the integration of investment, wealth management, and daily payments, Gate Money will continue to expand the application boundaries of various assets, promoting Gate's services deeper into more everyday life scenarios.

Alex Gluchowski, CEO of Matter Labs, announced Prividium Commander at Money20/20 USA, pointing out that while most banks have tested blockchain, only a few have truly put it into production services. The crux of the issue lies in operational processes rather than the technology itself, including aspects such as issuance control, transfer processing, audit requirements, and compliance workflows.Prividium Commander is positioned as a unified control plane, allowing institutions to manage permissions, configure token functionalities, and set operational strategies all in one place, while also integrating with existing traditional financial systems of banks and being compatible with both public and private chain infrastructures. This product is built on Matter Labs' permissioned privacy blockchain platform, Prividium, which is based on ZK Stack technology, allowing institutions to run private chains on their own infrastructure and anchor transactions to Ethereum through zero-knowledge proofs, achieving Ethereum-level settlement finality without disclosing customer balances and transaction details.Matter Labs open-sourced the Prividium Core permission engine in September 2026, with the Deutsche Bundesbank being the first testing party. Cari Network has chosen Prividium to build a multi-bank tokenized deposit platform, with participants including regional banks such as Huntington and M&T Bank, planning to go live later in 2026. By mid-2026, Matter Labs had fully shifted its focus to the institutional privacy infrastructure of Prividium.

According to Crypto.news, Beast Holdings, associated with YouTube creator MrBeast, has submitted two U.S. trademark applications for MRBEAST FINANCIAL and BEAST FINANCIAL, covering financial services such as cryptocurrency trading, payment processing, decentralized exchanges (DEX), online banking, consumer loans, credit and debit cards, and investment management.

According to a report by The Block, Coinbase released a report titled "The Always-On Dollar" indicating that in the third quarter of 2026, the average hourly transfer amount of organic stablecoin transactions exceeded $400 million. Over the past 12 months, as of July 31, approximately 73% of filtered stablecoin transfer volume occurred outside of U.S. banking hours, highlighting the demand for 24/7 stablecoin payments.The report shows that the adjusted quarterly transfer volume of stablecoins has grown to four times its original amount since the beginning of 2023, reaching $891 billion in the third quarter of 2026. At the current growth rate, this figure is expected to reach $1.5 trillion by the end of 2027. The report also noted that using USDC to remit $200 through the Base network can save about 86% in fees compared to traditional payment channels. Furthermore, if 80% of global international transactions shift to stablecoin payment networks, the global annual GDP could increase by an additional $155 billion.Looking ahead, the report believes that stablecoins are likely to become an important payment infrastructure for the AI agent economy. McKinsey estimates that by 2030, between $3 trillion to $5 trillion in B2C commercial transactions will be facilitated by AI agents, with stablecoins supporting small transactions such as payment task fees between agents, purchasing API calls, and on-demand access to data and computing power.

According to Cointelegraph, the crypto advocacy organization Stand With Crypto stated that during a 90-day period from May to August 2026, a total of 9,803 individuals submitted 10,092 complaints to UK banks through the organization's online tools, reflecting the restrictions encountered when transferring to crypto platforms.The highest number of complaints came from Lloyds Banking Group, one of the largest banking groups in the UK, totaling 2,297, followed by Barclays with 1,569 and NatWest Group with 1,278. These complaints have raised concerns about the accessibility of crypto services in the UK ahead of the launch of a new regulatory framework for digital assets in 2027.The report shows that UK banks have varying practices regarding restrictions on crypto transfers. Barclays and HSBC UK are listed as limiting crypto transfers to £2,500 (approximately $3,300) per transaction and £10,000 (approximately $13,300) every 30 days. Six banks, including Starling Bank, TSB, and Chase UK, are listed as completely prohibiting transfers related to crypto.Meanwhile, Lloyds Banking Group and Revolut are classified as having not disclosed their restrictions on crypto transfers, despite also receiving customer complaints. Revolut's official support page states that transfers to "certain cryptocurrency exchanges" are not supported, and a spokesperson for Stand With Crypto indicated that this seems to be a technical issue rather than an established policy.Nick Jones, founder and CEO of Zumo, told Cointelegraph that banking restrictions are a common issue faced by crypto founders in the UK, which could undermine the country's ambition to become a global crypto hub. He stated that the issue of limited access to banking services needs urgent resolution so that UK crypto businesses can grow and expand in a fair environment.Jones also warned that the upcoming crypto regulatory framework in the UK may not address this issue. Although businesses are preparing for mandatory approval from the Financial Conduct Authority (FCA) by October 2027, obtaining business bank accounts is not included in that framework. He added that without coordinated action, businesses may obtain full authorization but still be unable to open UK business bank accounts.

The identity project World, co-founded by OpenAI CEO Sam Altman, announced the launch of a World ID verification product suite aimed at banks and financial institutions, marking the first industry-specific version of the identity protocol. World co-founder Alex Blania unveiled the product at the Money20/20 conference. The suite integrates three existing products, and World claims it can help institutions guard against deepfake fraud and AI-driven identity theft, covering scenarios such as customer accounts, employee workflows, and AI agents.Specifically, the World ID app is an identity wallet used to store and present what World refers to as user Proofs. World ID for Zoom allows call participants to confirm that the other party is a real person and not a deepfake; this feature has officially launched after a limited testing phase that began in April. World’s main developer, Tools for Humanity, has also joined Zoom's Independent Software Vendor Exchange Program. World ID for Agents, also known as AgentKit, allows users to delegate Proofs to AI agents, which present them to third-party platforms.World stated that it is collaborating with OpenExchange, Bain Capital, VanEck Funds, and Outtake as design partners to explore how its technology can support banks and financial services, but did not disclose specific bank names or pricing for the product. A press release cited a Deloitte forecast predicting that by 2027, AI-related fraud losses in the U.S. could reach $40 billion, up from approximately $12.3 billion in 2023. World claims that over 18 million people currently hold Proof of Human. Last month, World also launched the World Money self-custody app, supporting stablecoin payments in over 150 countries; in July, World Foundation raised $52.5 million through a WLD token sale, with a lock-up period of one year.

According to SeeNews, Bulgaria's Postbank plans to add stock and cryptocurrency investment features to its mobile banking app. Postbank is a subsidiary of Eurobank Bulgaria AD. This move signifies that traditional banks are integrating digital assets with securities investment services into retail banking channels. The report was published on October 16, 2026, and currently, the page only displays the title, without disclosing details such as the launch time, supported currencies, and partners.

The Office of the Comptroller of the Currency (OCC) released a report on de-banking on Wednesday, pointing out that some banks had established "public and non-public policies" to restrict services to multiple industries, including oil and gas, tobacco, firearms, and digital assets. This report was issued based on an executive order signed by President Trump in August 2025, aimed at preventing what it calls "illegal de-banking" practices.The OCC stated that many institutions also imposed restrictions on digital asset businesses, involving issuers, exchanges, or management agencies, often citing financial crime considerations as justification. However, this 47-page report did not provide specific de-banking cases related to digital asset activities. The OCC noted that based on a review of nine large banks, it "could not fully quantify the overall scale of de-banking or alleged de-banking activities," with the agency's head, Jonathan Gould, primarily discussing claims of de-banking related to coal and firearms.Gould stated that these decisions were not based on financial risk; banks cited concerns about negative news, public protests, and the potential reputational consequences of supporting related industries. In November 2024, more than 30 executives from the technology and cryptocurrency industries claimed they were denied banking services, informally referring to it as "Operation Chokepoint 2." Trump's executive order in 2025 came after industry-related calls, following allegations that the Biden administration might influence financial institutions to cut off certain services to cryptocurrency companies.

According to The Defiant, the European Banking Authority has recognized the US dollar stablecoin USDC as the EU's first "significant" electronic money token. Under the arrangement, the financial regulatory responsibilities for USDC will be transferred to the European Banking Authority on November 12.Meanwhile, the French Prudential Supervision and Resolution Authority will continue to be responsible for the governance and other corporate affairs of USDC.