Bitcoin Daily: US Regulators Join Global Financial Innovation Network; Colorado Explores Crypto Banking For Cannabis Firms

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The Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC) have announced that they are joining the Global Financial Innovation Network (GFIN).

The network includes 46 additional financial authorities, central banks, and international organizations from around the globe. “By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability. Participation in international organizations such as this helps U.S. financial regulators represent the interests and needs of the nation and its financial services stakeholders,” according to a statement.

In other news, proposed legislation from Colorado might aim to help crypto companies and cannabis companies obtain bank accounts, with former members of Colorado’s Blockchain Council meeting earlier this month to work on a bill that would authorize the creation of special-purpose banking institutions in the state. The possible law is expected to be similar to the Special Purpose Depository Institutions (SPDI) law passed in Wyoming. Colorado’s bill does have support from some lawmakers.

“My sense is that we will continue to support blockchain industry growth in the Colorado economy while at the same time look within our own government sector for practical blockchain applications that warrant funding,” State Sen. Jack Tate told CoinDesk.

And financial services firm Seamico Securities’ subsidiary, SE Digital, has received permission to launch the first legitimate ICO in Thailand, with the company aiming to raise between 2 billion and 3 billion Thai baht (between around $66 million and $99 million) through the sale.

Jesadavat Priebjrivat, the CEO of SE Digital, said the approval is turning a “new page on Thailand’s capital market history,” adding that Thailand “will become one of the first nations in [The Association of Southeast Asian Nations] to offer regulated digital token offerings,” according to Cointelegraph.

In addition to the ICO, SE Digital wants to provide a variety of digital token offering services, including primary issuance, strategic advisory, facilitating secondary market access, and providing Know Your Customer and Anti-Money Laundering services.


New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.