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Federal prosecutors want Wells Fargo’s former retail banking head to spend time behind bars. Carrie Tolstedt agreed earlier this year to plead guilty to obstructing an investigation into her bank’s practice of opening accounts for millions of customers without their consent. In 2020, Wells Fargo paid the government $3 billion in penalties for opening checking and credit accounts without customers’ authorization to meet aggressive sales goals. The bank later said it found its workers may have set up 3.5 million fake accounts.

From DOJ Seeks Jail Time for Ex-Wells Fargo Exec Over Fake Accounts.

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A new study finds that the total value of digital wallets transactions will rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77%.

From Digital wallets transaction value to surpass $16 trillion globally.

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A new study finds that the total value of digital wallets transactions will rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77%.
This trend is driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (Buy Now, Pay Later) and microloans drives end-user engagement.
The study found that in a highly congested wallets landscape, diversifying their appeal to users is vital.

From Digital wallets transaction value to surpass $16 trillion globally.

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Despite the best efforts from parking app companies, motorists are still reporting that they cannot pay for a ticket because of a lack of signal, with dears they could still be fined.

From Parking companies forcing drivers to ditch cash to pay with apps.

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A few weeks ago, in an art gallery in London, I saw a Durer print that wasn’t a Durer print – it was a copy, made in around 1506 by Raimondi, a student of Raphael. Vasari tells us that Durer was furious and went to court in Venice. I treasure the idea of Venetian magistrates trying to work out how to think about this: their verdict was that Raimondi could carry on making the copies, but could no longer include Durer’s logo. That was a case about intellectual property, but the verdict is also a neat split between two ideas of authenticity. Do we care who made it, and why, or do we just want the picture? That’s why some people are horrified by music generators or Midjourney, (or, 150 years ago, were horrified by cameras), and others aren’t worried at all.

From: Generative AI and intellectual property — Benedict Evans.

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The organisation responsible for Japan’s national defences against cyber attacks has itself been infiltrated by hackers, who may have gained access to sensitive data for as much as nine months.

From: Japan’s cyber security agency suffers months-long breach | Financial Times.

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With that in mind, it’s important to revisit first principles on selling crypto-critters in the United States. One thing which I see a lot of, all the time, is when developers start out with something that is unregulated and gradually mission-creep their way into something regulated.
Preston Byrne, a CoinDesk columnist, is a partner of Brown Rudnick’s Digital Commerce Group.

From: The Many Layers of the SEC’s First NFT Enforcement Action.

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From: Digital Dollar Project and Western Union pilot CBDC for cross-border remittances.

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Luke Brereton, head of client engagement and strategy at investment company State Street Digital, says tokenisation is attracting significant interest and activity with a majority of its asset manager clients. “In short, this technology can help funds, and the industry, achieve two goals: improved efficiency and enhanced asset utility — with the former providing increased margins and the latter driving capital inflow for funds.”

The added value of tokenising an asset, explains Kevin de Patoul, CEO and co-founder at digital assets market-maker Keyrock, is that you are able to automate a lot of steps in the value chain of exchanging that asset. “The main savings are going to be around the post-trade value chain in terms of clearing, settlement and potential new custody asset servicing. You can automate lots of those steps, and some of them you can eliminate entirely. Also, you potentially get enriched information about the asset and its movement and ownership.”

From: Riding the crest of the tokenisation wave – The Banker.

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The issue, reported by 404 Media, stems from a feature on the Metropolitan Transportation Authority’s (MTA’s) OMNY website, which allows users to see their seven day ride history.

To see this information, riders do not need to have an account with a PIN or password. Instead, they simply enter their card details.

The feature works for normal card payments as well as Apple Pay and Google Pay, despite the latter two giving merchants a tokenised number.

From NYC subway security hole lets people use card info to track journeys.

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