Latest news with #financial inclusion
Coin Geek
12 hours ago
- Business
- Coin Geek
Americans fear crypto risks; CFPB takes crypto's side
Getting your Trinity Audio player ready... Americans remain deeply apprehensive of the risks surrounding digital assets, while federal agencies continue to loosen their control over the technology. Last week, Gallup issued a survey conducted in June, indicating that 14% of respondents owned some form of cryptocurrency. While this is a higher figure than previous surveys, further near-term growth could be limited. Only 4% of respondents said they would 'probably buy' crypto in the near future, while 17% said they were 'intrigued, but won't be buying soon,' and 60% said they were 'not interested in ever buying.' The bulk of crypto owners are men aged 18-49, who reported 25% ownership. That figure falls to 12% among men over 50. Women were far less likely to be owners, with only 8% of those aged 18-49 owning crypto. Slightly more women (9%) in the 50+ age demo reported owning crypto, possibly because women live longer than men and their crypto-owning husbands snuffed it, so now it's theirs. Despite the sector's refrain of offering 'financial inclusion' to Americans lower down the socio-economic ladder, owners with household income above $90,000 were far more likely (19%) to own crypto than those with income under $48,000 (9%). Crypto's reputation for risk is well recognized even among its biggest fans. A majority (55%) of 18-49 men consider cryptocurrency 'very risky,' a view that rises to 63% among those with a household income over $90,000. Even among confirmed investors, the view of crypto as very risky is a solid 64%, four points higher than Gallup's 2021 survey. There's a distinct partisan divide in how crypto's risks are viewed, with 45% of Republicans finding it very risky, compared with 54% of independents and 66% of Democrats. Only 4% of respondents cited crypto as the best long-term investment in a separate survey from May. Real estate (37%) was the most popular option, followed by gold (23%) and stocks (16%). The crypto figure was essentially unchanged from 2024, although it was half the 8% recorded just prior to the onset of frauds and bankruptcies that brought on 'crypto winter' in mid-2022. SEC being in-kind to ETFs On July 28, the Securities and Exchange Commission (SEC) announced that it was delaying a decision on whether to approve a BTC spot-based exchange-traded fund (ETF) application by Trump Media & Technology Group (TMTG). The parent company of the Truth Social platform filed its application in June, one of three crypto-focused ETF applications that TMTG has filed to date. Lest anyone read anything more into this, the SEC's delaying decisions is par for the course. The same day saw the SEC put off its decision on a Grayscale application for a SOL-based ETF until October 10. TMTG is only being asked to cool its jets until September 18. However, on July 29, the SEC made many more crypto ETF fans happy as it announced that it had approved 'in-kind creations and redemptions by authorized participants' of BTC and ETH-based crypto ETF shares. These ETFs were previously limited to creation/redemption on an in-cash basis but can now skip the conversion-to-cash step. SEC Chair Paul Atkins claimed it was 'a new day at the SEC' and 'investors will benefit from these approvals, as they will make these products less costly and more efficient.' The SEC continues 'to build a rational regulatory framework for crypto, leading to a deeper and more dynamic market, which will benefit all American investors.' As Bloomberg's Senior ETF Analyst Eric Balchunas noted, the change only impacts authorized participants (aka market-makers and other large institutions), so it 'doesn't mean retail can exchange [a BTC ETF] for actual bitcoin … more of a plumbing fix. It just makes the pipes a little better.' Since every other type of ETF already enjoys in-kind options, Balchunas says the decision 'shows that this SEC is ready to treat crypto like legit asset class. That's the biggest takeaway imo' Balchunas' colleague James Seyffart added his view that 'the coming approvals for alt coin ETFs likely going to allow in-kind from the get go. More movement in right direction IMO' In other actions, the SEC voted to approve 'other orders that advance a merit-neutral approach to crypto-based products, including exchange applications seeking to list and trade an [ETF] that would hold mixed spot bitcoin and spot ether.' TMTG has filed an application to offer a BTC/ETH ETF, plus another that comprises BTC, ETH, SOL, CRO, and XRP. The SEC also approved a 10x increase on the position limit of BlackRock's (NASDAQ: BLK) iShares Bitcoin Trust ETF, boosting the number of contracts from 25,000 to 250,000. Blackrock sought the boost in January, arguing for parity with other commodity-based ETFs, including the ProShares Bitcoin Strategy ETF. Back to the top ↑ CFPB re-rethinks open banking rule On July 29, the Consumer Financial Protection Bureau (CFPB) filed a motion in federal court requesting a stay in the lawsuit filed last year by the banking sector challenging the CFPB's implementation of its open banking rule. Judge Danny Reeves of the U.S. District Court Judge for the Eastern District of Kentucky's Lexington Division granted the stay. The open banking rule, which allowed consumers greater freedom to transfer their personal data between financial providers, was approved during President Biden's administration. However, the Trump administration announced plans to repeal the 'arbitrary and capricious' rule this spring because they believed its scope exceeded the CFPB's authority. Earlier this month, Wall Street bankers JPMorgan (NASDAQ: JPM) announced they would impose fees on third-party data aggregators that serve as bank-to-fintech bridges. The aggregators warned that the fees could amount to hundreds of millions of dollars per year, costs that would almost certainly be passed on to their fintech clients, including crypto operators. Aggregator, fintech, and crypto industry associations sent a joint letter to President Trump asking him to intervene. Trump was urged to lean on the CFPB to file a motion telling the court it had changed its mind on scrapping the rule. That motion had to be filed by July 29, and it looks like Trump heard their plea. The CFPB's motion claimed that '[i]n light of recent events in the marketplace, the Bureau has now decided to initiate a new rulemaking to reconsider the Rule with a view to substantially revising it and providing a robust justification. The Bureau seeks to comprehensively reexamine this matter alongside stakeholders and the broader public to come up with a well-reasoned approach to these complex issues.' The CFPB added that it 'plans to engage in an accelerated rulemaking process,' with an initial proposal expected 'within three weeks.' The CFPB promised the judge that it would file status reports on the rulemaking process every 90 days. The Financial Technology Association (FTA) issued a celebratory tweet-thread rather obviously stating that 'we do not oppose the CFPB's motion to stay this litigation,' adding that the FTA 'intend to participate in the rulemaking process' to ensure it gets the result it seeks. The Blockchain Association tweeted its victory lap, applauding the CFPB's 'decision to request a stay in this open-banking litigation and reconsider the rule.' Back to the top ↑ Conflicts of interest behind Quintenz's CFTC confirmation delays? July 28 marked the second Monday in a row that the Senate Agriculture Committee scheduled and then cancelled a hearing to approve Brian Quintenz as Trump's nominee for Commodity Futures Trading Commission (CFTC) chairman. With the Senate starting its summer break on August 4, and the CFTC currently down to a skeleton crew of two (out of its usual five) commissioners, the delays were more than a little puzzling. Committee Chair John Boozman (R-AR) told reporters that the White House asked the committee to 'not go forward' with the nomination hearing, but didn't explain. However, a July 26 post on The Closing Line blog suggests there might be concerns over conflicts of interest involving the CFTC-registered Kalshi prediction market site, on whose board of directors Quintenz currently sits. The Closing Line's Dustin Gouker filed a Freedom of Information Act (FOIA) request that produced a June 18 email sent by Kevin Webb—who is expected to serve as Quintenz's chief of staff post-confirmation—to the CFTC's acting general counsel. Webb asks the counsel to 'contact Brian via his gmail address to schedule a briefing on the confidential matters you were unable to discuss with me yesterday?' The matters include 'seriatims in circulation,' a reference to issues the CFTC considers and votes on without holding a formal/public meeting. Webb also asks the counsel about a 'list of open applications,' which Gouker believes could include licenses/registrations for designated contract markets (DCM), the formal category for prediction markets like Kalshi, as well as rivals PolyMarket and PredictIt. Polymarket recently announced plans to return to U.S. shores despite a $1.4 million settlement with the CFTC in 2022 for offering unregistered products to U.S. customers. Polymarket achieved this turnaround via a $112 million deal for QCEX, a CFTC-registered derivatives exchange and clearinghouse. At the time of Webb's email, QCEX's application with the CFTC for a DCM permit was still pending, but was approved earlier this month. A July 15 email from Quintenz to the CFTC's general counsel includes a link to a Bloomberg article detailing PredictIt's plans to expand the number of people allowed to wager on any one betting market, as well as the dollar amount each of those customers is allowed to wager. Quintenz asks, 'If the thrust of this report is accurate and if so, by what method […] this result was achieved?' Gouker notes the 'potential ethics concerns' raised by these emails, including 'whether Quintenz should be asking for or receiving some of this information, given the fact that he's still a member of Kalshi's board.' Quintenz has promised to step down from the board once confirmed. (Kalshi's board also contains one Donald Trump Jr.) Crypto in America journo Eleanor Terrett tweeted Tuesday that the blog post was 'said to be making the rounds on [Capitol Hill] and in crypto lobbying circles today.' Terrett couldn't say whether the blog 'influenced the White House's Monday decision, but there's speculation on the Hill that it may have been a contributing factor.' The White House stated Monday that Quintenz was still its nominee to lead the CFTC. It's possible that President Trump is considering waiting until the Senate has gone home to make a recess appointment, thereby sparing Quintenz the need to answer any potentially embarrassing questions. Back to the top ↑ Crypto mortgage legislation While Senate Democrats want to know more about the Trump administration's plans to allow homebuyers to use digital assets as collateral for mortgages, Sen. Cynthia Lummis (R-WY) is pushing to enshrine this plan into law, thereby ensuring it can't be overturned by future administrations. On July 29, Lummis announced the new 21st Century Mortgage Act, which would require government-sponsored enterprises like Fannie Mae and Freddie Mac 'to consider digital assets when assessing single-family mortgage eligibility.' While the bill's text has yet to be released, Lummis claims it would direct Fannie/Freddie to 'include digital assets recorded on a cryptographically-secured distributed ledger as part of their mortgage risk assessments for single-family home loans. This bill would prohibit forcing the conversion of these assets into dollars, respecting the nature of digital wealth.' Lummis claims her bill 'embraces an innovative path to wealth-building keeping in mind the growing number of young Americans who possess digital assets.' Lummis further claims that 21% of U.S. adults own some digital assets, a significant inflation compared to Gallup's numbers. Back to the top ↑ Emmer to Senate: approve House market structure bill already Lummis was among the co-authors of the Senate Banking Committee's discussion draft of its digital market structure legislation, which made its debut last week and on which senators have been asked to submit 'feedback and legislative solutions' by August 5. The Senate Agriculture Committee is expected to release its draft at some point in the not-too-distant future, after which the bills will need to be combined, debated, and voted out of committee(s). The House of Representatives approved its market structure bill (CLARITY Act) earlier this month. The Senate Banking Committee said its discussion draft 'builds on' CLARITY but also wanted to 'strengthen' and 'expand on' CLARITY's positions. House Majority Whip Tom Emmer (R-MN) recently told Decrypt that his chamber 'has years of work on this topic,' while the Senate 'hasn't had the same time, even those very talented senators interested in this.' Given the White House's deadline of September 30 for getting market structure legislation onto Trump's desk for signing, Emmer suggested senators should choose expediency over pride. Emmer said that as senators get deeper into the market structure weeds, 'they're going to realize the amount of time and attention that's been spent on the CLARITY Act. And I do believe they will bring it up, vote on it, and send it back' to the House for final approval. Emmer said he had no issues with the Senate making 'adjustments or improvements' to CLARITY, but starting from legislative scratch would unnecessarily delay the process. The threat of public scolding from Trump could also accelerate the process, as the House chose to adopt the Senate-approved stablecoin bill (GENIUS Act) despite many representatives preferring the House's own STABLE Act. Back to the top ↑ Watch: Breaking down solutions to blockchain regulation hurdles title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen>
Associated Press
3 days ago
- Business
- Associated Press
FINCA Canada Partners with Government of Canada to Support Youth Employment in Uganda
New $5 million CAD partnership, in collaboration with FINCA Uganda, will expand economic opportunities for youth, especially women. 'Young entrepreneurs in Uganda are brimming with potential. This partnership will equip them to realize that potential, improve their lives, and drive meaningful, lasting progress in their communities.'— FINCA Uganda Managing Director James Onyutta DODOMA, TANZANIA, July 28, 2025 / / -- Canada's Secretary of State for International Development, the Honourable Randeep Sarai, visited Dodoma, Tanzania, on July 21, 2025, to announce a new $5 million CAD, five-year partnership between the Government of Canada and FINCA Canada, in collaboration with FINCA Uganda. The initiative aims to expand economic opportunities for youth aged 30 and under in East Africa through financial inclusion and entrepreneurship. The project, 'Increasing Economic Opportunities for Youth in Uganda and Tanzania,' focuses on strengthening the socio-economic inclusion of young people, especially marginalized and vulnerable young women. By refining skills, enhancing financial inclusion, and improving employability, the initiative aims to support long-term economic growth and reduce poverty in the region. 'Canada has proudly partnered with FINCA Canada for more than eight years. Now, we are working together to support marginalized youth in Uganda and Tanzania,' said Hon. Randeep Sarai, Canada's Secretary of State for International Development. 'Through technical and vocational education and training, and skills development, young people—especially young women—will be empowered with competencies that meet current market demands. They will be better equipped to secure jobs, advance their careers, and expand or start new businesses. Inclusive opportunities will lead to a brighter future for all.' Youth socio-economic inclusion is vital for East Africa's sustainable development and economic growth, especially considering that youth comprise over 70 percent of the population in both Uganda and Tanzania, with median ages of 16 and 19, respectively. Despite their numbers, youth unemployment remains high—17 percent in Uganda and 11 percent in Tanzania—far above national averages. Additionally, young women face unemployment rates 50 percent higher than their male counterparts. The project will support youth through vocational training, entrepreneurship, and employment programs. To ensure sustainability and local impact, FINCA Canada will work closely with local organizations and businesses in both countries. These partners will provide job skills training to help young people secure employment. Through the Business Partnership Program, FINCA Canada will offer business skills development, mentorship, and connections to established enterprises within local communities. The initiative will also provide financial education, services, and capital to help young entrepreneurs start or grow their businesses. FINCA Uganda Managing Director James Onyutta expressed excitement about the opportunities this project presents. 'Young entrepreneurs in Uganda are brimming with potential,' Onyutta said. 'This partnership will equip them to realize that potential, improve their lives, and drive meaningful, lasting progress in their communities.' Over the next five years, FINCA Canada and the Government of Canada aim to support more than 40,000 youth in Tanzania and Uganda—particularly young women and girls—through vocational training, financial literacy programs, business placements, and mentorship opportunities. By increasing access to financial products and services for launching or expanding businesses, the project is expected to generate approximately 20,000 new jobs. About FINCA Uganda As part of the FINCA Impact Finance network, FINCA Uganda empowers customers by providing financial products, services, and education to help improve their standard of living and build financial health and resilience. A pioneer in financial inclusion, FINCA Uganda has served more than one million customers since its inception in 1992. About the FINCA Network FINCA Uganda and FINCA Canada are part of the global FINCA network. FINCA is committed to creating pathways out of poverty through sustainable, scalable solutions rooted in the needs of the people it serves. The organization's work is driven by the belief that all people should have the opportunity to leverage their wisdom, talent, and effort to determine their own destiny. Scovia N. Swabrah FINCA Uganda Limited email us here Visit us on social media: LinkedIn Instagram Facebook X Other Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Finextra
22-07-2025
- Business
- Finextra
Mastercard and Jordan Islamic Bank collaborate on Shari'ah-compliant digital payment platform
Mastercard and Jordan Islamic Bank (JIB), one of the largest banks operating in the country, are collaborating to drive innovation and expand access to Shari'ah-compliant digital payment solutions. 0 JIB will leverage Mastercard's payment technologies and advisory services to enhance its consumer card portfolio, introducing new features tailored to the unique needs of Shari'ah- compliant customers. The collaboration aims to support the development of new digital channels and customer engagement platforms, enabling JIB to deliver more personalized, accessible, and secure banking experiences. 'This collaboration reflects our shared commitment to advancing financial inclusion and empowering Shari'ah-compliant customers across Jordan through innovative digital solutions. Together with JIB, we are building a more connected and customer-centric financial ecosystem, powering inclusive growth, driving digital transformation, and expanding access to secure digital payments,' said Adam Jones, executive vice president and division president for West Arabia, Mastercard. 'We are excited to collaborate with Mastercard to provide innovative and Sharia'ah-compliant financial solutions. Leveraging Mastercard's global expertise and advanced technologies, we will further enhance our offerings, ensuring our customers experience secure, seamless, and value-driven financial services that adhere to Shari'ah banking principles,' said Dr. Huseein, CEO, Jordan Islamic Bank Since its establishment in 1978, Jordan Islamic Bank (JIB) has focused on sustainable growth by driving digital transformation and expanding its electronic banking services to meet the changing needs of its customers.
National Post
21-07-2025
- Business
- National Post
FINCA Canada Partners with Government of Canada to Support Youth Employment in East Africa
Article content DODOMA, Tanzania — Today, the Secretary of State for International Development, the Honourable Randeep Sarai, visited Dodoma, Tanzania, to announce a new five million dollar, five-year partnership between the Government of Canada and FINCA Canada. The initiative aims to expand economic opportunities for youth – those aged 30 and under – in East Africa through financial inclusion and entrepreneurship. Article content The project, 'Increasing Economic Opportunities for Youth in Uganda and Tanzania', is focused on strengthening the socio-economic inclusion of young people, especially marginalized and vulnerable young women. By refining skills, enhancing financial inclusion and improving employability, the project aims to support long-term economic growth and reduce poverty in the region. Article content 'Canada has proudly partnered with FINCA Canada for more than eight years. Now, we are working together to support marginalized youth in Uganda and Tanzania,' said Hon. Randeep Sarai, Secretary of State for International Development of Canada. 'Through technical and vocational education and training, and skills development, young people, especially young women, will be empowered with competencies that meet current market demands. They will be better equipped to secure jobs, advance their careers, and expand, or start new businesses. Inclusive opportunities will lead to a brighter future for all.' Article content Youth socio-economic inclusion is vital for East Africa's sustainable development and economic growth, especially as youth comprise over 70 per cent of the population in Uganda and Tanzania, with median ages of 16 and 19, respectively. Despite their numbers, youth unemployment remains high, 17 per cent in Uganda and 11 per cent in Tanzania, far above national averages, and young women face unemployment rates 50 per cent higher than their male counterparts. Article content The project aims to support youth through vocational training, entrepreneurship and employment programs. To ensure its success and sustainability, FINCA Canada will partner with local organizations and businesses in Tanzania and Uganda. These partners will provide job skills training to help young people secure employment. Article content Through the Business Partnership Program, FINCA Canada will offer business skills development, mentorship, and connect youth with successful businesses in their communities. The project will also provide financial education, financial services and capital to young entrepreneurs to help them start or grow their businesses. Article content 'Young entrepreneurs in Africa have the ideas, determination, and ability to achieve great things when given the opportunity,' said Drew Boshell, Executive Director, FINCA Canada. ' Through this project, FINCA Canada is committed to helping young people achieve their goals and break the cycle of poverty by allowing them to access the financial skills and services they need to secure a sustainable future.' Article content Over the next five years, FINCA Canada and the Government of Canada expect to support more than 40,000 youth in Tanzania and Uganda, particularly young women and girls with vocational training, financial literacy training, business placements, and mentorship opportunities. By enabling participants to access financial products and services, either to launch new businesses or expand existing ones, the project is expected to create approximately 20,000 new jobs. Article content FINCA Canada is a member of the FINCA network, a global organization committed to creating pathways out of poverty through sustainable, scalable solutions rooted in the needs of the people it serves. Operating in some of the world's most challenging markets, FINCA provides financial and non-financial tools to help individuals and communities build resilience, generate income and invest in their children's education. FINCA's work is driven by the belief that all people should have the opportunity to leverage their wisdom, talent, and effort to determine their own destiny. FINCA aims to reach at least 40 million people by 2028 with proven solutions that spark lasting impact. Article content Article content Article content Media Contact: Article content Article content Emily Ellis Article content Article content Article content
Arab News
15-07-2025
- Business
- Arab News
Pakistan regulator unveils gender policy to boost women's role in corporate, finance sectors
KARACHI: Pakistan's top financial regulator on Tuesday launched a draft policy aimed at tackling gender inequality in the country's corporate and financial sectors, seeking to improve women's representation on company boards, expand access to finance for women entrepreneurs and make workplaces more inclusive. The Securities and Exchange Commission of Pakistan (SECP) published its Women EquiSmart Policy 2025–2028 for public consultation on its website, calling it the first comprehensive gender framework for regulated sectors such as capital markets, insurance and non-banking finance. 'The draft framework reflects the SECP's strategic shift from fragmented diversity efforts to a structured, cohesive regulatory approach to gender inclusion, aligned with national priorities and global frameworks,' the regulator said in a statement. The draft policy is built around six pillars, including women's leadership on boards, gender-disaggregated reporting, women's entrepreneurship, gender-smart financial products, inclusive workplace practices and institutional capacity building. The statement said it identifies policy gaps, proposes timelines and regulatory actions and assigns roles to key stakeholders across the public and private sectors. While Pakistan has seen efforts in recent years to promote workplace equality — such as corporate codes encouraging gender diversity — these have largely remained voluntary and inconsistently implemented. SECP's proposed framework seeks to introduce a more enforceable and measurable approach to gender inclusion.
