In today’s FinTech news, the attorney general of New York has handed down a warning to investors about the potential dangers of investing in cryptocurrency, while Wells Fargo eyes a class action suit over Zelle. Plus, Japan introduces a bill for stablecoin regulation.
NY AG Sounds Alarm Over Crypto Investments
New York Attorney General Letitia James is warning people about the dangers of investing in the cryptocurrency markets due to volatility that could result in deep financial losses and other risks. The guidance she handed down urged caution after the cryptocurrency market reached record lows in May that left investors with hundreds of billions of dollars in losses.
Wells Fargo Facing Class-Action Lawsuit Over Alleged Zelle Scams
A class-action lawsuit has been filed against Wells Fargo on allegations that the bank violated the Electronic Fund Transfer Act and California’s Unfair Competition Law in regards to the money transfer app Zelle. The victim in the suit claimed scammers stole $7,500 from him by mimicking a Wells Fargo customer service agent who then asked him to send them money, according to court documents.
Japan Passes Legal Framework for Stablecoins
Japan has passed a bill that outlines a legal fabric for stablecoins that essentially defines them as a digital currency. The country is among the first major economies to launch a legal framework around stablecoins. The framework is set to go into effect next year.
TikTok Debuts Subscription Comedy Series
TikTok is rolling out an exclusive subscription comedy series that has already started streaming this week. The series features Jericho Mencke interviewing a variety of comics and is produced by creator content and collaboration platform Pearpop. It will air Tuesdays and Thursdays.
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