The top stories in accounting & finance for the week of May 28th
But that sentiment isn't quite what’s made Coinbase the go-to cryptocurrency exchange. As Asiff Hirji CEO of Coinbase puts it, “we are not a run fast, break things culture. That doesn’t work when you’re dealing with people’s money.” Here’s how Coinbase’s cunning and calculation have strived to make it the digital currency version of what Google is for search.
Blockchain technology is huge. And businesses everywhere are vying for a piece of that pie—much like they did with other buzzword-y tech such as A.I. and I.o.T. before it. But beware, some organizations are only glomming to this term in hopes of selling snake oil. To illustrate the breadth of the hype, Wired has compiled a (non-exhaustive) list of organizations promising to solve the world’s problems with through the blockchain. From curing cancer to fixing the lack of diversity in tech, there’s nothing the blockchain can’t solve.
Chinese juggernauts AliPay and WeChat threaten the livelihoods of America's bankers. Ironically, their fate was written by ignoring the world’s subprime and underbanked consumers. Solutions from Alibaba and Tencent, which have emerged from this vacuum, now threaten to upend the consumer finance industry.
The story of an intrepid reporter, an unattended Excel spreadsheet, and a freedom of information act request that shed light on over $30 million in tax abatements in one Atlanta county. Here’s how the confluence of those events, along with a recent rule change (statement 77) in the GASB (analogous to the FASB but for government agencies), helped one gumshoe reporter unearth a case of misappropriated taxpayer money.
—Columbia Journalism Review
One of the central tenets of the Dodd-Frank law is getting a makeover. The Volcker Rule, written to dampen banks' ability to make complex and often risky bets with depositors' money, is being relaxed by legislators in an effort to simplify it—making it both easier for banks to comply with and Washington to enforce. The architect of the rule Paul Volcker welcomes efforts to simplify its compliance so long as it not "undermine the core principle at stake."
—The New York Times
About the AuthorFollow on Twitter Visit Website More Content by Nvoicepay Staff Writer