Fintech
Treasury to help financial firms transition to quantum-resistant encryption
The U.S. Treasury announced on Monday the formation of a Quantum Readiness Working Group aimed at preparing the financial industry for an era when quantum computers could break traditional encryption. The working group will coordinate financial institutions, technology providers, and government agencies to promote the adoption of post-quantum encryption algorithms, focusing on identifying critical dependencies, enhancing cryptographic agility, fostering interoperability, and strengthening operational resilience. The National Institute of Standards and Technology has approved multiple post-quantum algorithms, but experts estimate the time window for quantum computers to break traditional encryption is approximately 5 to 10 years.
Dive Deposits: 4 takeaways from Jonathan Gould’s Wyoming appearance
At the Wyoming Blockchain Symposium, OCC Comptroller Jonathan Gould delivered remarks signaling a decisive pivot toward integrating digital assets into the banking system. He cited 40 new bank charter applications in 18 months, with 23 involving digital assets, and criticized the prior administration's risk-elimination strategy. Gould also detailed the OCC's timeline for finalizing GENIUS Act rules and processing stablecoin issuer applications, while acknowledging staffing challenges.
CFTC bans ex-FTX execs from trading
The CFTC has banned former FTX tech chief Gary Wang and former Alameda Research CEO Caroline Ellison from trading for five years, with additional registration bans of eight and ten years respectively. The agency cited their cooperation in resolving cases tied to the 2022 collapse of FTX.
Stripe, OpenRouter finally strike a deal
Stripe announced the acquisition of OpenRouter, a leading AI model routing platform, for a reported $7.5 billion. The deal aims to strengthen Stripe's AI economic infrastructure, with OpenRouter processing over 10 trillion tokens daily. Financial terms were not officially disclosed, but The New York Times reported the price, citing an unnamed source. The acquisition includes $1.5 billion for founders, and OpenRouter will continue to operate under its existing leadership.
Klarna CFO, CMO to leave early next year
Klarna announced Tuesday that CFO Niclas Neglén and CMO David Sandström will depart early next year. The company has begun searching for a New York-based CFO, aligning with its U.S. expansion. Klarna also revised its 2026 forecast downward, citing currency impacts, while reporting improved Q2 earnings.
Bakkt names new CFO in stablecoin growth push
Bakkt appoints Matt White as CFO, succeeding Karen Alexander, who will serve as an advisor until the end of the year. This move comes as the company shifts from a crypto trading platform to stablecoin infrastructure, having already sold its loyalty and custody businesses and invested in the Japanese and Indian markets.
OCC Returns Zerohash National Trust Bank Charter Application
The Office of the Comptroller of the Currency (OCC) has returned the national trust bank charter application of cryptocurrency infrastructure provider Zerohash, citing significant deficiencies in key information within the application materials. Zerohash responded that this is an administrative step coordinated with the OCC, not a substantive rejection of the application, and the company plans to resubmit this month. This return occurs against the backdrop of the OCC's recent tightening of scrutiny over trust bank charter reviews, following prior rejections of similar applications from Wise and Bunq.