Monthly Archives: December 2024

Confidently Crypto w/ Dr.Tonya-The Seven Principles of Kwanzaa and Cryptocurrency

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Dr.Tonya’s weekly podcast segment, airing every Monday, is designed to simplify cryptocurrency, blockchain, and decentralized finance (DeFi) with clear and actionable insights. It provides a space for listeners, whether they are curious, skeptical, or eager to dive in, to separate fact from fiction, overcome barriers, and take control of their financial future.


Check out the free 7-day email course and discover the essentials of cryptocurrency, while exploring how it connects to seven transformative principles for building wealth and strengthening community. Click Here

“These seven principles, paired with blockchain knowledge, offer a roadmap to build wealth, strengthen community, and embrace the transformative opportunities of the Web3 economy.” –Dr.Tonya Evans

  • Connection | Umoja – Unity
  • Advocacy | Kujichagulia – Self-Determination
  • Tech | Ujima – Collective Work and Responsibility
  • Wealth | Ujamaa – Cooperative Economics
  • Innovation | Nia – Purpose
  • Creativity & Spirituality | Kuumba – Creativity
  • Wellness | Imani – Faith

U.S. Justice Department Files Complaint Against Fintech ‘Dave’

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The U.S. Justice Department has filed a civil enforcement action against fintech company Dave (DAVE.O) and its CEO Jason Wilk, alleging violations of federal law. The case, supported by the Federal Trade Commission (FTC), accuses the company of deceptive practices tied to its personal finance app.

According to the complaint, Dave attracted users with promises of cash advances up to $500, which many customers reportedly did not receive. The government also claims the company misled consumers by charging hidden fees, misrepresenting how customer tips were used, and imposing recurring monthly fees without an easy cancellation process.

The Justice Department is seeking monetary civil penalties, consumer redress, and a permanent injunction to prevent future violations. The complaint filed on Monday replaces an earlier one filed by the FTC in November, which had only targeted Dave and did not seek civil penalties.

Dave has denied the allegations, stating that many claims are inaccurate. The company highlighted its recent changes, including a streamlined fee structure eliminating tips and “express fees” that were criticized by regulators. New customers onboarded after December 4 have been transitioned to the revised fee system, and existing customers are gradually being shifted as well.

Dave has pledged to defend itself against the allegations and emphasized its commitment to providing transparency and fairness to its users. WASHINGTON, Dec 31 (Reuters)

North American Blockchain Summit 2024 – Derivatives for Bitcoin Miners

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A discussion on how derivative tools help Bitcoin miners manage risk, ensure revenue, and adapt to market volatility. Rachel Wolfson, journalist and host of the Web3 Deep Dive Podcast, moderates a panel with Ryan Condron (CEO, Titan.io) and Aaron Foster (Director, Luxor Technology). With solutions like Titan.io’s decentralized routing system and Luxor’s hedging tools, the panel emphasizes the growing institutional interest in mining derivatives.

Crypto Industry Fights Back: Lawsuit Challenges IRS “Broker” Rule

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The DeFi Education Fund, Blockchain Association, and Texas Blockchain Council have filed a lawsuit in Texas challenging the IRS and Treasury’s finalized “broker” rule. They argue the rule exceeds statutory authority, violates the Administrative Procedure Act, and imposes unconstitutional compliance burdens on DeFi developers. Critics warn the rule could stifle innovation and drive blockchain development offshore.

 

Richardson, Texas and Washington, D.C. (December 27, 2024) – On December 27, 2024, the DeFi Education Fund, the Blockchain Association, and the Texas Blockchain Council filed a lawsuit in the U.S. District Court for the Northern District of Texas, challenging the Internal Revenue Service’s (“IRS”) and Treasury Department’s final “broker” midnight rulemaking on the basis that the rulemaking exceeds the agencies’ statutory authority, violates the Administrative Procedure Act (“APA”), and is unconstitutional.

During the rule’s comment period, the public warned the IRS and Treasury that moving forward with the rule would cripple the digital asset industry. But the government ignored this feedback, leaving the digital asset sector with a rule that puts unlawful compliance burdens on software developers who build so-called “trading front-end services.”  This midnight rule will stifle innovation and burden American entrepreneurs—if it stands.

“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions,” said Marisa Coppel, Head of Legal, Blockchain Association. “Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore. Blockchain Association continues to stand with the innovators and users of DeFi, and will continue to fight this misguided rulemaking to ensure the United States remains a home for decentralized finance technology and developers alike.”

“We are incredibly disappointed in today’s decision by the Treasury and the IRS to finalize the misguided and unfairly sweeping DeFi portion of their ‘broker’ rulemaking in a year-end, ‘midnight rulemaking,’” said Miller Whitehouse-Levine, Chief Executive Officer, DeFi Education Fund. “Decentralized Finance promises to make financial services and the digital economy more accessible, efficient, interoperable, dependable, and consumer-focused — this promise is at the heart of our work at the DeFi Education Fund. This unfortunate rulemaking is a direct threat to financial innovation, and we intend to fight it using every tool available to us.”

“The new IRS broker rule imposes unrealistic expectations on the digital asset ecosystem,” said Texas Blockchain Council President Lee Bratcher. “The rule fails to recognize the decentralized nature of this technology, where many actors simply do not have access to the information the IRS is now demanding. This regulatory overreach risks driving critical development overseas, threatening US competitiveness in the digital economy.”  – Texas Blockchain Council

Femi Olaniyan Presents The Fintech App Awards 2024, celebrating the best fintech apps in Nigeria

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Fintech App Awards 2024 is celebrating the best fintech apps in Nigeria. After extensive analysis, testing, and reviews conducted on both the main channel and the secondary channel, Personal Finance Circle, the team has curated a list of top-performing apps across various categories. Femi Olaniyan Productions aims to recognize outstanding innovation, functionality, and impact within the Nigerian fintech industry.

If your company has been honored with an award, congratulations! Please reach out via email at hi@femiolaniyan.com or send a direct message on Instagram to @thefemiolaniyan to claim your prize.Their team values your feedback and would love to hear your thoughts on the winners.

Why Bench Accounting Shut Down Overnight and What It Means for Small Businesses

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Bench Accounting, once a leader in online bookkeeping services, shocked the small business community with its sudden closure on December 27, 2024. The Vancouver-based company had been a trusted partner for thousands of entrepreneurs, offering a blend of proprietary software and human expertise to manage bookkeeping and tax preparation. Despite raising over $100 million in funding, Bench’s abrupt shutdown has left many scrambling to find alternative solutions during a critical time in the financial calendar. Clients are advised to retrieve their financial data promptly and explore other platforms, such as Kick, which Bench has recommended as a transition option.

For small business owners, this serves as a reminder to diversify reliance on service providers and regularly back up crucial data. The closure also underscores the volatile nature of the fintech industry, where rapid growth is often accompanied by significant operational challenges. To gain deeper insights into Bench’s sudden shutdown and its implications for your business, check out this insightful YouTube video. This video explores the reasons behind the closure and offers guidance on navigating this unexpected disruption.

Lecture 8 from the ISTA STO Summit 2024: Explore Blockchain Innovation

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You’ll Learn:

  • How blockchain and security tokens are reshaping global markets.
  • Alan’s insights on tokenization and strategic investments.
  • The future of fintech and digital asset innovation.
  • Explore ISTA’s mission to connect thought leaders in the blockchain space.

ISTA proudly presents STO Summit 2024, sponsored by ArtRevo. Lecture 8 is now live on the ArtRevo YouTube channel, featuring Alan Konevsky, Executive VP at tZERO.

Alan’s extensive expertise as a digital industry advocate and fintech leader provides a must-watch discussion for anyone interested in the cutting-edge developments of the financial world.

 

Payhawk’s Fintech Power 50: Industry Leaders Share Top Trend Predictions for 2025

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The fintech industry is reaching a pivotal moment. In this webinar, Pedro Batista (VP of Payments, Payhawk), Kamran Hedjri (CEO, PXP Financial), and Jeff Parker (CEO, Paymentology) come together to explore the game-changing trends shaping finance in 2024 and share bold predictions for 2025.

From AI-driven innovation and embedded finance to sustainability initiatives and blockchain advancements, this panel unpacks the critical areas businesses must prioritize to stay ahead in a rapidly evolving landscape.