Within the battle between the old guard and the arrivals for the future of the financial system

Basically, the skirmish concerns open banking, a policy introduced for the first time in the financial reform of Dodd-Frank 2010 that the financial protection office of consumers was to finalize, 15 years later. Fintech and Plaid companies defended the concept as a friendly approach to control your own data and make it more freely transferable between different institutions, such as JP Morgan and Robinhood. The banks, predictably, were not so delighted, which made alarms on security risks.

As I brought it back on the day of the inauguration, it was not necessarily clear where the Trump administration would land. Traditionally, old guard’s banks have had a huge influence on DC, repairing nicknames like the Sachs government. But Trump 2.0 has venture capital investors and funded by cryptographic dollars, which means that the balance of powers was changing.

One of the first acts of the Trump administration was to empty the CFPB, with its open bank proposal sacrificed as collateral damage. Almost immediately, the big banks indicated that they would begin to charge for fintech companies to access consumer financing data – a decision that the general partner A16Z, Alex Rampell, decried as “Operation Chokepoint 3.0” (off).

This is where things become difficult. From a strictly maniched perspective on Trump’s world, you might think that any supporter wants to destroy the CFPB and everything it represents. But now you have defenders of financial technology by arguing that, in fact, the CFPB should go ahead with its open banking proposal (but probably none of its annoying application work). It almost looks like an old Greek paradox. Are the implementation of regulations that create freedom on markets more deregularly deregular?

Clearly indifferent to the irony of stimulating an agency that many of them try to take off from existence, a coalition of Fintech and Crypto leaders published a letter to Trump on Wednesday, imploring the fees that banks threatened to impose. A trio of banking industry groups fell, describing accusations as “deceptive”. Meanwhile, the CFPB announced earlier in the month it was going to revisit the open banking rules.

Even if you are not careful about the particularities of data sharing, the force test always reveals the new fascinating flaws lines at DC and the mounting power of the financial technology industry. Even if the big banks recognize sea change and embrace sectors of another anathema like crypto, they do not hold the same grip on the politicians as they did. You just have to look at Trump’s decree on the gambling, which does not target regulators, but the banks which supposed the services for political reasons, in particular to win. The era of the Sachs government can be decreasing.

Icymi …Speaking of changing sands in the world of finance, Ben Weiss and I reported on how the giant Fintech Stripe doubles its cryptographic bets. This includes plans to launch his own blockchain, which will be led by Venture Power Broker – and member of the Board of Directors of Stripe – Matt Huang de Paradigm.

Leo Schwartz
X: @Leomschwartz
E-mail: leo.schwartz@fortune.com

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Business affairs

– Citizen HealthAn AI defender based in San Francisco designed for patients with rare diseases, raised 30 million dollars in series A series. 8VC led the Tour and was joined by Transformation Capital And Title.

– AND GlobalA fintech company of Mongolia Ulaanatar, raised $ 21.4 million in series B financing. The International funding Corporation And AEON Financial Service led the Tour.

– SolaAn AI Co -based co -pilot in New York for Robotic Process Automation, raised $ 17.5 million in series A series. Andreessen Horowitz led the Tour and was joined by Conviction And Y Combiner.

– Palabra you haveA vocal translation platform based on AI based in London, based in the United Kingdom, has raised $ 8.4 million in pre-series funding. 776 led the Tour and was joined by Creator Adventures and others.

– Point IAA developer based in San Francisco of AI software for marketing departments, raised $ 1.9 million in pre-series funding. Sinine Investment And Main Adventures Partners led the tour and were joined by Gsi and others.

– BaveA startup based in Saginaw, Michigan and Denver, Colorado, which tests AI agents for reliability, security and compliance, collected $ 1.4 million in pre-series funding. M25 led the Tour and was joined by Wellington Management Business,, Buffgold Adventures,, Ann Arbor SPARK,, Service Supplier Capital,, THE Unicorn Bandand providential investors.

Investment capital

– Datasupported by Capvers Partnersacquired SourcescrubA supplier based in San Francisco of data and workflows of the agreement. The financial conditions have not been disclosed.

– Hg Knowledgesupported by River Capital Investorsacquired CotutuA provider of GTM solutions based in Mountain View, California. The financial conditions have not been disclosed.

– Jenmara portfolio company Hawk Partnersacquired Weber Mining & Tunneling SASA developer of Rouhling resins and foams in France for mining processes. The financial conditions have not been disclosed.

– Schneider Geospatiala portfolio company Align Capital Partnersacquired Complete Circle TechnologiesA license and license software based in Boston, Mass. The financial conditions have not been disclosed.

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