Revolut, the UK-based neobank launched in 2015, recently announced reaching 50 million customers globally, solidifying its position as Europe’s most downloaded financial app. Despite this milestone, the company continues to face challenges posed by regulatory fragmentation across the European Union.

Speaking at a London event, Joe Heneghan, Revolut’s head of Europe, criticized the lack of regulatory alignment in the eurozone. “Variations in local laws make it difficult for firms to scale across borders,” he said. This lack of uniformity, he added, hampers the emergence of “European champions” in the fintech sector.

Tackling Cross-Border Hurdles

One of the key barriers Revolut faces is IBAN discrimination, where employers or businesses refuse to accept international IBANs, even though this practice is prohibited within the Single Euro Payments Area (SEPA). Customers with Revolut accounts often have Lithuanian IBANs due to the company’s banking license in Lithuania, leading to blocked payments in some cases.

To counter this, Revolut has been establishing local branches in EU markets, enabling the issuance of country-specific IBANs. While this mitigates the issue, it comes at an added operational cost.

Aligning with EU Initiatives

Heneghan’s concerns align with broader calls for market integration in the EU. Former Italian Prime Minister Mario Draghi’s report on European competitiveness highlighted the need for a Capital Markets Union (CMU) to ensure seamless credit flows across member states.

Revolut sees opportunities in the European Central Bank’s (ECB) proposed digital euro, a digital currency initiative complementing CMU goals. “We view it as another service to integrate for our customers,” Heneghan said, dismissing notions that the digital euro poses a competitive threat to Revolut’s offerings.

Antoine Le Nel, Revolut’s chief growth and marketing officer, expressed confidence in the firm’s innovation. “I’m very happy to see that Revolut is inspiring not only fintechs but also traditional banks,” he said.

Plans for Expansion

At the same event, Revolut announced plans to expand its product offerings. The neobank aims to launch mortgage products in Lithuania, Ireland, and France by 2025, alongside business lending initiatives slated for next year.

Revolut is also pursuing banking licenses in every market it operates in, including the United States. CEO Nik Storonsky recently admitted that the company underestimated the importance of regulatory frameworks during its scaling phase. “For a long time, I wanted to be as less regulated as possible; it was the completely wrong decision,” he said at a Helsinki conference.

Despite these challenges, Revolut remains a dominant player in the fintech space, with a valuation of €43.19 billion following a recent share sale. As the firm expands its reach, it continues to advocate for regulatory alignment to foster cross-border growth in the European fintech ecosystem.

Former President Donald Trump announced Brooke Rollins as his nominee for Secretary of Agriculture, marking the completion of his cabinet lineup. The nomination, revealed late Saturday, sees Rollins, a longtime Trump ally and head of the America First Policy Institute, poised to lead the department responsible for U.S. farm policy.

“As our next Secretary of Agriculture, Brooke will spearhead the effort to protect American farmers, who are truly the backbone of our Country,” Trump said in a statement.

Who Is Brooke Rollins?

Rollins, a prominent figure in Trump’s political orbit, co-founded and leads the America First Policy Institute, a think tank aligned with Trump’s “Make America Great Again” agenda. She previously served as director of the White House Office of American Innovation and acting director of the Domestic Policy Council during Trump’s first administration.

Her roots in agriculture trace back to her upbringing on a farm, where she participated in programs like Future Farmers of America and 4-H. A graduate of Texas A&M University with a degree in agricultural development, Rollins also has a background in law.

If confirmed by the Senate, Rollins would oversee farm subsidies, nutrition programs, meat inspections, and forestry policies. She would also play a pivotal role in trade negotiations, including the U.S.-Mexico-Canada Agreement, potentially implementing Trump’s proposed tariffs.

Completing the Cabinet

Rollins’ nomination concludes Trump’s series of cabinet picks, a process that has drawn significant attention for its mix of loyalists and controversial figures. The 15-member cabinet comprises leaders of executive departments, all requiring Senate confirmation.

Some of Trump’s choices have sparked debates, including Robert Kennedy Jr., nominated to head the Department of Health and Human Services. Kennedy, a former environmental lawyer and vaccine skeptic, previously ran against Trump as an independent before endorsing him.

Other selections faced turbulence, such as former Florida congressman Matt Gaetz, nominated for attorney general. Gaetz withdrew his nomination amid allegations of sexual misconduct and drug use, which he denies. Senators reportedly expressed concerns about his confirmability. Trump swiftly replaced Gaetz with Pam Bondi, a former Florida attorney general.

Pete Hegseth, Trump’s pick for another cabinet role, also faced scrutiny over allegations of sexual assault from 2017, which he denies. Education Secretary nominee Linda McMahon, a former WWE executive, has been criticized for her lack of experience in education.

With Rollins’ nomination, Trump has solidified his cabinet team, though the confirmation process promises to be a contentious battle in the Senate.

Bitcoin surged to unprecedented levels, crossing $99,000 overnight, marking a dramatic rally that has seen the cryptocurrency rise over 40% in just two weeks. Trading at $98,882 early Friday, according to CoinDesk, the digital asset is on the cusp of breaching the symbolic $100,000 threshold, a stark recovery from its $17,000 low after the collapse of FTX two years ago.

Drivers of the Rally

The rally comes as the cryptocurrency industry anticipates a more favorable regulatory environment under President-elect Donald Trump. A vocal supporter of cryptocurrency in recent months, Trump has pledged to make the United States the “crypto capital of the planet,” with plans for a bitcoin “strategic reserve.” His campaign’s acceptance of cryptocurrency donations and his appearance at a bitcoin conference have further boosted sentiment in the market.

Additionally, the approval of spot bitcoin exchange-traded funds (ETFs) earlier this year has attracted significant institutional and retail investment. These ETFs recorded $6 billion in trade volume during election week, according to data from Kaiko, further propelling bitcoin’s rise.

Regulatory Shifts and Economic Context

Market players are hopeful for regulatory clarity as Gary Gensler, the SEC chair who led a crackdown on crypto companies under President Joe Biden, is set to step down on January 20. Many in the industry view Gensler’s departure as an opportunity for a policy shift from enforcement-focused measures to more comprehensive legislative frameworks.

However, the bullish sentiment comes amid lingering concerns about the long-term stability of the market. Citi macro strategist David Glass noted that while current momentum is promising, the impact of regulatory changes will take time to materialize.

Risks and Volatility

Cryptocurrency remains inherently volatile, with past performance showcasing dramatic price fluctuations. For instance, bitcoin fell from nearly $69,000 in November 2021 to below $17,000 by late 2022 during the Federal Reserve’s aggressive rate hikes and the fallout from FTX’s collapse.

Experts caution that while bitcoin’s rally has been extraordinary, risks of corrections persist. “There’s no magic eight ball,” said Adam Morgan McCarthy, a research analyst at Kaiko. He advised investors to remain cautious, especially those with smaller portfolios, emphasizing the importance of managing risk responsibly.

Environmental Concerns

Bitcoin mining’s environmental impact continues to draw scrutiny. A recent study by the United Nations University found that the carbon footprint of global bitcoin mining in 2020-2021 was equivalent to the emissions from burning 84 billion pounds of coal. Despite increased use of cleaner energy, critics argue that bitcoin’s reliance on pollutive sources like coal remains significant.

As bitcoin approaches the $100,000 milestone, the cryptocurrency market faces a mix of optimism and caution. Investors and industry players alike are watching closely to see whether the rally can sustain its momentum in the coming weeks.