Goldman Sachs, which already runs Apple Card and part of its consumer banking operation on AWS’s cloud, will now host market data there for hedge funds and other institutional clients.

Acting Comptroller Michael Hsu identified eight practices that he described as pro-consumer. While some banks have already acted on many of the reforms, they are by no means standard across the industry.

Executives representing leading cryptocurrency firms such as Circle and FTX told Congress that some federal oversight of their industry is worthwhile, but they criticized a recent report by a Biden administration working group recommending that stablecoin issuance be limited to FDIC-insured banks.

The card network's new cryptocurrency advisory service aims to help financial institutions catch up with companies like Square and PayPal by spotting opportunities to support stablecoins, nonfungible tokens and central bank digital currencies.

The proceeds will support Silvergate’s network that facilitates cryptocurrency transactions and a leveraged lending product that provides loans collateralized by bitcoin.

Purchases by adults between the ages of 25 and 40 have risen 50% over 2019, and the same group accounts for 75% of sign-ups for American Express’s pricier new cards.