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” Banks with crypto services require new Anti-Money Laundering capabilities “ The new year began with the news that notable Web3 entrepreneur Kevin Rose fell victim to a phishing scam in which he lost over $1 million worth of nonfungible tokens (NFTs). As mainstream financial institutions begin to provide services related to Web3, crypto and…
” ‘Home’ regulator could solve crypto’s ‘fragmented supervision’ issue: Comptroller “ Cryptocurrency firms operating multiple entities in different countries should be overseen by one consolidated “home” regulator to stop them from playing “games” aimed at skirting regulators, the acting head of the United States banking regulator has opined. Michael Hsu, the Acting Head of the…
” White House ‘aware of the situation’ at Silvergate, says spokeswoman “ The Biden Administration is “aware of the situation” at Silvergate and will continue to monitor reports on the troubled bank as it unfolds, according to a White House spokesperson. Speaking at a press briefing on March 6, Press Secretary Karine Jean-Pierre said the…
” Tether strikes at WSJ over ‘stale allegations’ of faked documents for bank accounts “ The company behind stablecoin Tether (USDT) has rebuffed a report by The Wall Street Journal (WSJ) claiming it had ties to entities that faked documents and used shell companies to maintain access to the banking system. On Mar. 3 the…
” Total crypto market cap takes a hit amid Silvergate Bank crisis “ Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period. However, the fear of regulatory pressure appears to be having an impact on volatility in March. Bulls will undoubtedly miss the technical pattern…
” U.S. lawmakers argue SEC accounting policy places crypto customers at risk “ Two United States lawmakers have criticized crypto accounting guidelines outlined by the securities regulator, arguing it places crypto customers at greater risk of loss. The guidelines came from the United States Securities and Exchange Commission (SEC), which became effective in April last…
” Silvergate stock plunges 31% after delayed filing raises doubts over future “ Silvergate Bank has announced that it will delay the filing of its annual 10-K report, which has sent its stock price down over 30% after hours. A 10-K report is a document required by the Securities and Exchange Commission which provides a…
” Crypto distribution is uneven among banks as prudential exposure rises: BIS report “ Around 20% of banks have exposure to crypto assets, a Bank for International Settlements (BIS) report released Feb. 28 found. The majority of those banks are in the Western Hemisphere. According to the report, which is based on data from the…
” US agencies recommend old risk management principles for crypto liquidity “ In a joint statement released by three United States federal agencies, the banking sector was advised against creating new risk management principles to counter liquidity risks resulting from crypto-asset market vulnerabilities. The Board of Governors of the Federal Reserve, the Federal Deposit Insurance…
” US Federal Reserve denies Custodia Bank’s request for Fed supervision “ The United States Federal Reserve has denied a request from cryptocurrency bank Custodia Bank to reconsider its membership application to the Federal Reserve System. The Fed announced its denial on Feb. 23 saying the Federal Reserve Board previously decided that Custodia’s application “was…