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” Crypto firms may turn to ‘shadow banks’ following major collapses — Molly White “ In the wake of three major banks with ties to crypto firms collapsing, software engineer Molly White believes companies now looking at banking options may have to face “shadier” solutions. Speaking on March 14 at a South by Southwest (SXSW)…
” Senator Warren says Fed chair ‘has to recuse himself’ from reviewing regulatory failures “ Massachusetts Senator Elizabeth Warren, one of the more prominent anti-crypto voices in the United States Congress, has called on Jerome Powell to recuse himself amid an internal probe at the Federal Reserve. Speaking to reporters in Washington D.C. on March…
” Why isn’t the Federal Reserve requiring banks to hold depositors’ cash? “ The Federal Reserve Board reduced banking reserve requirements to zero in March 2020. Since that time, banks in the United States have not been required to actually hold any depositor money in the bank, making a flawed system — fractional reserve banking…
” US lawmaker accuses FDIC of using banking instability to attack crypto “ Tom Emmer, the majority whip of the United States House of Representatives, has reiterated concerns that the federal government is “weaponizing” concerns around the banking industry to go after crypto. In a March 15 letter, Emmer called on Federal Deposit Insurance Corporation…
” ‘AI can be defeated with cryptography,’ says Chelsea Manning at SXSW “ Artificial intelligence (AI) has become a hot topic following the launch of ChatGPT, an AI chatbot created by research company OpenAI. Yet, while ChatGPT has the potential to write blogs and create crypto trading bots, some worry that AI could be harmful. …
” SVB mixup forces India’s SVC Bank to issue a notice of clarification “ The shockwaves caused by the collapse of Silicon Valley Bank (SVB) were felt by countless businesses, including a bank from India that had no relation with the California-based banking institution. Soon after reports of SVB’s imminent shutdown surfaced on March 10,…
” Crypto bank Anchorage Digital cuts 20% of staff citing regulatory uncertainty “ Crypto bank Anchorage Digital announced it would be letting go of 75 employees, representing approximately 20% of its workforce, citing regulatory uncertainty in the United States as a factor in its decision. In a March 14 statement labeled the layoffs as “a…
” Signature Bank investigated for money laundering prior to demise: Report “ The cryptocurrency-friendly Signature Bank was reportedly being investigated by two United States government bodies prior to its collapse. According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures…
” DOJ and SEC to probe SVB collapse and insider stock sales: Report “ The United States Justice Department and the Securities Exchange Commission (SEC) have reportedly launched inquiries into the sudden collapse of Silicon Valley Bank (SVB) — which was shuttered by regulators last week amid a historic bank run. According to “people familiar…
” Signature Bank regulator says it was closed for not providing data: Report “ The New York Department of Financial Services (NYDFS) shut down Signature Bank for “failing to provide consistent and reliable data” and not because of a bias against crypto, according to a March 14 report from the International Business Times. Signature Bank…