Stablecoin issuer Circle weighing up 2024 public launch: Report
Circle initially agreed to go public as part of a $4.5 billion merger in July 2021 but that deal fizzled out. Go to Source
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Tether adds Bahamas-based private bank Britannia as partner: Report
Tether’s reported new partnership with Britannia Bank makes it the third Bahamas-based bank to join forces with the stablecoin issuer. Go to Source
Stablecoins are a critical countermeasure to Operation Chokepoint
Stablecoins could help crypto firms to remove themselves from the banking system — and prevent the U.S. government from cutting off their financial lifelines. Go to Source Powered by WPeMatico
Senators slam bank execs for blaming collapses on crypto, pocketing millions
Senator Lummis noted that Signature Bank’s Scott Shay mentioned digital assets 10 times in his testimony about the bank’s collapse. Go to Source Powered by WPeMatico
Louisiana Senator Compares Modern Banks to ‘Sophisticated Ponzi Schemes’
Louisiana Republican senator John Kennedy recently stated in an interview published on Wednesday that the U.S. Federal Reserve may need to increase the federal funds rate to 8-10% to address the country’s inflationary pressures. Kennedy’s remarks come after he criticized the Biden administration in mid-March for bailing out Silicon Valley Bank and Signature Bank, emphasizing … Read more
SEC Probes First Republic Bank Executives for Insider Trading; Lawmakers Dump Bank’s Shares Before Collapse
After the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating First Republic Bank executives for allegedly engaging in insider trading. Two sources have claimed that the securities regulator is scrutinizing the bank’s executives for making trades using confidential information. Although the sources have not named any specific … Read more
US regional bank shares sink despite Fed calling banking system ‘sound’
PacWest Bancorp was the hardest hit bank after-hours on Wednesday, falling over 50% following a reported plan to explore strategic options. Go to Source Powered by WPeMatico
JPMorgan Chase Assumes Control of First Republic Bank Following Seizure by California Regulators
On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid … Read more
Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures
On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and … Read more
NFT markets are out of balance, with sellers dominating: Data
In April there hasn’t been a single day where total sellers on the market haven’t exceeded total buyers. Go to Source Powered by WPeMatico
