Coinbase sues SEC, FDIC over FOIA noncompliance

Coinbases lawsuits target the SEC and FDIC for alleged noncompliance with FOIA requests regarding Ethereums proof-of-stake transition.

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Republic First Bank Closure: First US Bank Failure of 2024

US regulators have closed Philadelphia-based Republic First Bank, marking the first banking failure of 2024. The closure has sparked debate among the crypto community, with Bitcoin and Ether trading down. The bank had approximately $6 billion in total assets and $4 billion in total deposits as of January 31. (Read More)

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Coinbase accuses FDIC of stalling crypto debanking document release

Coinbase has filed a legal objection to the Federal Deposit Insurance Corporations (FDIC) latest attempt to delay the release of key documents related to the alleged debanking of crypto firms. On April 10, the exchange opposed the FDICs request for a 16-day extension in response to a Freedom of Information Act (FOIA) lawsuit. Paul Grewal, […]

The post Coinbase accuses FDIC of stalling crypto debanking document release appeared first on CryptoSlate.

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Kansas Heartland Tri-State Bank Closure Indicates Continued U.S. Banking Crisis

On July 28, 2023, the Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank of Elkhart, Kansas, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver. (Read More)

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FDIC alleges Cross River engaged in ‘unsafe’ lending practices

The Federal Deposit Insurance Corporation (FDIC) has requested Cross River Bank – known for its services to fintech and crypto firms like Visa and Coinbase – to “self-correct” and appropriately address weaknesses in its lending activities. On April 28, the FDIC made public a consent order executed with Cross River Bank on March 8, alleging that [...]

The post FDIC alleges Cross River engaged in ‘unsafe’ lending practices appeared first on Crypto Breaking News.

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CFTC Withdraws 2018 and 2023 Advisories on Crypto Derivatives

The Commodity Futures Trading Commission (CFTC) has decided to scale back its scrutiny on risks related to digital asset trading and clearing. The agency has officially withdrawn two of its previous advisories issued in 2018 and 2023. This creates a standardized regulatory framework for digital assets and other products. CFTC Scales Back Crypto Scrutiny The […]

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FDIC Eases Crypto Banking Regulation, Marking a Major Policy Shift

David Sacks, the White Houses cryptocurrency and artificial intelligence director, commended the FDICs latest move, stating that it significantly facilitates banks participation in cryptocurrency activities. He emphasized that allowing banks to engage in crypto-related ventures would help mainstream digital assets, making them more accessible to the broader financial system. The Federal Deposit Insurance Corporation (FDIC) […]

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FDIC and CFTC Relax Crypto Regulations for Banks and Derivatives in the US

The Federal Deposit Insurance Corporation (FDIC) and the Commodity Futures Trading Commission (CFTC) have recently announced steps to relax regulations on cryptocurrency for banks and derivatives trading. This move signals a shift in the regulatory landscape, aiming to foster innovation and growth in the digital asset space. By easing restrictions on financial institutions engaging with [...]

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FDIC Takes Action to Eliminate Reputational Risk in Bank Exams from Examination Agenda

The FDIC Takes Action to Eliminate Reputational Risk in Bank Examinations The Federal Deposit Insurance Corporation (FDIC) has announced a significant shift in its approach to bank examinations to eradicate reputational risk for financial institutions. This move aims to ensure a fair evaluation process that focuses on objective criteria rather than subjective factors that could [...]

The post FDIC Takes Action to Eliminate “Reputational Risk” in Bank Exams from Examination Agenda appeared first on Crypto Breaking News.

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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 [...]

The post Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures appeared first on Crypto Breaking News.

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First Republic Bank Faces Potential Takeover by FDIC Amidst Financial Struggles

According to multiple reports, First Republic Bank is facing significant financial difficulties and could be taken over by the Federal Deposit Insurance Corporation (FDIC) if private sector banks do not intervene. The FDIC has reportedly approached several large commercial banks regarding purchasing First Republic after the bank’s stocks dropped more than 50% on Friday. FDIC [...]

The post First Republic Bank Faces Potential Takeover by FDIC Amidst Financial Struggles appeared first on Crypto Breaking News.

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Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations

On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday [...]

The post Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations appeared first on Crypto Breaking News.

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FDIC Urges Crypto Clients to Transfer Signature’s Funds

On Tuesday, United States Federal Deposit Insurance Corporation (U.S. FDIC) reported that the account holders of Signature Bank have to

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Signature’s Crypto Clients Told to Close Accounts as FDIC Ends Business

The FDIC warned that there would be no more crypto offerings from Signiture after the buy out

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Signature’s crypto clients told to close their accounts by April 5: Report

Signature Bank’s cryptocurrency clients have been reportedly given until April 5 to take their funds out and find another bank, or have their accounts closed by the federal regulator. According to reports, a United States Federal Deposit Insurance Corporation (FDIC) spokesperson said on March 28 that the agency was “reaching out to depositors from Signature [...]

The post Signature’s crypto clients told to close their accounts by April 5: Report appeared first on Crypto Breaking News.

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Here’s Why Regulators Were Accused of “Illegal Overreach” Against Crypto Industry by Cooper & Kirk Law Firm

Cooper & Kirk law firm sends letter to US Congress alleging regulatory overreach against the crypto industry.

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Fed Bank President: Banking Crisis Tips US Economy Toward Recession

The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari [...]

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First Citizens Bank to Acquire Silicon Valley Bank Deposits and Loans

First Citizens Bank will acquire all deposits and loans of Silicon Valley Bank after its collapse following rumors of a liquidity crisis. The FDIC has approved the purchase and assumption agreement, and Silicon Valley Bank depositors will become depositors of First Citizens Bank. The North Carolina-based bank is now the 30th largest commercial bank in the US. (Read More)

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Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses

According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with [...]

The post Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses appeared first on Crypto Breaking News.

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US Officials Consider Expanding Deposit Insurance Coverage

US officials are discussing the possibility of expanding deposit insurance beyond the current cap of $250,000 to cover all bank deposits, according to Bloomberg. However, sources have said that such a move is not necessary at the moment, as recent steps taken by financial regulators are likely to be sufficient. This potential strategy is being considered in case the current situation worsens. (Read More)

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