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On July 26, 2024, the Federal Reserve Board stated that Silvergate Bank and the Silvergate Capital Corporation would not be subject to any further enforcement actions. The notice states that the board’s enforcement action was halted since Silvergate was able to wind down its activities, reimburse clients, and cease to
Silvergate Bank, a former crypto-friendly bank, collapsed in March 2023 due to the fallout created by the implosion of the FTX exchange.
Enforcement director Gurbir Grewal said Silvergate allegedly failed to detect nearly $9 billion in suspicious transfers among FTX and its related entities.
The New York Department of Financial Services and the US Federal Reserve Board have published their internal reviews on the handling of Signature Bank and Silicon Valley Bank's failures. The string of bank failures, including Silvergate Bank's voluntary liquidation, has prompted regulators to re-evaluate their supervision. (Read More)
The recent banking failures involving the fall of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank, have high-profile government individuals trying to find a culprit. U.S. President Joe Biden and former President Donald Trump have publicly blamed each other’s policies for the outcome, but according to some analysts, the problem might be ignorance in [...]
The post While Biden and Trump Blame Each Other for Bank Failures, Others Believe the Cause Might Be a Management Issue appeared first on Crypto Breaking News.
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.
Stablecoins are seen as a potential solution to crypto’s banking problem, but some of them are currently not immune to banking issues.
Internal reviews of the supervision of Silicon Valley Bank and Signature Bank have been released, showing weaknesses on the part of the banks’ regulators as well as management.
MicroStrategy has acquired 6,455 Bitcoin for $150 million and repaid its $205 million loan to Silvergate at a 22% discount, according to a filing with the US SEC. The company now holds a total of 138,955 BTC, bought for $4.1 billion at an average price of $29,817 per coin. MicroStrategy also sold class A common stock worth $500 million and acquired BTC between Feb. 16, 2023 and March 23, 2023. (Read More)
With the collapse of US banks, we explore the perspectives of different stakeholders on if this contagion will lead to stricter regulations.
The post How Bank Failures in the US Could Impact Philippine Crypto Regulations appeared first on BitPinas.
MicroStrategy has increased its total Bitcoin holdings to 138,955 BTC, purchased for $4.1 billion at an average of $29,817 per coin.
Binance, the world's largest cryptocurrency exchange, is facing allegations of having commingled customer funds with company revenue in 2020 and 2021, violating U.S. financial rules that mandate the segregation of customer money, according to a special report by Reuters. (Read More)
Kraken has notified its users that it will no longer support ACH deposits and withdrawals via Silvergate starting from March 27, citing difficulties with the automated clearing house. Kraken has advised its users to use alternative funding options until ACH funding is available again. (Read More)
Major cryptocurrency exchange Kraken is experiencing difficulties with the withdrawal and deposit channel related to the automated clearing house (ACH) via Silvergate. Kraken has reportedly notified its users that it will be unable to support ACH deposits and withdrawals starting from March 27. According to multiple online reports by alleged Kraken users, Kraken sent an [...]
The post Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate appeared first on Crypto Breaking News.
The Australian Bankers Association (ABA) has launched a cost of living review to determine how the COVID-19 epidemic, global supply chain restrictions, geopolitical tensions, and other factors have raised Australia's already high cost of living. The research will examine Australia's economic policies and ways to cut living costs. (Read More)
The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.
The U.S. Treasury Secretary Janet Yellen said the federal government would intervene if necessary to protect other small lenders.
Onchain data suggests that Bitcoin (BTC) appears to be a haven for investors looking to escape the unfolding banking crisis in the United States. A staggering 67.7% of all BTC has remained unmoved for over a year, recent data from Glassnode shows. Banks are failing, and a record high 67.7% of all BTC has not [...]
The post A Record 67.7% Of Bitcoin Remains Unmoved As U.S. Banks Implode appeared first on Crypto Breaking News.
While Signature’s Barney Frank referred to the recent events with SVB as an “anti-crypto message,” Trezor’s Josef Tetek says they are “definitely good” for Bitcoin.
Amid the ongoing United States banking crisis, a wide number of major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB). As potential implications of the SVB crisis for the crypto market continue to unfold, Cointelegraph highlighted several major crypto firms that have declared to be unaffected by the issues [...]
The post SVB crisis: Here are the crypto firms denied exposure to troubled US banks appeared first on Crypto Breaking News.
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