While Biden and Trump Blame Each Other for Bank Failures, Others Believe the Cause Might Be a Management Issue

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 [...]

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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 [...]

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How Bank Failures in the US Could Impact Philippine Crypto Regulations

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.

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Binance Accused of Commingling Customer Funds and Revenue, Says Reuters Report

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)

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Australian Bankers Association cost of living probe shows bank pressure

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)

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Signature Bank’s Closure Is Political And A Strong Anti-Crypto Message, Ex-Congressman

Barney Frank, the director of Signature bank and a former congressman who helped draft the Dodd-Frank Act, has stated that the lender is solvent and that there was “no real objective reason” for the bank to be closed. He said regulators wanted to send a strong anti-crypto message. The Real Reasons Behind Signature Bank’s Closure? The vague [...]

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Binance converts remaining $1 billion in Industry Recovery Initiative to native crypto amidst concerns around stablecoins

Binance co-founder and CEO, Changpeng Zhao, announced on March 13 that the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native crypto amid concerns surrounding stablecoins. This decision was made following the depegging of the USD Coin (USDC) stablecoin caused by the failure of three major crypto-friendly banks - Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank. (Read More)

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US Silvergate Bank is Latest Victim of Crypto Meltdown

In January, Silvergate reduced its workforce by 40% to address the effects of the crypto mishaps from the past year.

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Bitcoin market cap flips tech giant Meta, widens gap on Visa

BTC’s market cap has climbed to the 11th spot amongst top assets by market cap and now sits behind electric vehicle maker Tesla.

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Signature Bank’s Signet Platform Still Works, But Some Clients Have Moved On

“With all of the deposits and substantially all of the assets of former Signature Bank, the bank will continue to take care of its clients, providing a full suite of loan, deposit, and banking services,” said new Signature Bridge Bank CEO, Greg D. Carmichael, in a press release. The release did not mention Signet, however. [...]

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Banking Crisis Won’t Kill Crypto-Banking Despite Short-Term Pain

Regardless of the final outcome, every bear cycle in crypto has experienced such conundrums, and came out stronger, Xu said. “Having been in this industry for as long as I have, this news doesn’t surprise me to the point where we have become numb to the effects. It is to be expected,” he said, adding [...]

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BlockTower Capital Funds Had Exposure to Silvergate, Signature Bank

According to the Form ADV Filing dated May 11, 2022, the BlockTower Blue Signum SPV fund, which had about $4.6 million in gross asset value at the time of the filing, used Silvergate Bank as its sole custodian. The BlockTower DeFi SPV I fund ($74.6 million in gross assets) also listed only Silvergate, while the [...]

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USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion

USDC and other cryptocurrencies were having a rough trading session Monday following an announcement from U.S. authorities outlining measures to minimize the impact of the collapse of Silicon Valley Bank. Concerns regarding Circle’s $3.3 billion in USDC reserves held at SVB, which was shuttered by the California Department of Financial Protection and Innovation on March [...]

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OKX-Affiliated OKCoin Pauses USD On-Ramp Due to Signature Bank’s Collapse

“Our team are working very hard on alternative channels and solutions in real-time,” OKCoin CEO Hong Fang tweeted. “We’ve been through much worse times since our inception. If this weekend has told us anything, it’s the significance of the future that we are building.” Source: CoinDesk

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‘Nobody left to bank crypto companies’ — Crypto Twitter reacts

Prominent members of the crypto community have expressed uncertainty after the loss of crypto friendly banks.

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Biden vows to hold accountable those responsible for SVB, Signature collapse

United States President Joe Biden said on Twitter that he is “firmly committed” to holding those responsible for the Silicon Valley Bank and Signature Bank collapse “fully accountable.”

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NY Regulators Seize Control of Signature Bank, Depositors Assured by Federal Bailout

On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank. The DFS appointed the Federal Deposit Insurance Corporation, or FDIC, as the receiver of the bank. In a joint statement, the U.S. Federal Reserve, Treasury Department, and FDIC explained that all Signature depositors would be [...]

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Rich Dad Poor Dad Author Robert Kiyosaki Warns Another Bank Is Set to Crash

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that another bank is set to crash following the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Kiyosaki also recently said the world economy is on the verge of collapse, warning of bank runs, frozen savings, and [...]

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‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others [...]

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How Silvergate’s Crypto Collapse Differed From Silicon Valley Bank’s: No Bailout

In the end, Silvergate Bank didn’t survive. But its executives were able to avoid taking government assistance. Silvergate Capital’s share price is down 83% since March 1, the day the bank said it was unable to file its annual report. But with shareholders taking the hit – not depositors or the government – it was, [...]

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