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CATEGORY: us banks


Mar 29, 2023 05:50

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.

Mar 27, 2023 02:10

Will BTC ditch the bear market? 5 things to know in Bitcoin this week

Bitcoin (BTC) enters the last week of March in uncertain territory as a strong weekly close still keeps $30,000 out of reach. The largest cryptocurrency has sealed seven days of practically flat performance despite some volatility in between as the market seeks fresh direction. Where could it go next? In what was a week of [...]

The post Will BTC ditch the bear market? 5 things to know in Bitcoin this week appeared first on Crypto Breaking News.

US Treasury seeks to tighten nonbank rules following banking crisis

Author: Cointelegraph By Tom Mitchelhill
United States
Apr 24, 2023 08:20

US Treasury seeks to tighten nonbank rules following banking crisis

Janet Yellen called for further regulation of nonbank institutions claiming they pose a systemic risk to U.S. financial stability.

Mar 21, 2023 06:55

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)

Jun 03, 2022 07:01

Will Russia Use Crypto to Pay Its Foreign Debt?


US Treasury Department officials announced that Russia would no longer be able to pay bondholders through US banks after May 25, 2022 due to sanctions imposed by the Biden administration for its invasion of Ukraine. What's next for Russia? (Read More)

Jan 13, 2022 05:55

Consortium of U.S. banks looking to launch bank-issued stablecoin

A consortium of United States banks or “an association of FDIC-insured financial institutions” including New York Community Bank (NYCB), NBH Bank, FirstBank, Sterling National Bank, and Synovus Bank is set to launch a “bank-minted” stablecoin with the ticker USDF.

The post Consortium of U.S. banks looking to launch bank-issued stablecoin appeared first on CryptoSlate.

Mar 19, 2023 06:55

US Banking Crisis Fuels Regulation Debate


The recent fall of major banks in the US has reignited discussions about the most effective ways to safeguard the economy. Economist Peter Schiff argues that increasing banking regulations could contribute to a worsening economic crisis, while a group of economists warns that nearly 190 US banks are at risk of depositor-driven collapse due to monetary policies. (Read More)

Feb 16, 2024 12:05

US Banks Rally For Updated Crypto Guidelines As Digital Asset Prices Surge

Amidst a significant surge in cryptocurrency prices, which propelled the total crypto market capitalization to a high of $1.93 trillion on Thursday, influential interest groups are urging the US Securities and Exchange Commission (SEC) to revise accounting guidance that imposes higher costs on US banks for holding digital assets on behalf of their customers. Banking Trade Groups Urge SEC To Revise Crypto Accounting Rules According to a Bloomberg report, a coalition of trade groups, including the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum, sent a letter to the SEC on Wednesday outlining their desired changes.  The existing guidance requires public companies, including banks, to treat cryptocurrencies they hold in custody as liabilities on their corporate balance sheets. Consequently, banks must allocate assets of a similar value to comply with capital requirements and protect against potential losses. According to Bloomberg, the trade groups have requested the SEC to consider the following key changes: Exclude certain assets from being classified under the broad crypto umbrella. This includes traditional assets recorded or transferred using blockchain networks, such as tokenized deposits, as well as tokens underlying SEC-approved products like spot Bitcoin exchange-traded funds (ETFs). Grant regulated lenders an exemption from the current balance sheet requirement while maintaining the disclosure of crypto activities in financial statements. The trade groups argued that if regulated banking organizations are unable to provide digital asset-safeguarding services at scale, it would negatively impact investors, customers, and the broader financial system.  However, the SEC has defended its accounting guidance, citing the “unique risks” and uncertainties posed by cryptocurrencies compared to other assets held by banks.  Limiting Custody Expansion? The specific guidance in question, known as Staff Accounting Bulletin No. 121, has faced criticism from banks since its publication in 2022.  Lenders argue that the bulletin limits their ability to expand digital asset services for customers due to the associated high costs. Consequently, banks missed out on providing custody services for recently approved Bitcoin exchange-traded funds, with Coinbase emerging as the preferred custodian for the majority of ETF issuers. The trade groups also highlighted additional challenges resulting from the guidance, including a “chilling effect” on plans to utilize blockchain technology for traditional assets. While the SEC described SAB 121 as non-binding staff guidance, it acknowledged that following it enhances disclosure to investors regarding firms safeguarding crypto assets for others. Related Reading: These Are The Altcoins Drawing Whale Interest, Santiment Reveals As the SEC faces mounting pressure, there have been efforts by lawmakers to repeal the guidance.  A resolution was introduced in the House Financial Services Committee, spearheaded by Representatives Mike Flood and Wiley Nickel, while Senator Cynthia Lummis sponsored identical legislation in the Senate. These measures aim to remove the SEC’s authority in making rules that impact bank custody. The outcome remains uncertain, as the legislation’s success depends on garnering sufficient support, particularly among Democrats and within the White House.  However, the collective efforts of trade groups, lawmakers, and industry stakeholders could potentially lead to regulatory changes that alleviate the burden on banks holding digital assets, facilitating their participation in the evolving cryptocurrency landscape. Furthermore, the recent endeavors undertaken by US institutions exemplify a growing interest and eagerness to adopt and invest in cryptocurrencies, particularly Bitcoin.  This heightened institutional involvement has significantly contributed to the swift success of Bitcoin spot ETFs, which gained regulatory approval merely a month ago. Featured image from Shutterstock, chart from TradingView.com

May 08, 2023 05:50

If Over 2,300 Banks In America Are Bankrupt, Will Bitcoin Break Above $40,000?

The United States banking system is in trouble as over 2,300 financial institutions could have more liabilities than assets, recent analysis reveals. Subsequently, analysts say this could boost Bitcoin prices in the weeks and months ahead if the government doesn’t proceed carefully. US Banks Burning Through Capital Buffers The US Treasury and Federal Reserve say [...]

The post If Over 2,300 Banks In America Are Bankrupt, Will Bitcoin Break Above $40,000? appeared first on Crypto Breaking News.

Apr 09, 2023 05:55

Report: Binance US Struggles to Secure Banking Partner Amid Regulatory Crackdown on Crypto Industry

Following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, cryptocurrency companies have been seeking new banking partners in the United States. According to a recent report citing “sources familiar with the matter,” Binance US, the American subsidiary of the cryptocurrency exchange, is having difficulty finding a U.S. banking partner. Unnamed Sources Say [...]

The post Report: Binance US Struggles to Secure Banking Partner Amid Regulatory Crackdown on Crypto Industry appeared first on Crypto Breaking News.

May 08, 2023 05:50

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 [...]

The post Louisiana Senator Compares Modern Banks to ‘Sophisticated Ponzi Schemes’ appeared first on Crypto Breaking News.

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