Grayscale executives and lawyers met with the SEC to discuss a rule change to list the Grayscale Bitcoin Trust (GBTC). Executives from crypto asset manager Grayscale have met with the Securities and Exchange Commission to discuss details of its flagship Bitcoin (BTC) trust, which the firm wants to convert to a spot Bitcoin exchange-traded fund…
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The Bank of New York Mellon has provided insights into why the growth of the BRICS economic alliance is unlikely to impact the U.S. dollar’s dominance as the global reserve currency. “We think the most important factor for dollar use into the next decade revolves around technology instead,” said the investment bank’s analyst. BNY Mellon…
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BNY Mellon and Franklin Templeton have been appointed as co-chairs of the new Digital Assets Market Subcommittee by the US derivatives and commodities regulator. Caroline Butler, the global head of digital assets at BNY Mellon, and Sandy Kaul, the head of digital and industry advisory services at Franklin Templeton, will lead the subcommittee, which focuses specifically on digital assets…. Read More:…
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After UBS acquired Credit Suisse and close to a dozen financial institutions injected $30 billion into First Republic Bank four days ago, S&P Global downgraded First Republic’s shares to junk status on Sunday. Investors are concerned that the cash infusion from 11 major financial institutions may not address the bank’s liquidity issues. First Republic’s shares…
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After the fall of Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank (SNBY), First Republic Bank, a commercial bank and wealth management services provider, is the latest financial institution to receive a bailout. Close to a dozen lenders announced they will deposit $30 billion into the beleaguered bank’s coffers to shore up liquidity. U.S.…
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The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank.…
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Positive developments concerning Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners have seen USDC climb back toward its $1 peg. Circle’s stablecoin USD Coin (USDC) is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has…
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On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United…
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Bank of New York Mellon (BNY Mellon) has revealed that its clients “are absolutely interested in digital assets.” Emphasizing the need for clear crypto regulation, the bank’s head of digital assets noted: “We need responsible actors who can offer reliable services that live up to investors’ trust.” BNY Mellon’s Clients Are ‘Absolutely’ Interested in Digital…
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The bulk majority of Bank of New York Mellon’s clients are interested in investing in digital assets despite the recent market meltdown. Citing a 2022 study of the custodian bank’s clients, BNY Mellon’s head of advanced solutions Michael Demissie said clients are “absolutely interested” in digital assets. He argued that digital assets are “here to stay” despite…
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