Sen. Cynthia Lummis said she found it disappointing that a former crypto-friendly Signature Bank executive is not taking the blame for the failed bank, while criticizing his wordiness about crypto. The Wyoming Republican, who has advocated for crypto, questioned Signature Bank’s former Chairman Scott Shay and former President Eric Howell on Tuesday at a Senate…
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Crypto-friendly Signature Bank “significantly’ cut back on digital asset deposits in the wake of increased volatility and regulators’ concerns at the end of last year, said the former chairman and co-founder of the now-shuttered bank. “Unfortunately, a series of truly extraordinary and unprecedented events unfolded quickly,” said Scott Shay, Signature’s former co-founder and chairman in…
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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…
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After the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating First Republic Bank executives for allegedly engaging in insider trading. Two sources have claimed that the securities regulator is scrutinizing the bank’s executives for making trades using confidential information. Although the sources have not named any specific…
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On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid…
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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…
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In April there hasn’t been a single day where total sellers on the market haven’t exceeded total buyers. Recent data has revealed that throughout April, the nonfungible token market has consistently seen more sellers than buyers, without a single exception. According to data from the analytics platform NFTGo, there were only 7,907 buyers on April 26, while…
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Janet Yellen called for further regulation of nonbank institutions claiming they pose a systemic risk to U.S. financial stability. The United States Treasury and a number of top U.S. financial regulators suggested new rules to make it easier for the Federal Reserve to designate nonbank institutions as systemically important, making it easier to supervise and…
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The market capitalization of Tether is nearly a billion dollar away from reaching a new lifetime peak while rival stablecoins struggle. Tether (USDT) has emerged as a clear winner amid the ongoing banking crisis and crypto crackdown in the U.S. On April 17, the U.S. dollar-pegged stablecoin’s circulating market valuation reached nearly $81 billion, just…
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CBDC Debate Heats Up: BIS Project Sparks Controversy Among Critics; Lynette Zang Warns of Dangers of CBDCs
During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will “take the world into a full…
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