Tom Emmer, Republican Congressman for Minnesota, wrote a letter to the Chairman of the Federal Deposit Insurance Corporation (FDIC), Mark Gruenberg, on March 15 expressing his concerns about the recent closures of digital asset and tech-centered banks like Silvergate, Signature Bank, and Silicon Valley Bank. FDIC weaponizing banks Emmer shared the letter on Twitter, declaring…
Cryptocurrency bank Anchorage Digital will lay off approximately one-fifth of its staff, according to a report from Bloomberg on March 14. Anchorage lays off 20% of staff Bloomberg reported that, based on statements from Anchorage itself, 75 employees amounting to 20% of the company’s staff would be laid off. Anchorage cited regulatory uncertainties as the…
Two U.S. regulators have begun an early investigation into the failed Silicon Valley Bank (SVB), according to a report from the Wall Street Journal on March 14. SEC, DOJ reportedly investigating SVB SVB was closed by California financial regulators and taken over by the Federal Deposit Insurance Corporation (FDIC) on March 10. Now, two other…
UK-based NatWest Bank announced new limits to transactions to crypto exchanges in an effort to protect its users from “crypto-criminals,” as Reuters reported. The new rules will limit transactions to crypto exchanges to a maximum of £5,000 per 30 days — equating to a little over $6,000, according to Reuters. Users also won’t be able…
Ad Cathie Wood, the founder and CEO of ARK Invest, said that more regional banks could fail if the ongoing banking crisis in the U.S. isn’t resolved. Wood looked back at the factors that led to Silicon Valley Bank and Silvergate to close down during the weekend, noting that it was the Federal Reserve’s responsibility…
Ad The Federal Reserve Board announced that it will lead a review of its own supervision of Silicon Valley Bank (SVB), according to a statement on March 13. Fed will look into its own regulation Vice Chair for Supervision Michael S. Barr said that SVB’s failure necessitates “humility and … a careful and thorough review”…
Ad Leading crypto exchange Coinbase disclosed it lost around $240 million in Signature Bank shut-down on Mar. 12. Paxos and Celsius also announced they lost money in the Sunday Signature Bank shutdown. Companies may need to rely on the Federal Deposit Insurance Corporation (FDIC) to recover lost funds. Coinbase Coinbase disclosed the amount lost on…
Ad Signature Bank — a New York-based lender focused on servicing companies in the crypto industry — has shut down. The New York State Department of Financial Services closed the bank on Sunday, appointing the FDIC as a receiver. U.S. President Joe Biden said that Treasury Secretary Janet Yellen and Economic Council Director Brian Deese…
Meanwhile, Binance is not alone in considering a move into traditional finance; with Kraken has also stating its intentions to open a bank, a move into traditional finance these enigmatic crypto founders believe will lead to the eventual holy grail of Web3 — full decentralization. The collapse of FTX has put crypto-friendly banks under increased…
Ad The following is a guest post by Anndy Lian. The crypto industry is currently experiencing anxiety due to concerns about the potential detachment of USDC, a stablecoin supported by US dollars. As an individual who closely monitors the market, I have been observing the situation and would like to share some of my personal…