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Economic uncertainty amid geopolitical tensions, rising interest rates and slowing economic growth have put a strain on the United States financial system. Reacting to the massive losses reported by the traditional banks in Q2 2022, the Federal Deposit Insurance Corporation (FDIC) decided to prioritize five key policies this year, which
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Gruenberg, who has served on the FDIC board for a record 17 years after working for Democrats on the Senate Banking Committee, has been a reliable proponent of tougher financial rules, though his position on cryptocurrencies hasn’t been fully fleshed out. In an October speech on crypto issues, he said
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Stablecoins could have such a profound effect on the established banking system that U.S. regulators need to require the digital tokens fit in without disrupting it, said Martin Gruenberg, the acting chairman of the Federal Deposit Insurance Corp. (FDIC), at a Brookings Institution event on Thursday. Source
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Acting United States Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg spoke Oct. 20 about possible applications of stablecoins and the FDIC’s approach to banks considering engaging in crypto asset-related activities. Although he saw no evidence of their value, Gruenberg conceded that payment stablecoins merit further consideration.Gruenberg began his talk
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Over the years, several cryptocurrency companies have claimed that deposits with them were insured by the United States Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) as if they were regular savings accounts. While so far, no crypto firm has been able to offer depositors this type of insurance,
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Morgan Report founder David Morgan foresees a supply crunch for silver, and says that in ten years’ time, it will be one of the best investments of the decade. One analyst, however, says if the precious metal falls below $18, it’s “very possible that we could see silver get absolutely
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The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted it … to be clear FTX US isn’t
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The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies.FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. In the
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The FDIC published five cease-and-desist orders Friday, including to FTX.US, alleging they mislead investors by suggesting they had coverage from the deposit insurance provider. Original Source
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Pat Toomey, ranking member of the United States Senate Banking Committee, has sent a letter to Federal Deposit Insurance Corporation (FDIC) director and acting chairman Martin Gruenberg informing him of allegations made by a whistleblower concerning FDIC activities. The senator suspects the FDIC “may be improperly taking action to deter
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