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The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S.
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According to Circle, the bulk of its reserve for the USDC stablecoin is domiciled in US Treasury Bills. Crypto startup Circle, the issuer of the USD Coin (USDC) stablecoin has announced that the USDC reserve risk being nursed by the firm’s key customers has been removed. As shared in a
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On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank. The DFS appointed the Federal Deposit Insurance Corporation, or FDIC, as the receiver of the bank. In a joint statement, the U.S. Federal Reserve, Treasury Department, and FDIC explained that
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“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors,” Secretary of the Treasury Janet
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“While crypto assets are hyped as decentralized, there has been an emergence of new, quite centralized intermediaries that are either not subject to or not compliant with appropriate regulation and supervision, which has perpetuated harm to consumers,” said Barr, who once worked as an adviser for Ripple, the issuer of
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United States President Joe Biden is reportedly on track to propose a 5.7% increase to the salaries of Federal Government workers in the country. According to a report from the Washington Post, citing sources close to the plans, the increment will come off as the largest in more than 40 years. The
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The next Federal Reserve meeting slated to take place between March 21-22. The world’s largest asset manager, BlackRock, has weighed in on the subject of interest rate hikes by the US federal reserve. According to BlackRock, upcoming federal reserve decisions are likely to see the rates increase by almost 6%. Per
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The regulatory body raised concerns that there is no proof that the transaction complies with US Securities law. A federal bankruptcy judge in the US, Michael Wiles, has given Voyager Digital the go-ahead with its modified restructuring plans, which include Binance.US buying its assets. The crypto exchange emerged as the
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If that's not enough, the market now sees a 70% probability of the Fed raising rates by 50 basis points later this month, a reacceleration of tightening after a brief step down 25 bps in February. The yield on the two-year Treasury note, which is sensitive to interest rate expectations,
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“We won't be able to know which players are trustworthy and which aren't until a credible third party, like a consolidated home country supervisor, can meaningfully oversee them,” Hsu said in remarks prepared for delivery at an Institute of International Bankers event in Washington, D.C. “Currently, no crypto platforms are
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