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After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on
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Four United States Republican senators led by Bill Hagerty have written a letter to the heads of federal banking regulatory agencies, questioning the ideological motivation behind recent regulatory moves in regard to cryptocurrency. They compared the regulators’ policies to the Obama administration’s Operation Choke Point.The senators addressed Federal Reserve Board
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While not perceived as “crypto-friendly” as Silvergate, the tech-forward Silicon Valley Bank did count a number of crypto entities as clients – especially hedge funds and VC firms. According to CryptoX research, Blockchain Capital, Castle Island Ventures, Dragonfly and Pantera all had relationships with the bank. Source
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Crypto mining operators, custodians and Binance personally received a fine
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Crypto exchange Binance sought to hire Gary Gensler as an advisor before he became chairman of the United States Securities and Exchange Commission (SEC), according to a Wall Street Journal report based on messages and documents from 2018 and 2020, as well as interviews with former employees. Gensler was approached by
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Austin Federa, head of strategy at the Solana Foundation, spoke to Cryptox at the ETH Denver conference on the network's outages, the impact of regulation, and the launch of its mobile device.Speaking to Cryptox on March 1, Federa said the New York Department of Financial Services — NYDFS, one of
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“Clearly, they're urging extreme caution,” said Alexandra Barrage, a banking lawyer at Davis Wright Tremaine who was previously a senior official at the FDIC. She said they likely had Silvergate and similar banks in mind when they issued these warnings, which she said have shown an unusual willingness for the
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The high cost of understanding multiple chain environments means enterprises are likely to stick to what they know, argues Paul Brody, head of blockchain at EY. Source
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“While Binance US has affirmatively represented to its customers that it was working on getting licensed in Texas, Binance US has never applied for a license with the SSB [State Securities Board] and, after a year, abandoned its license application with the DOB [Department of Banking] after failing to submit
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U.S. regulators and the Federal Reserve have issued a joint warning about key liquidity risks associated with crypto assets. However, the regulators clarified that banks “are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation.” US Regulators Issue
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