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The two regional lenders – and a smaller institution, Silvergate Bank, that arguably sparked the recent blaze that spread through U.S. banking – took business risks that undermined their resilience, according to their regulators. Federal Reserve Vice Chairman for Supervision Michael Barr said the trouble with SVB, for instance, was
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Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete
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The United Kingdom has shelved plans to launch a government-backed “NFT for Britain,” which was initially proposed by crypto-friendly Prime Minister Rishi Sunak.While serving as chancellor of the Exchequer, the equivalent of a chief financial minister, Sunak asked the Royal Mint in April 2022 to create an "NFT for Britain"
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"We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money,” said Chair of the Treasury Select Committee Harriet Baldwin. “So perhaps that is why the Royal Mint has made this
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U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell
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Token holders of NFTX, which bills itself as a liquidity protocol for non-fungible tokens (NFT), are weighing a proposal to diversify its treasury shortly after one of its investments, the USD coin (USDC) stablecoin, briefly lost its peg to the U.S. dollar. Original Source
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"Keep an eye on the yield curve ‘de-inverting’. We’re now getting close. The day that happens after an inversion, the countdown to recession starts in earnest: average of 4 months and median of 2 months," David Rosenberg, founder and president of Rosenberg Research & Associates, tweeted. Source
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Fully integrating a stablecoin or central bank digital currency into the economy would destabilize banks but improve household welfare, a study released by a United States Treasury division has claimed. The harm to banking caused by digital currencies could be “significant” in times of stress, it found.The Office of Financial
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Lending protocol and stablecoin issuer MakerDAO passed a proposal on March 16 to increase its portfolio holdings of United States Treasury bonds by 150%, from $500 million to $1.25 billion.The proposal aims to increase the protocol’s exposure to real-world assets and “high-quality bonds,” following its Dai (DAI) stablecoin losing its
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Taxpayers in the United Kingdom will have to report cryptocurrency assets separately in their tax documents for the tax year 2024-25, according to the Exchequer’s recently published spring 2023 budget. New Criminal Offenses Planned by U.K. Government to Combat Tax Avoidance Amid the chaos in the banking sector following the collapse of
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