Barney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes regulators aimed to “send a very strong anti-crypto message.” Frank, who also serves as a Signature board member, explained that he…
Caroline Hill, the director of global policy and regulatory strategy for stablecoin issuer Circle, has placed some of the blame from the recent collapse of banks tied to crypto on traditional financial institutions rather than digital assets. Speaking at a South by Southwest (SXSW) panel on regulating cryptocurrencies in Austin, Texas on March 13, Hill alluded to some of the…
Unless it can find another service provider, crypto exchange Binance will suspend British pound sterling deposits and withdrawals starting on May 22, according to an email shared with Decrypt. The email, which was sent to customers on Monday, explained that customers won’t be able to use GBP as their account on- or off-ramps because Skrill Limited, the U.K.-based partner Binance…
Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for New Banking Partners in the…
Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for New Banking Partners in the…
On Mar. 13, American derivatives marketplace CME announced the launch of Bitcoin (BTC) futures event contracts. The exchange, which is fully regulated and has cleared administrative review, will henceforth facilitate cash-settled, daily expiring contracts tied to Bitcoin futures with a “lower-cost way for investors to trade their views on the up or down price moves of bitcoin.” Tim McCourt, global head…
The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date. On March 12, U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell, and Federal…
Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems. A couple of days later, another Federal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by California’s financial watchdog. The bank…
Following the collapse of Silicon Valley Bank, markets are predicting the Federal Reserve will take a softer approach to raising interest rates, a potentially hopeful sign for cryptocurrencies that have been hammered by a tightening economy. The Fed embarked on an aggressive campaign to tame inflation a year ago when it lifted interest rates from near zero last March. Now…
Following the collapse of Silicon Valley Bank, markets are predicting the Federal Reserve will take a softer approach to raising interest rates, a potentially hopeful sign for cryptocurrencies that have been hammered by a tightening economy. The Fed embarked on an aggressive campaign to tame inflation a year ago when it lifted interest rates from near zero last March. Now…
