The European Parliament has voted to pass the Data Act, a legislative proposal that will challenge the immutability of smart contracts. 500 lawmakers voted in favor of the proposal, 23 against, and 11...
Tag: Policy
Inflation data to arrive at critical moment for Fed policy after bank failures
In the wake of the failure of Silicon Valley Bank (SIVB), investors will be closely monitoring what earlier this month had been seen as the most important data point for the future of Federal Reserve ...
Justice Department investigating collapse of TerraUSD, WSJ says
The Justice Department is investigating the collapse of the TerraUSD stablecoin, The Wall Street Journal reported, citing sources. Terraform Labs and its CEO Do Hyeong Kwon are already facing ci...
Recent contagion was ‘TradFi to crypto’ and not vice versa — Circle policy director
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 financia...
Regulators shuttered Signature Bank to show ‘crypto is toxic’
Crypto panic sparked a deposit run on Signature Bank, former Rep. Barney Frank said, but he argues that the bank had already stabilized before New York state regulators stepped in to close the crypto-...
Marathon Digital says it has access to funds held at Signature Bank
Marathon Digital said it has access to $142 million in cash deposits held by Signature Bank, which was closed by state regulators on Sunday. The company said in a statement it has access to the...
China Stocks Outperform in Asia on Bets for Policy Consistency
(Bloomberg) — Chinese stocks rose on Monday, outperforming the broader Asian market as traders digested the surprise news that China’s economic leadership team would retain several familiar face...
Binance converting $1 billion in BUSD to bitcoin, ether and BNB
Binance CEO Changpeng Zhao announced on Twitter that the foremost crypto exchange would convert the approximately $1 billion remaining from its Industry Recovery Initiative funds to native crypto asse...
BCB Group pauses US dollar payments pilot after Signature Bank closure
BCB Group, a London-based provider of payment services and business accounts for crypto firms, halted a planned U.S. dollar payments program after regulators shut down Signature Bank earlier today. &#...
The Block: Circle USDC operations will resume when U.S. banks open Monday: CEO Allaire
Circle USDC reserves are “safe and secure” and liquidity operations will resume when U.S. banks open Monday, CEO Jeremy Allaire said on Twitter. “We were heartened to see the U...
State regulator takes control of Signature Bank, federal regulators guarantee deposits
Policy • March 12, 2023, 7:29PM EDT The New York Department of Financial Services seized crypto-friendly Signature Bank in order “to protect depositors,” the state banking regulator said i...
Yellen says no government bailout while FDIC auctions SVB assets. Final bids due end of Sunday.
Silicon Valley Bank will not get a government bailout, Treasury Secretary Janet Yellen said on the news program Face the Nation Sunday. The tech industry-driven bank was shut down by regulators ...
Fed Flies Blind on Monetary Policy With Rising Risk of a 6% Rate
(Bloomberg) — The Federal Reserve is flying blind as it tries to bring down inflation without breaking the financial system or crashing the US into a recession. Most Read from Bloomberg Ahead of...
The Premier League Is Now A Space ‘Nazi Policy’ Arguments Take Place
A Manchester City fan holds a banner reading “Gary Lineker for Prime Minister” ahead of the English … [+] Premier League football match between Crystal Palace and Manchester City at ...
My Bank Trade? An ‘Insurance Policy’ on BofA I Hope Doesn’t Pay Off
By Friday, Silicon Valley Bank became pretty much a household name, even by the many who’d never previously heard of, or cared, about it. The Silicon Valley Bank, the California bank subsidiary ...
Regulators rush to sell SVB assets to make uninsured accounts partly available on Monday: Bloomberg
Regulators are scurrying to sell assets of the failed Silicon Valley Bank this weekend and hope to make between 30% to 50% of uninsured deposits available for withdrawal Monday, Bloomberg reported. &#...
USDC will remain redeemable 1 for 1 with U.S. dollar, Circle says
USDC issuer Circle said it will resume normal operations Monday and that USDC will remain redeemable one-for-one with the U.S. dollar after Silicon Valley Bank collapsed. Circle said that in th...
Binance Switches To Multiple Stablecoins, Discontinues Auto-Conversion Policy
Binance CEO Changpeng “CZ” Zhao on Saturday announced that Binance will now support multiple stablecoins and discontinued its Binance USD (BUSD) Auto-Conversion policy introduced last September. The m...
Here are the court cases that will shape the future of crypto
Policy • March 11, 2023, 4:51AM EST Episode 21 of Season 5 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Dragonfly Capital Legal Counsels Jessica Furr and Bryan Edelman....
BlockFi has $227 million in uninsured funds in Silicon Valley Bank
Crypto lender BlockFi has $227 million in “unprotected” funds in Silicon Valley Bank, according to a bankruptcy document, and may be in violation of U.S. bankruptcy law. The bank was shut down b...
New York sues KuCoin, claims ether is an unregistered security
New York Attorney General Letitia James has sued digital asset exchange KuCoin for violating New York laws governing the trading of securities and commodities, and named ether, among other tokens, as ...
Sam Bankman-Fried may need more time to review ‘substantial’ evidence, lawyers say
Sam Bankman-Fried may request to delay his October trial, his lawyers said in a letter to a federal judge this week. The disgraced FTX founder says he may need more time to review troves of evid...
Marathon ends its credit facilities with Silvergate, prepays loan
Bitcoin miner Marathon Digital Holdings said it repaid its term loan and ended its credit facilities with liquidating Silvergate Bank, reducing its debt by $50 million. “We have been actively ...
Grayscale’s Sonnenshein left ‘encouraged’ after hearing in SEC case
Grayscale Chief Executive Officer Michael Sonnenshein is optimistic following a hearing over the Securities and Exchange Commission’s rejection of his firm’s application for a spot bitcoin...
CFTC head says stablecoins are in agency’s jurisdiction without ‘clear direction from Congress’
The head of the Commodity Futures Trading Commission views most stablecoins as commodities, barring new law that could change their classification. “Not withstanding that, they are a commo...
CFTC continues to explore digital asset policy considerations in MRAC meeting
The United States Commodity Futures Trading Commission, or CFTC, was a part of discussions on a regulatory framework for digital assets as well as use cases for blockchain technology. In a March 8 mee...
Bitcoin Falls as Hot Job Numbers Fuel Hawkish Fed Policy
The U.S. ADP Nonfarm Employment Change for February beat expectations, coming in higher than the 200,000 estimates at 242,000, indicating that wage growth will likely contribute to continued aggressiv...
Here Are 2 Stocks That Could Benefit From the Fed’s Tightening Policy
Inflation remains high, and that was on the mind of Jerome Powell as the Federal Reserve chair gave testimony to the Senate Banking committee today. Powell made it clear that the central bank is likel...