Banking enforcement targeting legal crypto businesses appears to violate the FDIC’s mandate. It may also be amplifying financial contagion.
‘Operation Choke Point 2.0’ may have contributed to SVB’s collapse: Mulvaney
While the existence of “Operation Choke Point 2.0” has not been confirmed, Mick Mulvaney spoke of “rumors” of its existence and the potential side effects of such a policy.
Looking at Some Unanswered Signature and Silvergate Bank Questions
It seems the crypto industry still has some questions about Signature and Silvergate’s shutdowns.
US exploring ways to guarantee the country’s 18T of bank deposits: Report
The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.
No Crypto Banking Port Has Really Opened Up in This U.S. Storm
The biggest U.S. banks have not stepped forward to welcome homeless crypto businesses scrambling for banking services after fleeing the wreckage of Silvergate Bank, Signature Bank and Silicon Valley Bank.
Signature Bank Non-Crypto Related Deposits to Be Assumed by New York Community Bancorp Unit: FDIC
The 40 former branches of Signature Bank will operate under New York Community Bancorp’s Flagstar Bank, N.A., as of Monday.
US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report
The banking coalition reportedly argued that it would bring stability to the banking industry and reduce the chances of “more bank failures,” in a letter to federal regulators.
Crypto market cap reclaims $1T, and derivatives point to further upside
Bitcoin’s performance has outpaced Warren Buffett’s Berkshire Hathaway over the past six months as crypto markets appear to have turned a corner.
This Crisis Will Define the Future of Money
The recent collapse of three high-profile banks – Silicon Valley Bank, Silvergate Bank and Signature Bank – has caused worrying outflows at hundreds of regional banks. Now, with the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion and Switzerland’s central bank bailing out Credit Suisse to the tune of $54 billion, the echoes of prior crisis in 2008 and 2013 are loud.
FDIC Denies Report Signature Bank Purchaser Must Divest Crypto
The Federal Deposit Insurance Corporation denied it would require any purchaser of Signature Bank to divest its crypto activities.
U.S. Banking Collapse Doesn’t Necessarily Make Crypto Trustworthy
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Former FDIC Regulator: Friendliness Toward Crypto ‘Does Not Exist’
Jason Brett said despite regulators using the failure of three banks to target crypto, the industry itself is not in a crisis.
Signature Bank’s Prospective Buyers Must Agree to Give Up All Crypto Business: Report
The Federal Deposit Insurance Corporation (FDIC) has reportedly asked banks interested in acquiring the shuttered New York institution to submit bids by Friday.
Signature Bank’s Prospective Buyers Must Agree to Give Up All Crypto Business: Report
The Federal Deposit Insurance Corporation (FDIC) has reportedly asked banks interested in acquiring the shuttered New York institution to submit bids by Friday.
Bitfury CEO: U.S. Government Using Crisis to Choke Off Crypto Access to Banks
Brian Brooks, former head of the OCC and now board member of blockchain technology company Bitfury, says the recent crackdown by regulators on three crypto-friendly banks appears to be a coordinated effort and what some are dubbing “Operation Choke Point 2.0”
Crypto bank Anchorage Digital cuts 20% of staff citing regulatory uncertainty
It’s unclear whether Anchorage Digital’s layoffs relate to the current turmoil in the U.S. banking sector.
U.S. DOJ Was Investigating Signature Bank’s Work With Crypto Clients: Bloomberg
Prosecutors were looking at the crypto-friendly bank before regulators seized it, people familiar told Bloomberg.
Signature Bank’s Signet Platform Still Works, But Some Clients Have Moved On
A source told CoinDesk the real-time payments platform, popular with crypto businesses, will continue to be offered under the newly established Signature Bridge Bank entity.
USDC’s ‘Black Swan’ Depegging Could Have Been Avoided With Proper Regulatory Framework
Fissures among the progressive left are primarily responsible for the lack of U.S. regulatory progress around stablecoins, says John Rizzo, senior vice president for public affairs at Clyde Group.
FDIC Planning to Try Auctioning Silicon Valley Bank Again: WSJ
The designation of SVB’s failure as a potential systemic threat gives the FDIC more options to sell the bank.