U.S. Federal Reserve Slaps Texas Bank With Cease-and-Desist Order Related to Crypto Services

September 7, 2024 The Daily Hodl

The U.S. Federal Reserve is hitting a Texas bank with a crypto-related cease and desist order, alleging that it violated several national laws. According to recent court documents, the Federal Reserve found that United Texas Bank had “significant deficiencies” in its corporate oversight, governance, and anti-money laundering (AML) protocols after launching an investigation into the […]

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The DeFiant Ones – Former President Donald Trump Launches Crypto Platform: Report

August 22, 2024 The Daily Hodl

Banking

Republican presidential nominee Donald Trump is reportedly launching his very own cryptocurrency platform. According to a new report by CNBC, Trump has announced the launch of crypto platform The DeFiant Ones to his followers on Truth Social as a means of competing with banks. As stated by Trump, “For too long, the average American has […]

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Circle proposes new capital-risk framework for Stablecoins

August 15, 2024 Coin Telegraph

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In July 2024, Circle became the first stablecoin issuer to comply with the European Union's Markets in Crypto Assets regulatory framework.

Circle, the issuer of the Circle-United States dollar (USDC) stablecoin, recently published a whitepaper, titled Risk-based Capital for Stable Value Tokens, proposing a new risk-based capital management model for stablecoins and other digital cash tokens.

The authors of the paper argue that stablecoins need adequate capital reserve requirements that go beyond the current capital standards established under the Basel banking regulatory frameworks to mitigate risks unique to stablecoins, other fiat-equivalent tokens, and the issuers of the tokens.

According to the authors, these unique risks include but are not limited to, shortfalls in the price of the tokens due to market trading and the prevalence of secondary markets, ensuing "runs" on the digital tokens due to excessive selling, operational risks, and technological risks.

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Xapo Bank Enters UK Market, Offers Interest-Bearing USD and Bitcoin Account

August 5, 2024 Bitcoin.com

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Xapo Bank has entered the UK market, becoming the only licensed banking group to offer a combined interest-bearing USD and bitcoin account. “We’re proud to announce we have successfully passported our banking license into the UK. This means we are allowed to offer our banking services directly to the UK market,” said the CEO of […]

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UBS Executive Highlights AI’s Impact on Banking

July 6, 2024 Bitcoin.com

UBS is witnessing a transformative shift in client interactions driven by artificial intelligence, according to Sabine Keller-Busse, the head of the Swiss bank’s domestic business. Keller-Busse compared the change to how patients now approach doctors with self-diagnosed conditions. UBS Sees AI Revolutionizing Financial Interactions Artificial intelligence (AI) is reshaping the banking industry, with clients increasingly […]

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Federal Watchdogs Flag 4 Major US Banks for Lack of Crisis Management; Demand Living Will Revisions

June 22, 2024 Bitcoin.com

Bank of America

Federal authorities have spotlighted critical deficiencies in the crisis management strategies—known as “living wills”—of four major U.S. banks, signaling a push for stronger safeguards against financial turmoil. The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve announced that plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase fell short of expectations, setting […]

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Nigeria seeks crypto clarity one year into Tinubu’s tenure

June 2, 2024 Coin Telegraph

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Nigeria's young resident population now feels more bewilderment due to the administration’s recent actions against Nigeria’s crypto industry.

There has been a mix of hope and concern for Nigeria’s crypto industry. Stakeholders in the sector have stated that President Bola Tinubu’s government’s actions and policies have left the industry without clarity in the past year.

In his campaign manifesto, Nigerian President Tinubu pledged to legalize crypto and blockchain technology for the country’s banking and finance sector. This decision was approved due to its potential to strengthen Nigeria's fragile economy.

However, the young population in Nigeria now feels more bewildered by the administration's recent actions against the country's crypto industry. In a statement shared with Cointelegraph, Olumide Adesina, an analyst at Quantum Economics, said there is a need for clarity and support to unlock the sector’s potential.

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Anti-crypto FDIC chair Martin Gruenberg to step down — ‘best day ever’

May 21, 2024 Coin Telegraph

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Martin Gruenberg has faced criticism from Republicans and Democrats alike after an independent investigation revealed a range of workplace issues at the FDIC.

Martin Gruenberg, chairman of the United States Federal Deposit Insurance Corporation (FDIC), will step down following a scathing investigation that revealed a toxic workplace culture at the bank regulator.

On May 20, Martin Gruenberg said he was prepared to step down from his position as chair of the FDIC which he has headed since August 2005.

“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed,” he said in an email to staff before adding, “Until that time, I will continue to fulfill my responsibilities as Chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”

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US Senate passes resolution overturning SEC crypto rule on banks

May 16, 2024 Coin Telegraph

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U.S. President Joe Biden said he intended to veto the joint resolution aimed at overturning an SEC rule requiring banks to keep customers’ digital assets on its balance sheets.

A majority of lawmakers in the United States Senate have passed a joint resolution calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions doing business with crypto firms.

In a 60 to 38 vote on May 16, U.S. Senators passed H.J.Res. 109, a resolution nullifying the SEC’s Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation.

“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” said the crypto advocacy group Blockchain Association in a May 16 X post.

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New ‘Brokewell’ Smartphone Attack Drains Bank Accounts and Leaks Location, Posing ‘Significant Threat to Banking Industry’: Report

May 5, 2024 The Daily Hodl

alert

Security researchers are issuing an urgent alert about a new malware attack that’s targeting Android users’ bank accounts. The malware, which has been nicknamed “Brokewell,” takes the form of a fake Google Chrome browser update webpage that mimics Google’s own messaging style, reports ThreatFabric. When users are directed to the page, they see a message […]

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