Day: March 2, 2023

U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody

U.S. Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto legislation, sent a letter to several banking agencies on Thursday asking how they’re dealing with a controversial bulletin from the Securities and Exchange Commission that advised financial institutions they should maintain customers’ crypto holdings on their own balance sheets. Source

FTX presentation shows ‘massive shortfall’ in firm’s assets

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Bankrupt cryptocurrency exchange FTX has revealed a “massive shortfall” in its digital asset and fiat currency holdings with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US.  On Mar. 2 the exchange released a presentation showing FTX had $2.2 billion in exchange wallets and fiat accounts of which $694 million consisted of the most liquid “Category A Assets” that include cash, stablecoins, Bitcoin (BTC) and Ether (ETH) priced at the latest spot prices. Only $191 million of total assets were located in…

Porque o ETHEREUM vai passar o BITCOIN

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Na guerra dos gigantes Bitcoin e Ethereum, eu apesar de gostar dos dois tenho minha preferência: O Ethereum Neste video … ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version

What Now for Crypto Banking?

But although payment and custody services are important banking functions, they are peripheral to the business model of a traditional bank. The business model of a traditional bank is to borrow at a low interest rate, lend at a higher interest rate and pocket the difference. Traditional banks are important liquidity creators and distributors, not only in financial markets but in the wider economy. As the U.S. discovered after the failure of Lehman Brothers in 2008, when banks stop lending the economy grinds to a halt. Crypto originally eschewed lending,…

Xapo Bank Integrates Lightning Network Payments Through Lightspark Partnership – Bitcoin News

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On March 2, Xapo Bank announced its partnership with Lightspark, a company led by David Marcus, former crypto boss at Facebook. The partnership aims to extend the utility of bitcoin and the Lightning Network. Xapo revealed on Thursday that it is the first fully licensed private bank to offer payments through the Lightning Network. Xapo CEO Sees Lightning Network Integration as a Solution to High Fees and Long Transaction Times Xapo has partnered with Lightspark to integrate the Lightning Network, according to an announcement sent to Bitcoin.com News. The company,…

SEC chair implies crypto exchanges may be ‘qualified custodians’ as new rule is drafted

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United States Securities and Exchange Commission (SEC) chair Gary Gensler spoke at a meeting of the commission’s Investor Advisory Committee on March 2 on the topic of asset custody. The committee has a proposed rule for investment advisers on safeguarding investor assets. It was the second statement Gensler has made on the proposed rule. The first was in mid-February when the rule was first proposed. The current custody rule, dating to 2009, covers “a significant amount of crypto assets” and was designed to reduce the risk of advisers embarking on…

Bitcoin Miner Marathon Digital Sold Almost All Bitcoins Mined in February

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UK banks HSBC, Nationwide to ban crypto purchases with credit cards: Report

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United Kingdom babanks HSBC Holdings and Nationwide Building Society are banning cryptocurrency purchases via credit cards for retail customers. They join a growing list of banks in the country to tighten restrictions on digital assets.  A Bloomberg report on March 2 claims the step back is a response to warnings by UK regulators and scandals surrounding the crypto industry. Nationwide is reportedly applying daily limits of £5,000 ($5,965) on debit-card purchases of crypto assets, while credit cards will no longer be available for crypto transactions. Customers of HSBC were barred…

Bitcoin Miner Marathon Digital Sold Almost All Bitcoin Mined in February

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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…