Tag: Report

Australian Regulator Tells Banks to Report Exposure to Startups and Crypto-Related Business: Report

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‘Crypto FUD’ — Industry outraged as White House report slams crypto

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Crypto executives have expressed irritation over the latest White House economic report — which notably features an entire chapter dedicated to casting doubts on the merit of digital assets. The Economic Report of the President, released March 20, marks the first time the White House has included a section on digital assets since it first began issuing the annual economic policy report in 1950. Co-founder of digital asset investment firm Paradigm, Fred Ehrsam, remarked that 15% of the Economic Report was dedicated to “crypto FUD.” 15% of the annual White…

Biden Administration’s Economic Report Deems Crypto Assets ‘Mostly Speculative Investment Vehicles’ – Bitcoin News

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On Monday, U.S. president Joe Biden published the administration’s economic report and addressed the subject of cryptocurrencies. The section titled “The Perceived Appeal of Crypto Assets” describes the currencies as “mostly speculative investment vehicles” that are “unbacked” and “traded without fundamental anchors.” The White House insists that crypto assets do not deliver on their promises and do not “perform all the functions of money as effectively as sovereign money, such as the U.S. dollar.” Crypto Assets and Defi Highlighted in Biden Administration’s Economic Report The recently published “Economic Report of…

Why is Bitcoin rising amid collapsing banks? Watch The Market Report

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This week on The Market Report, our beloved host, Joe Hall, and insightful expert, Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to discuss why he thinks Bitcoin’s (BTC) price is rising amid collapsing banks. We kick things off with this week’s first article: UBS Group agrees to $3.25B “emergency rescue” of Credit Suisse UBS Group agreed to buy its ailing competitor Credit Suisse for $3.25 billion on March 19 as part of an “emergency ordinance” to prevent financial market instability. To close the deal, Swiss…

DeFi insurance payouts amounted to $34.4M in 2022: Report

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According to a Mar. 21 report published by decentralized finance analytics firm OpenCover, DeFi insurance companies paid out $34.4 million in claims in 2022. In context, only $36.9 million of such claims have been paid out since OpenCover began tracking the data. Notable payouts include $22.5 million during the collapse of the Terra Luna ecosystem in May 2022 and $4.7 million from the collapse of crypto exchange FTX in November 2022.  Despite the surge in payouts, OpenCover said only $231 million worth of funds in DeFi protocols had been insured…

Australia reportedly asks banks to report on crypto

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Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse. The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21. The regulator has ordered banks to improve their reporting on crypto assets and provide daily updates to the APRA, the report notes, citing three people familiar with the matter. The agency is aiming to obtain more information and insight into…

US exploring ways to guarantee the country’s 18T of bank deposits: Report

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U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen. The current deposit insurance cap under the Federal Deposit Insurance Corporation (FDIC) stands at $250,000, however, following the collapse of several banks in March, there have been calls to increase that amount. Organizations such as the Mid-Size Bank Coalition of America called on March 18 for the cap to be lifted for the next two years, citing a need to protect depositors and to…

Coinbase pauses support for Signature Bank’s Signet: Report

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More than a week after New York regulators closed the crypto-friendly Signature Bank, Coinbase has reportedly stopped support for the institution’s Signet payment platform. According to a March 20 report from the Wall Street Journal, Coinbase users won’t be able to use Signet to send funds outside of banking hours until further notice. The crypto exchange was reportedly looking for another payment network provider and waiting on the outcome of the situation with Signature. The crypto-friendly bank was the third domino to fall following the failure of Silvergate Bank on…

Blockchain gaining adoption in more than just DeFi: Report

Anyone familiar with the blockchain industry knows that decentralized finance (DeFi) is one of the sector’s most prominent use cases with the most substantial adoption. Recent issues in the banking sector, like those surrounding Silicon Valley Bank and Credit Suisse, have caused many to take a second look at Bitcoin (BTC) and crypto as an alternative to the traditional banking system. And while the further expansion of DeFi bodes well for the rest of the crypto industry, is blockchain technology expanding and being utilized in other ways as well? That’s…

SVB’s UK arm issues 15M pounds in bonuses after symbolic bailout: Report

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Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 pound, a recent report revealed. According to a March 18 Sky News report citing unnamed sources, the payouts to SVB UK staff and senior executives were signed off “earlier this week” by HSBC UK Bank – the institution which acquired SVB UK for 1 British pound ($1.22 USD) on March 13. It was reportedly “unclear” how much had been awarded to SVB…