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FDIC
White House Expected to Nominate CFTC Commissioners to FDIC, Treasury Roles: Reports
CFTC Commissioners Christy Goldsmith Romero and Kristin Johnson are reportedly set to be nominated to key roles.
The Solution for Stablecoin Regulation
Senators Cynthia Lummis and Kirsten Gillibrand are proposing legislation to address the inadequacies in the stablecoin sector, and foster financial innovation in the United States. "The possibilities for using stablecoins are numerous," they write.
Top U.S. Bank Regulator Faulted for Lack of Crypto Guidance to Banks
The FDIC's watchdog concluded the agency has been lax in figuring out how to guide U.S. bankers on crypto matters, and it called for a new strategy by January.
FDIC Formally Adds Crypto to its Annual Report on Risks Facing U.S. Banks
The Federal Deposit Insurance Corp. officially added crypto to its annual report on risks facing U.S. banks and says the agency is prepared to engage in “robust supervisory discussions” with the depository institutions it oversees. "The Hash" panel breaks down FDIC's 2023 Risk Review.
Circle Was Top Depositor Aided by SVB Government Rescue: Bloomberg
The FDIC guarantee included over $3.3 billion the USDC stablecoin issuer held at the lender.
OKCoin Accused by FDIC of Making False Claims About Customer Protections
The U.S. banking agency demanded the exchange halt “misleading representations” of backing from FDIC insurance.
'Regulators Aren't Supposed to Stop a Bank Failure': Former FDIC U.S. Regulator
A third major bank has failed in 2023, with the Federal Deposit Insurance Corporation (FDIC) announcing on Monday that it took possession of First Republic Bank and that JPMorgan will now acquire most of its assets and deposits. This comes as the FDIC says the crypto-friendly institution Signature Bank fell apart due to mismanagement and "contagion effects" after the collapse of Silicon Valley Bank and the wind-down of Silvergate Bank. Jason Brett, Key Bridge Advisors managing director and former U.S. Regulator at the FDIC, discusses the role of regulators following what has happened in recent months.
Crypto Outlook After First Republic Bank Takeover
The FDIC announced it briefly took possession of First Republic Bank, and JPMorgan Chase will now acquire most of its assets and deposits. This is the third major bank to fail in 2023 and the second-biggest bank failure in U.S. history. Jason Brett, Key Bridge Advisors managing director and former FDIC regulator, discusses the potential impact on the crypto markets and what it could mean for the overall health of the regional banking sector. "Everything is happening at a much faster pace" compared to 2008, Brett said.
Signature Bank Failed Because of Mismanagement, Contagion, FDIC Report Says
The Federal Deposit Insurance Corp. said Signature’s exposure to crypto industry deposits was also a contributing factor.
That Binance Suit Sure Seems Bigger Than Just a CFTC Case
The implications of the CFTC’s lawsuit against Binance extend well beyond any civil action.
