SEC files lawsuit against FTX-linked bank, alleging fraud

Enforcement director Gurbir Grewal said Silvergate allegedly failed to detect nearly $9 billion in suspicious transfers among FTX and its related entities.

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US Bank Failures Shock Regulators

The New York Department of Financial Services and the US Federal Reserve Board have published their internal reviews on the handling of Signature Bank and Silicon Valley Bank's failures. The string of bank failures, including Silvergate Bank's voluntary liquidation, has prompted regulators to re-evaluate their supervision. (Read More)

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While Biden and Trump Blame Each Other for Bank Failures, Others Believe the Cause Might Be a Management Issue

The recent banking failures involving the fall of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank, have high-profile government individuals trying to find a culprit. U.S. President Joe Biden and former President Donald Trump have publicly blamed each other’s policies for the outcome, but according to some analysts, the problem might be ignorance in [...]

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Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations

On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday [...]

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Stablecoins are solution to crypto’s banking problem, exec says

Stablecoins are seen as a potential solution to crypto’s banking problem, but some of them are currently not immune to banking issues.

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Fed, NYDFS assess their supervisory performance after March’s big bank failures

Internal reviews of the supervision of Silicon Valley Bank and Signature Bank have been released, showing weaknesses on the part of the banks’ regulators as well as management.

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MicroStrategy Acquires More Bitcoin Amid Market Recovery

MicroStrategy has acquired 6,455 Bitcoin for $150 million and repaid its $205 million loan to Silvergate at a 22% discount, according to a filing with the US SEC. The company now holds a total of 138,955 BTC, bought for $4.1 billion at an average price of $29,817 per coin. MicroStrategy also sold class A common stock worth $500 million and acquired BTC between Feb. 16, 2023 and March 23, 2023. (Read More)

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How Bank Failures in the US Could Impact Philippine Crypto Regulations

With the collapse of US banks, we explore the perspectives of different stakeholders on if this contagion will lead to stricter regulations.

The post How Bank Failures in the US Could Impact Philippine Crypto Regulations appeared first on BitPinas.

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Michael Saylor’s MicroStrategy repays Silvergate loan and buys 6.5K BTC

MicroStrategy has increased its total Bitcoin holdings to 138,955 BTC, purchased for $4.1 billion at an average of $29,817 per coin.

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Binance Accused of Commingling Customer Funds and Revenue, Says Reuters Report

Binance, the world's largest cryptocurrency exchange, is facing allegations of having commingled customer funds with company revenue in 2020 and 2021, violating U.S. financial rules that mandate the segregation of customer money, according to a special report by Reuters. (Read More)

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Kraken Halts ACH Deposits and Withdrawals via Silvergate

Kraken has notified its users that it will no longer support ACH deposits and withdrawals via Silvergate starting from March 27, citing difficulties with the automated clearing house. Kraken has advised its users to use alternative funding options until ACH funding is available again. (Read More)

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Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate

Major cryptocurrency exchange Kraken is experiencing difficulties with the withdrawal and deposit channel related to the automated clearing house (ACH) via Silvergate. Kraken has reportedly notified its users that it will be unable to support ACH deposits and withdrawals starting from March 27. According to multiple online reports by alleged Kraken users, Kraken sent an [...]

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Australian Bankers Association cost of living probe shows bank pressure

The Australian Bankers Association (ABA) has launched a cost of living review to determine how the COVID-19 epidemic, global supply chain restrictions, geopolitical tensions, and other factors have raised Australia's already high cost of living. The research will examine Australia's economic policies and ways to cut living costs. (Read More)

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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.

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Yellen defends government intervention to avoid another SVB

The U.S. Treasury Secretary Janet Yellen said the federal government would intervene if necessary to protect other small lenders.

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A Record 67.7% Of Bitcoin Remains Unmoved As U.S. Banks Implode

Onchain data suggests that Bitcoin (BTC) appears to be a haven for investors looking to escape the unfolding banking crisis in the United States. A staggering 67.7% of all BTC has remained unmoved for over a year, recent data from Glassnode shows. Banks are failing, and a record high 67.7% of all BTC has not [...]

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Silvergate, SBV collapse ‘definitely good’ for Bitcoin, Trezor exec says

While Signature’s Barney Frank referred to the recent events with SVB as an “anti-crypto message,” Trezor’s Josef Tetek says they are “definitely good” for Bitcoin.

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SVB crisis: Here are the crypto firms denied exposure to troubled US banks

Amid the ongoing United States banking crisis, a wide number of major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB). As potential implications of the SVB crisis for the crypto market continue to unfold, Cointelegraph highlighted several major crypto firms that have declared to be unaffected by the issues [...]

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Signature Bank’s Closure Is Political And A Strong Anti-Crypto Message, Ex-Congressman

Barney Frank, the director of Signature bank and a former congressman who helped draft the Dodd-Frank Act, has stated that the lender is solvent and that there was “no real objective reason” for the bank to be closed. He said regulators wanted to send a strong anti-crypto message. The Real Reasons Behind Signature Bank’s Closure? The vague [...]

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Binance converts remaining $1 billion in Industry Recovery Initiative to native crypto amidst concerns around stablecoins

Binance co-founder and CEO, Changpeng Zhao, announced on March 13 that the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native crypto amid concerns surrounding stablecoins. This decision was made following the depegging of the USD Coin (USDC) stablecoin caused by the failure of three major crypto-friendly banks - Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank. (Read More)

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