Stablecoins are usually described as the remedy to the volatility of cryptocurrencies. However, Michael S. Barr, vice chair for Supervision for the U.S. Federal Reserve is worried they could “pose a risk to the financial stability” of the country. Barr said it is important to get the regulatory framework right. “The President’s Working Group report…
Top Fed Official Sounds Alarm on Stablecoins: ‘Could Pose a Risk to Financial Stability’
Yen Weakens to New 24 Year Low; Sterling Cautiously Rebounds
October 12, 2022
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LONDON/TOKYO—The dollar scaled new 24-year highs versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month, while investors in sterling were left scratching their heads about the Bank of England’s next steps. The dollar rose 0.48 percent to as much as 146.6 yen, with a fifth straight session of…
Here’s How Celsius Executives Withdrew Millions Before Bankruptcy
Bankruptcy court documents filed by lawyers of Celsius reveal that top executives at the crypto firm withdrew millions of cryptocurrencies before it declared the suspension of customer withdrawals. The court filing alleges that Celsius’ former CEO Alex Mashinsky, co-founder Daniel Leon and Chief Technology Officer Nuke Goldstein made a series of withdrawals totaling tens of…
EU Bans All Russian Crypto Wallets and Payments in New Sanctions Package
October 8, 2022
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Further tightening its financial sanctions against Russia for invading Ukraine, the European Union has announced a complete ban on crypto payments to Moscow. “The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 was allowed),” the…
Binance-Linked Blockchain Hit by $570 Million Crypto Hack
LONDON—A blockchain linked to Binance, the world’s largest crypto exchange, has been hit by a $570 million hack, a Binance spokesperson said on Friday, the latest in a series of hacks to hit the crypto sector this year. Binance CEO Changpeng Zhao said in a tweet that tokens were stolen from a blockchain “bridge” used…
Top US Regulator Says Cryptocurrencies Pose Risks to Financial Stability
October 4, 2022
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The Financial Stability Oversight Council (FSOC) issued a report on digital assets like cryptocurrencies, warning about the dangers posed by such instruments. “Crypto-asset activities could pose risks to the stability of the U.S. financial system and emphasizes the importance of appropriate regulation, including enforcement of existing laws. It is vital that government stakeholders collectively work…
Superbubble’s Final Act? Or Is This Time Different?
October 3, 2022
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Commentary Is this the “Superbubble’s Final Act?” Such was a fascinating piece of commentary recently from Jeremy Grantham, famed investor and co-founder of GMO, who wrote: “Only a few market events in an investor’s career matter; among the most important of all are superbubbles. These superbubbles are events unlike any others: while there are only a…
Kim Kardashian to Pay $1.26 Million to Settle SEC Crypto Charges
Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission (SEC) charges that she promoted a cryptocurrency on Instagram without disclosing that she’d been paid $250,000 to do so. The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation. The SEC said…
Crypto Exchange FTX to Acquire Bankrupt Voyager’s Assets
Voyager Digital said on Monday crypto exchange FTX, whose bailout proposal the bankrupt lender had rejected earlier this year, has won its assets in a $1.42-billion bid at an auction. The FTX bid comprises a fair market value of all Voyager cryptocurrency, at a to-be-determined date, which is pegged at about $1.31 billion at current…
The Digital Dollar Will Not Be ‘Anonymous,’ Says Fed Chair Powell
September 28, 2022
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The central bank digital currency (CBDC), or digital dollar, would not be anonymous, according to Federal Reserve Chairman Jerome Powell, thereby eliminating one of the main advantages of using cryptocurrencies. If the Fed were to pursue such an option, said Powell, there would be four minimum CBDC characteristics. The first would be intermediaries—it wouldn’t be…
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