SINGAPORE/LONDON—The dollar was steady on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. The dollar index, which measures the currency against six rivals, rose 0.06 percent at 103.05, having gained 0.5 percent on Friday amid banking…
Can the CBDC Be Stopped?
March 24, 2023
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Commentary In the year 1900, following two decades of debate about the future of American money, L. Frank Baum wrote “The Wonderful Wizard of Oz,” which served as the template for the greatest of all American movies. The story is about much more than it seems. Beneath the surface, it is an attack on ruling-class…
Canada’s Crypto Scams Target Young Adults, Losses Up 40%
Losses to cryptocurrency scams have risen nationwide, but British Columbia has had a particularly large spike with scams almost tripling in one year. B.C. residents lost a combined $24 million in crypto scams in 2022, up from $8.5 million in 2021, reported the B.C. RCMP on March 22. “Scammers are using the popularity and complexity…
Dollar Eases as Investors Ponder Outlook for Fed Rates
LONDON—The dollar held around five-week lows on Wednesday, before the conclusion of the Federal Reserve’s policy meeting at which investors will be looking for any insight on what might happen with interest rates given the turmoil in the banking sector. Markets show a quarter-point rise in U.S. rates is the most likely outcome, but investors…
Crypto Exchange Coinbase Asks Supreme Court to Compel Disgruntled Customers to Pursue Arbitration
March 22, 2023
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An attorney for cryptocurrency exchange Coinbase told the Supreme Court on March 21 that current customer disputes should not move forward in the lower courts while appellate courts have yet to rule on the company’s request to divert those cases to arbitration panels. Coinbase finds itself at the Supreme Court because it prefers the arbitration…
Too Wrong to Fail
March 20, 2023
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Commentary As the old saw goes, a banker is someone who lends you his umbrella when the sun is shining and then wants it back as soon as the first drops of rain fall. Hostility toward money lenders goes way back. In the Middle Ages in Europe, to deposit your money with one was unlawful,…
Don’t Fear Central Bank Digital Currency, Embrace It Instead
March 15, 2023
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Commentary Last week, South Dakota Republican governor Kristi Noem rejected a bill (HB1193) to update the Uniform Commercial Code (UCC) with her own unique “brand” of veto. The veto came because Noem opposed the bill’s language outlawing Bitcoin and other cryptocurrencies, but allowing a central bank digital currency (CBDC), which is issued by governments. Noem…
Banks Linked to Cryptocurrency Community Collapse: Could New Regulations Have Prevented This?
March 13, 2023
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Commentary We have seen several banks fail in the last few days. The failures seemingly came out of nowhere. However, there are a few commonalities among the banks that failed. I will try and connect some dots for you. I listened to a livestream from law firm Foley and Lardner. Partner Pat Daughterty said that all three…
Dollar Drops as Fed Rate Hike Expectations Trimmed on SVB Collapse
SINGAPORE/LONDON—The U.S. dollar fell on Monday on expectations the Federal Reserve will be less aggressive in raising interest rates after authorities stepped in to limit the fallout from the sudden collapse of Silicon Valley Bank. The U.S. government announced several measures early in the Asian trading day, saying all SVB customers will have access to…
Bankman-Fried’s Lawyers Say October Trial May Need to Be Delayed
March 9, 2023
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NEW YORK—Sam Bankman-Fried’s lawyers said on Wednesday it may be necessary to delay the FTX cryptocurrency exchange founder’s scheduled Oct. 2 criminal trial, arguing it may take more time than expected to review the evidence and prepare a defense. In a letter to U.S. District Judge Lewis Kaplan, the 31-year-old former billionaire’s lawyers said federal…
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