International Finance: US crackdown seeks to push crypto back to the fringes of finance

The increasingly aggressive posture, which has taken shape through public and private actions in the weeks since the collapse of crypto exchange FTX, could push the industry to the fringes of finance. It means new ventures may be smothered before they get off the ground, and banks and digital-asset companies are likely to scrap existing ones and upend business models.

Interviews with more than a dozen current and former regulators, industry executives and lobbyists paint a picture of a deepening crackdown that has the sector on its back feet. Many requested anonymity to discuss the situation candidly.Three top financial regulators kicked off the new year with a joint warning about banks’ crypto activities.

The firm said last week that it was suspending deposits and withdrawals of US dollars using bank accounts for all clients. The move was a result of Signature Bank, which had long done business with Binance, pulling back, according to a person familiar with the matter. Michael Barr, the Fed’s vice chair for supervision, urged Congress to step in over the tokens, which he calls “private money.” Fed governor Christopher Waller said last week that banks have an extra duty to meet know-your-customer and anti-money laundering requirements if they dabble in the sector. HeThe pressure has resulted in complaints from crypto that the industry is being held to a different – and unfair – standard.

SEC chair Gary Gensler and his enforcement director, Gurbir Grewal, have stepped up their focus on the platforms. Gensler contends the platforms are rife with conflicts of interest and openly offer digital tokens that are really just unregistered securities.

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

International Finance: Asian equities tumble ahead of US inflation data: markets wrapShares in Asia declined as investors positioned themselves for an action-packed week, including the release of US consumer price data that may confirm the inflation battle isn’t over, dashing hopes of a Federal Reserve rate pivot.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

International Finance: What UK businesses want in Hunt’s budget: investment, tax cuts, skillsThe UK business community is urging Chancellor of the Exchequer Jeremy Hunt to incentivise investment, cut taxes and tackle skills shortages in his budget next month, after the British economy narrowly avoided a recession last year. I be sharing this good news on how am getting paid from AnthonyRobert__ platform if I didn't see others testifying I was doubting but now that am experiencing how great his platform is.I also recommend you to AnthonyRobert__ bitcoin mining for safe and secured investment
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

International Finance: Asian stocks rise ahead of CPI; yen gains on BOJ: markets wrapShares climbed in Asia following a rally on Wall Street as investors positioned for US inflation data after a drop in wage-growth expectations eased some of the concern over rising prices.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Personal Finance | FSCA warns against these companies | City PressIn the past week, the Financial Sector Conduct Authority has issued seven warnings against fraudulent companies and individuals that it believes are putting people’s hard-earned money at risk. | City_Press City_Press PresidencyZA Did they included the ANC government on that list?
Fonte: News24 - 🏆 4. / 80 Leggi di più »

THE FINANCE GHOST: California streamin’Growth stocks including Netflix and Spotify are back in business, baby — though a look at their results may not justify this year’s market mania, writes FinanceGhost.
Fonte: FinancialMail - 🏆 20. / 63 Leggi di più »

Finance professionals want to work from a beachMiami is coming up as a rival to Singapore and New York for the title of the hottest residential market this year
Fonte: BDliveSA - 🏆 12. / 63 Leggi di più »