The banking crisis has been bad for tech. But it’s even more frustrating for the crypto industry.
As regulators move to help out failed banks like Silicon Valley Bank and other traditional institutions, crypto leaders are asking them a pointed and intriguing question: Are you trying to shut us out?
The decision to seize Signature Bank surprised the institution’s management, including board member and former U.S. Representative Barney Frank, who helped draft the Dodd-Frank Act, which sought to address the excesses of the financial services industry in the wake of the 2008 financial crisis. The Federal Deposit Insurance Corp. announced Sunday that Flagstar Bank had agreed to acquire “substantially all deposits and certain loan portfolios” of Signature Bank. But the deal did not include roughly $4 billion of deposits related to the bank’s digital assets banking business. Those assets will be returned directly to the customers that own them.
“These are lawful businesses in the United States and should be treated like any other law-abiding business,” CEO Kristin Smith said in a statement. The crypto industry is also pushing back against what it view as an effort to de-bank them at a time when crypto prices have been posting gains. Bitcoin has climbed back above $25,000 after falling below $20,000 about three months ago.
“The ‘told you so’ crypto folks are back,” Kelvin Low, law professor at the National University of Singapore and a well-known crypto critic, said in a LinkedIn Post. “The price of bitcoin has been on a tear if you can believe it following the troubles in the banking sector. So much so that crypto bros are beginning to develop a swagger again.”
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China's crackdownThe city's digital asset push stands in contrast with the mainland, where Beijing has effectively banned trading and stamped out crypto-related activities.
Les mer »
Bitcoin crosses $28,000, and Supreme Court hears first-ever crypto case: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Josh Frank, co-founder of The Tie, discusses institutional investment in digital assets following the closure of crypto-focused banks.
Les mer »
Taiwan’s Crypto Industry Welcomes Regulatory AnnouncementTaiwan's crypto industry is welcoming an announcement that the island's Financial Supervisory Commission is set to regulate digital assets. thesamreynolds reports
Les mer »
Taiwan financial regulator says will oversee crypto currenciesTaiwan's Financial Supervisory Commission will be the main overseer of crypto currencies on the island, the head of the regulator said on Monday.
Les mer »
Signature Bank deposits, branches sold to Flagstar, crypto not includedA subsidiary of New York Community Bancorp is set to acquire $38.4 billion in customer deposits previously owned by Signature Bank. It will however not include the $4 billion associated with Signature’s digital banking business.
Les mer »
Over 80 crypto firms eyeing presence in Hong Kong: Financial SecretaryHong Kong’s Secretary for Financial Services and the Treasury, Christian Hui stated that “over 80” crypto firms have “expressed interest” in establishing a presence in Hong Kong.
Les mer »