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Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut ‘Unconstructive’

[Apr 5, 2023 5:30 PM] Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury…

Market Analyst Heralds the Collapse of ‘Everything,’ Calls for Hedging in Gold and Silver Before There Isn’t Any Left

[Apr 5, 2023 12:30 AM] Egon von Greyerz, market analyst and founder of Matterhorn Asset Management, is predicting the collapse of the central bank system in the next few years due to an increasing issuance of currency and debt. Von Greyerz states that in the face of an…

How the Federal Reserve Is Now Competing With Banks for Deposits: Enter the Reverse Repo Facility

[Apr 4, 2023 3:30 AM] The U.S. Federal Reserve could be competing with commercial banks due to a facility called the “overnight reverse repurchase agreement facility,” which has currently drawn in more than $2 trillion in deposits. According to analysts…

Stablecoin Supply Shift: TUSD Jumps 110% While Others Experience Reductions

[Mar 30, 2023 11:30 AM] Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days. TUSD resides natively on four different blockchains. The number of Ethereum-based TUSD…

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

[Mar 30, 2023 4:30 AM] 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…

That Binance Suit Sure Seems Bigger Than Just a CFTC Case

[Mar 29, 2023 2:09 PM] Between Coinbase, Binance, Justin Sun, Do Kwon and Custodia, there has been just so much news over the last week. And that’s largely just the U.S. But Binance is the most interesting, not only for what happened (the Commodity Futures Trading…

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

[Mar 29, 2023 2:00 PM] 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…

Top U.S. Treasury Official Says Crypto Had No ‘Direct Role’ In Bank Failures

[Mar 29, 2023 1:19 PM] Nellie Liang, the U.S. Treasury Department's undersecretary for domestic finance, doesn’t believe that the digital assets sector should be blamed for the runs on Silicon Valley Bank (SVB) and Signature Bank that led to their quick demise earlier…

The Short-Sightedness of Run-Amok Regulators

[Mar 29, 2023 10:44 AM] Ric Edelman, founder of the Digital Assets Council of Financial Professionals, talks about a key reason why crypto’s future looks bleaker: an apparent effort to cut it off from U.S. banks.

First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B

[Mar 27, 2023 2:30 PM] According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and…

U.S. Bank Regulators Investigating Leaders of the Failed Tech Banks

[Mar 27, 2023 12:46 PM] The Federal Deposit Insurance Corp. is investigating the actions of the leaders of Signature Bank and Silicon Valley Bank to hold them accountable for their collapses, said Chairman Martin Gruenberg, who detailed their mismanagement and dangerous…

First Mover Americas: First Citizens Scoops Up Big Chunks of Silicon Valley Bank

[Mar 27, 2023 6:20 AM] The latest price moves in bitcoin (BTC) and crypto markets in context for March 27, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Why This Economics Professor Thinks Bitcoin Is Worthless

[Mar 27, 2023 4:02 AM] Steve Hanke, a professor of Applied Economics at Johns Hopkins University, is the latest scholar to trash Bitcoin. Bitcoin Has No Fundamental Value, Says Professor In a tweet on March 26, Hanke said Bitcoin is not a currency but a speculative asset…

First Citizens Buys Silicon Valley Bank, Assuming $72B in Loans, $56B in Deposits

[Mar 27, 2023 12:20 AM] The Federal Deposit Insurance Corp. also acquired equity appreciation rights in the parent of First Citizens Bank, which is potentially worth up to $500 million.

Breaking: First Citizens snaps up Silicon Valley Bank — Branches open Monday

[Mar 26, 2023 11:19 PM] The deal was announced on March 26 by the Federal Deposit Insurance Corporation (FDIC).

A Look at the Fed’s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking

[Mar 26, 2023 10:30 PM] Over the past century, the number of American banks has significantly decreased, dropping from 30,000 banks in 1921 to 4,997 U.S. banks in 2021, according to data from the Federal Reserve. Recently, the U.S. central bank denied Custodia Bank of…

First Citizens Nearing Deal for Silicon Valley Bank: Bloomberg

[Mar 26, 2023 8:52 PM] Raleigh, N.C.-based First Citizens is the 30th largest bank in the U.S., with $109 billion in assets, and recently completed an acquisition of New York-based commercial lender CIT.

US explores additional bank support favoring First Republic's benefit: Report

[Mar 25, 2023 8:07 PM] Despite banking laws stating that remedies should not be aimed at benefiting a specific bank, this change could be structured “in a way to ensure” First Republic benefits, according to unnamed sources.

US Banking Crisis: Nigerian Banks Not Directly Exposed to SVB Says Central Bank Governor

[Mar 25, 2023 2:00 AM] A recent review of Nigerian banks’ bond portfolios showed that the institutions were not directly exposed to Silicon Valley Bank, the governor of the country’s central bank has said. In addition, the governor said the Central Bank of…

Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector

[Mar 24, 2023 11:30 AM] U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S…

Bank Consolidation Threatens Freedom, Makes Case for Bitcoin

[Mar 24, 2023 11:13 AM] The biggest threat from the banking crisis triggered by this month’s collapse of Silicon Valley Bank might not lie in the potential for depositors to lose their savings but in the censorship power that massive banks are now accumulating as…

Bitcoin Will Be Stronger Despite Attacks From the US, Says HRF’s Executive

[Mar 24, 2023 7:40 AM] Alex Gladstein, the Chief Strategy Officer (CSO) of the Human Rights Foundation (HRF), believes Bitcoin will emerge stronger than ever despite “attacks” from the United States government. Bitcoin Will Survive Attacks In a tweet on March…

Crypto Is the Solution to Bank Runs, Not the Cause

[Mar 23, 2023 6:45 AM] Self-custody, transparency and immediate settlement are just a few ways that crypto could prevent loss of funds.

‘How did this happen’ — Powell says Fed stumped over the collapse of SVB

[Mar 22, 2023 8:36 PM] In a post-FOMC meeting on March 22, the chairman of the Federal Reserve said his “only interest is that we identify what went wrong here.”

SVB Financial’s First Bankruptcy Hearing ‘Wasn’t Really So Routine,’ Says Legal Expert

[Mar 22, 2023 12:59 PM] The holding company needs access to the FDIC-locked funds in order to pay back its creditors and support its two external operations, says Kleinberg, Kaplan partner, Dov Kleiner.

Bitcoin Emerges as Safe Haven as Traditional Finance Faces Turmoil

[Mar 22, 2023 11:40 AM] Conflicting data creates the question of how the Fed will react to both rising inflation and failing banks - and whether bitcoin will be a lifeboat.

'Operation Choke Point 2.0' may have contributed to SVB collapse: Mulvaney

[Mar 21, 2023 8:49 PM] While the existence of "Operation Choke Point 2.0" has not been confirmed, Mick Mulvaney spoke of “rumors” of its existence and the potential side effects of such a policy.

US exploring ways to guarantee the country’s 18T of bank deposits: Report

[Mar 20, 2023 11:57 PM] The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.

Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations

[Mar 20, 2023 3:30 PM] On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its…

Bank collapses are spurring interest in self-custody startups

[Mar 20, 2023 2:20 PM] The implosions of Signature Bank and Silicon Valley Bank are giving self-custody startups an opportunity to prosper.