Regulation

Crypto bank Anchorage Digital announced it would be letting go of 75 employees, representing approximately 20% of its workforce, citing regulatory uncertainty in the United States as a factor in its decision. In a March 14 statement Anchorage labeled the layoffs as “a strategic realignment to better focus our resources,” and pointed to “broad macroeconomic challenges,

The United States Justice Department and the Securities Exchange Commission (SEC) have reportedly launched inquiries into the sudden collapse of Silicon Valley Bank (SVB) — which was shuttered by regulators last week amid a historic bank run.  According to “people familiar with the matter,” — cited in a March 14 report from The Wall Street

The cryptocurrency-friendly Signature Bank was reportedly being investigated by two United States government bodies prior to its collapse. According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures to detect potential money laundering by its clients. It was noted the

The European Parliament passed the Data Act on March 14. The comprehensive bill was intended to “boost innovation by removing barriers obstructing access to industrial data.” Among its provisions is an article that would require smart contracts to be alterable.  The legislation established rules for fairly sharing data generated by “connected products or related services,”

Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission (SEC) against former Coinbase product manager Ishan Wahi and other for insider trading. Coinbase condemns the defendants conduct, it said in the brief, but supports the defendants’ motion because of

The ongoing crisis of banks in the United States has many positive implications for Bitcoin (BTC), according to an executive at the hardware wallet firm Trezor. On March 14, Bitcoin broke $26,000, a price level not seen since June 2022, posting the biggest gains this year so far. The multi-month high followed a series of

Governor Mark Gordon of the United States state of Wyoming recently signed a bill preventing the forced disclosure of private keys in a move to protect the privacy of digital asset owners. The incoming law reads, “No person shall be compelled to produce a private key or make a private key known to any other

Amid multiple ongoing investigations, FTX continues to move funds. Addresses related to the failed crypto exchange reportedly transferred around $145 million in stablecoins to various platforms.  As Lookonchain spotted on March 14, three wallets associated with FTX and its subsidiary, Alameda Research, have moved 69.64 million Tether (USDT) and 75.94 million USD Coin (USDC). The

The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, United States President Joe Biden assured taxpayers that they would not feel the burn as the federal government takes action to

The Commodity Futures Trading Commission (CFTC) has signaled receptiveness to the crypto and blockchain sector after including several executives from the space as part of its new Technology Advisory Committee (TAC). CFTC commissioner and TAC sponsor Christy Goldsmith Romero announced the updated membership via a public statement on March 13, with the inaugural meeting of

The United States should lead the development of Central Bank Digital Currencies (CBDCs) away from being “surveillance coins” and towards being “freedom coins,” says the former chair of the Commodity Futures Trading Commission (CFTC). In a Mar. 13 op-ed in The Hill, Christopher Giancarlo, nicknamed “Crypto Dad” for his pro-crypto outlook, said the U.S. “must

The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution. The Federal Reserve announced on March 13 that Vice Chair for Supervision Michael Barr is “leading a review of the supervision and regulation of Silicon Valley Bank, in light

Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems.  A couple of days later, another ​​Federal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by

Barney Frank, a former member of the United States House of Representatives, has reportedly suggested New York regulators closed the crypto-friendly Signature Bank as part of a seeming show of force. According to a March 13 CNBC report, Frank — also a board member of Signature Bank — said the only indication of problems at

A group of shareholders have reportedly filed a lawsuit against Silicon Valley Bank’s parent company and some of its executives amid the unfolding crisis. Multiple news outlets reported on March 13 that many Silicon Valley Bank shareholders alleged fraud from the bank, CEO Greg Becker and chief financial officer Daniel Beck. The lawsuit would likely

Banks are the lifeblood of a nation’s economic system, and any bank collapse is disturbing. Last week saw two failures. On March 8, Silvergate Capital — the cryptocurrency-focused banking company — entered into voluntary liquidation. On March 10, United States regulators shut down and seized the deposits of tech-oriented Silicon Valley Bank in what was being

Silicon Valley Bank (SVB) has suffered a significant fall from grace following half a decade of being rated as one of the best banks in the United States. SVB and its parent company, SVB Financial Group, had been held in high esteem as financial institutions serving companies across a variety of industries, from technology and

The wider cryptocurrency community continues to debate the ongoing fallout following the closure of three major American banks, with calls for neobank services for the industry on the cards. Silicon Valley Bank (SVB), which has traditionally served startups across a number of innovation sector industries, was shuttered by California’s Department of Financial Protection and Innovation

Over the last year, a series of court cases have struck the crypto industry. Bankruptcy, liquidity issues and fraud have caused the industry to fall under the microscope of regulators around the world. The former cryptocurrency brokerage company Voyager Digital, Alameda Research – the investment arm of FTX- and cryptocurrency exchange Binance have been among

Global banking giant HSBC is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition. HSBC officially announced on March 13 that its subsidiary, HSBC UK Bank, is acquiring Silicon Valley Bank UK (SVB UK) for 1 British pound ($1.21). As of March 10, 2023, SVB UK had