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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC sues Binance and founder CZ, and JPMorgan turns to blockchain in India: 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, Richard Mico, the chief legal officer of Banxa, discusses whether a new crypto bill in Washington, DC can provide the industry with regulatory clarity.
Persons: Binance, explainers, Richard Mico, Banxa Organizations: SEC, CZ, JPMorgan, CNBC Crypto, CNBC Locations: blockchain, India, Washington
MARKET REACTION:Shares of crypto-related companies fell on Thursday, as the bank's collapse sparked a crisis of confidence in the industry. Silvergate shares were down 26% while peer Signature Bank (SBNY.O) and former Silvergate partner Coinbase Global Inc (COIN.O) fell 8% each. I think this could have significant implications for crypto regulations in the U.S. and banks' ability to deal with digital asset platforms and cryptocurrency brokerages." "One of the largest of these banks was Silvergate, which positioned itself as a crypto-friendly institution. Indeed, this pressure is making it increasingly challenging for crypto businesses and traders to operate within the United States."
[1/2] A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. Crypto payment specialists have also seen strong volumes. Nonetheless, proponents say bitcoin offers lower transaction costs and quicker speeds than traditional cash, especially for cross-border transfers. For others, though, growing interest in CBDCs is evidence that blockchain payments tech is here to stay. Traditional finance firms looking to embrace crypto payments have also shrugged off recent market volatility.
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