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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 29, 2024. Futures linked to the Nasdaq 100 rose on Tuesday night, following a sharp sell-off for all three major averages. S&P 500 futures added 0.05%, and Dow Jones Industrial Average futures inched higher by 19 points, or 0.05%. Investors dumped large-cap tech names, fueling Tuesday's losses and notching the worst day since Jan. 2 for the tech sector. While the market will likely react to Powell's commentary, Hatfield thinks that his remarks should not come as a surprise to investors.
Persons: Nordstrom, Jay Hatfield, It's, Hatfield, it's Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Dow, Investors, Apple, Counterpoint Research, Microsoft, Infrastructure Capital Advisors, Financial Services Committee Locations: New York City, U.S, China
Jerome Powell, chair of the Federal Reserve, during a House Financial Services Committee hearing in Washington, D.C., on June 21, 2023. The past several months have seen a changing dynamic between financial markets and the Fed over the pace and timing of expected interest rate cuts this year. Markets have had to adjust their collective view from a highly accommodative central bank to one that's more cautious and deliberate. Central to the question of how the Fed acts from here on out is its view on inflation and how Powell expresses that. Powell will have to synthesize the recent trends carefully as he speaks first to the House Financial Services Committee on Wednesday, then the Senate Banking Committee the day after.
Persons: Jerome Powell, Nathan Howard, Powell, Quincy Krosby, He's, it's, Joseph LaVorgna, Steven Ricchiuto, Sharp Organizations: Federal, Financial, Washington , D.C, Bloomberg, Getty, Capitol Hill, Fed, LPL, CME Group, Banking Committee, Nikko Securities, Big Tech, Mizuho Securities, Market Locations: Washington ,
Now, as the Federal Reserve faces the final stretch of its historic inflation battle, a bigger pool of workers could slow inflation even further. That then begs the question: How much more can better labor supply slow inflation? The US Labor Department releases January figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of new applications for jobless benefits in the week ended March 2. China’s National Bureau of Statistics releases February inflation data.
Persons: Mary Daly, , ” Sarah House, Michael Gapen, That’s, Jack Bantock, , , Richard Felton, Thomas, ’ ”, Patrick Harker, Ross, Nordstrom, Michael Barr, Campbell Soup, Foot, Jerome Powell, Loretta Mester Organizations: DC CNN, Federal Reserve, San Francisco Fed, National Association for Business Economics, Labor, CNN, Bank of America, White House’s Council, Economic Advisers, English Premier League, Chelsea, Burnley, Philadelphia Fed, Target, P Global, Institute for Supply Management, US Commerce Department, Abercrombie, Fitch, Financial Services, The Bank of Canada, US Labor Department, Broadcom, Costco, Eagle Outfitters, Potbelly, Banking, Housing, Urban Affairs, European Central Bank, Cleveland Fed, National Bureau of Statistics Locations: Washington, San, Wells, United States, London, JD.com, Kroger, Burlington, DocuSign
Now, some economists think the Fed won’t cut interest rates at all this year. “The Fed will not cut rates this year and rates are going to stay higher for longer,” he added. Richmond Federal Reserve President Tom Barkin echoed the idea that the central bank may not cut interest rates this year. In some ways, the expectations of interest rate cuts by the Fed undermined their efforts to actually cut the rates. Still, about half of investors are expecting an interest rate cut at the Fed’s June meeting, according to the CME FedWatch tool.
Persons: , that’s, Jerome Powell, Torsten Slok, , Tom Barkin, ” Barkin, “ I’m, ” Robert Frick, , Powell Organizations: New, New York CNN, Federal, Apollo Global Management, Richmond Federal, CNBC, Navy Federal Credit Union, CNN, Fed, National Federation of Independent, Investors, Financial Services, Senate Locations: New York, Richmond
Brian Nelson, US Treasury under secretary for terrorism and financial crimes, during a House Financial Services Committee hearing in Washington, DC, US, on Wednesday, Feb. 14, 2024. The hearing is titled "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)." WASHINGTON — Over 700,000 companies have submitted data to Treasury's new beneficial ownership information registry, a senior Treasury official said on Wednesday. Nelson said the agency has been "on a full court press" to spread awareness about the registry. Nelson said Treasury has been utilizing multi-lingual guidance, informational webinars, YouTube, and is collaborating with Secretaries of State and Chambers of Commerce to inform business owners.
Persons: Brian Nelson, Nelson Organizations: US, Financial, Terrorism, Financial Intelligence, Treasury, year's, Treasury Department, Hudson Institute, Network, New, YouTube, of State, Chambers of Commerce, Force Locations: Washington , DC, WASHINGTON, United Kingdom, United States
Here are Friday's biggest calls on Wall Street: UBS double-downgrades Rivian The firm said to sell the electric vehicle maker's stock, joining a growing group of concerned analysts following the company's earnings report. Raymond James upgrades Carvana The investment bank moved Carvana to market perform from underperform following the fourth-quarter earnings results. Guggenheim initiates Pfizer The firm opened coverage of the biopharmaceutical stock with a buy rating and $36 price target. " Rosenblatt initiates Adeia The firm began coverage with a buy rating and $15 price target. Roth MKM initiates CPI Card Group Roth MKM started coverage of the financial technology stock with a buy rating and $40 price target.
Persons: Ross, ROST, Raymond James, EBITDA, 4Q23, Guggenheim, ATNI, Morgan Stanley, Brighthouse, Rosenblatt, Roth MKM, Fred Imbert Organizations: UBS, Barclays, CNBC, Citi, Fox, JV, Ross, Price, Pfizer, DRG, Equitable, JPMorgan, Traction, JPMorgan downgrades Locations: 1Q24, Xperi, 4Q22
“Now, we are in a fully Johnson-run House, and he’s got to own all the decision making in the 12 appropriations bills. Probably not best for public policy either,” Republican Rep. Patrick McHenry of North Carolina, the chairman of the House Financial Services Committee, said. Johnson is facing pressure from members of the House Freedom Caucus to include dozens of policy riders that would never pass in the Democratic-controlled Senate. Just a week later, funding for the rest of the government will also lapse. I think we will see another omnibus appropriation bill.”Asked if that causes a problem for Johnson, Bishop argued, “The speaker didn’t create those problems.”
Persons: Mike Johnson, Senate appropriators, Johnson, he’s, That’s, Patrick McHenry of, , imploring, Alejandro Mayorkas’s, they’ll, can’t, Chuck Schumer, , Kevin McCarthy, ” Rep, Don Bacon, “ It’s, Mayorkas, Warren Davidson, ’ ”, Davidson, Andy Biggs, “ We’ve, ” Biggs, Dan Bishop, , Bishop Organizations: Republicans, Senate, ” Republican, Financial Services, Caucus, Democratic, Homeland, FBI, HFC, Department of Agriculture, Veteran’s Affairs, Transportation, Housing, Energy, Water, CNN, Congress, , Republican, Defense Department, Foreign Intelligence, GOP, Locations: Patrick McHenry of North Carolina, Florida, Nebraska, Ukraine, Ohio, North Carolina
Why do people keep uninsured money in banks?
  + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +10 min
Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.
Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, , Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, , Washington , DC, San Francisco , California, Sen
Wall Street wrapped up another positive week, with the S & P 500 closing Friday above 5,000 for the first time ever. It was a pretty light week in terms of economic data releases, though we did get a favorable ISM Services number on Monday. Things will pick up next week with several closely watched macroeconomic updates, including two key government inflation reports. While no Club earnings are scheduled to report earnings in the week ahead, 61 companies in the S & P 500 will deliver their latest quarterly results. Consumer inflation: The main event of the week will come on Tuesday when the January consumer price index (CPI) is released.
Persons: Estee Lauder, Eli Lilly, Price, Bausch, Trimble, Krispy Kreme, Topgolf, Kraft Heinz, Martin Marietta, Owens Corning, WEN, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Club, GE Healthcare, DuPont, Linde, Ford, Disney, Wynn Resorts, CPI, PPI, Palo Alto Networks, Nvidia, Bausch Health, Arista Networks, WM, Cadence Design Systems, ZoomInfo Technologies, Avis Budget, Brighthouse, Goodyear Tire &, Vornado Realty, Marriott International, Hasbro, Restaurant Brands, Molson Coors Beverage, Holdings, MGM Resorts, MGM, Akamai Technologies, American International Group, AIG, Topgolf Callaway Brands, CME Group, Sony, SONY, Blackstone Mortgage Trust, Martin Marietta Materials, Ryder, Occidental Petroleum, Cisco Systems, Deere, Penn Entertainment, Southern Company, Coinbase, Trade, Materials, Rand, Texas, Housing, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Albemarle, ALB, Ingersoll, New York City
New York CNN —Some of the very first signs of banking stress in the crisis that unfolded last year were reflected in Silicon Valley Bank, Signature Bank and First Republic Bank’s nosediving share prices. That’s a considerably larger share compared to Signature Bank and Silicon Valley Bank shortly before their demises. So far, there’s no evidence that the bank is at risk of failingAs scary as it may be to see a bank’s stock price plunging, it’s not the best gauge for the bank’s viability. The best source of information on that front is a bank’s deposit flows, Chiaverini said. As of last quarter, deposits were down just 2% and declined even less excluding the custodial deposits connected to the acquisition of Signature Bank.
Persons: Bank’s, Thomas Cangemi, David Chiaverini, it’s, Chiaverini, NYCB, Janet Yellen, ” Yellen Organizations: New, New York CNN, Silicon Valley Bank, Signature Bank, First, New York Community Bancorp, Moody’s Investors Service, Wedbush Securities, , Silicon Valley, Bank of America, Financial Services, Federal Deposit Insurance Corporation Locations: New York, Silicon Valley
The bank announced earlier on Wednesday that it had appointed DiNello, formerly the president of Flagstar Bank, to the position effective immediately. The bank holds total deposits of approximately $83 billion, the lender said in a statement Tuesday evening. US banks hold about $2.7 trillion in commercial real estate loans. But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. The increase was driven partly by expected losses on commercial real estate loans, it said.
Persons: ” Alessandro DiNello, DiNello, NYCB, , weren’t, Fitch, Thomas Cangemi, ” DiNello, Goldman Sachs, Moody’s, Neel Kashkari, ” Kashkari, he’s, Janet Yellen, , Yellen, “ I’m, ” Yellen Organizations: New, New York CNN —, New York Community Bancorp, Moody’s Investors Service, Flagstar Bank, Bank, Moody’s, JPMorgan, Signature Bank, Silicon Valley, Regulators, Federal, Community Bancorp, CNBC, Financial Locations: New York, Flagstar, New, Minneapolis
CNN —Embattled regional bank New York Community Bancorp suffered another blow Tuesday evening as Moody’s Investors Service downgraded its credit rating to junk status. Shares of New York Community Bancorp tumbled 17% in after-hours trading Tuesday evening after the downgrade. Moody’s is keeping New York Community Bancorp’s credit rating on review, signaling further downgrades are possible. New York Community Bancorp did not immediately respond to a request for comment. Treasury Secretary Janet Yellen declined to specifically comment on New York Community Bancorp’s troubles during a hearing on Tuesday.
Persons: Moody’s, , Wall, ” Moody’s, Janet Yellen, Yellen, “ I’m, ” Yellen Organizations: CNN, New, New York Community Bancorp, Moody’s Investors Service, Community Bancorp, New York Community, Silicon Valley Bank, York Community Bancorp, Financial Services Committee Locations: New York, New, Silicon
“I will never forget it,” Yellen told lawmakers during a hearing before the House Financial Services Committee, referring to the weekend after Silicon Valley Bank failed. Although the bank crisis subsided after federal regulators launched emergency programs, some regional banks have come under renewed pressure in recent days. Yellen said bank regulators are “quite focused” on this problem, including by working with banks to manage risks, build up reserves to cover losses, adjust dividend policies and maintain liquidity. “It’s critically important that the US be on a fiscally sustainable path,” Yellen told lawmakers during the hearing. “We are doing better” than the rest of the world, Yellen told lawmakers Tuesday.
Persons: Janet Yellen, ” Yellen, , Yellen, Maxine Waters, “ I’m, Larry Kudlow, It’s, Joe Biden, Jerome Powell, “ It’s, ” Powell Organizations: New, New York CNN, Valley Bank, Financial Services, Bank, New York Community Bancorp, Financial, Trump, Federal Locations: New York, Valley, United States, Japan
But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.
Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, , Chip Somodevilla, She’s, Powell, , ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”
Treasury Secretary Janet L. Yellen will tell lawmakers on Tuesday that the United States has had a “historic” economic recovery from the pandemic but that regulators must vigilantly safeguard the financial system from an array of looming risks to preserve the gains of the last three years. Ms. Yellen will deliver the comments in testimony to the House Financial Services Committee nearly a year after the Biden administration and federal regulators took aggressive steps to stabilize the nation’s banking system following the abrupt failures of Silicon Valley Bank and Signature Bank. While turmoil in the banking system has largely subsided, the Financial Stability Oversight Council, which is headed by Ms. Yellen, has been reviewing how it tracks and responds to risks to financial stability. Like other government bodies, the council did not anticipate or warn regulators about the problems that felled several regional banks. “Our continued economic strength depends on a solid and resilient U.S. financial system,” Ms. Yellen said in her prepared remarks.
Persons: Janet L, Yellen, Biden, Ms Organizations: Financial Services, Valley Bank, Signature Bank Locations: United States,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Patrick McHenry on spot bitcoin ETFs, border security funding and 2024 raceHouse Financial Services Committee chairman Rep. Patrick McHenry (R-N.C.) joins "Squawk Box' to discuss the state of the Republican party, spot bitcoin ETFs, border security funding, 2024 race, and more.
Persons: Patrick McHenry Organizations: Financial Services, Republican
"Functionally, the SPAC target IPO is being used as an alternative means to conduct an IPO," Gensler said in a March 2022 statement on the proposed regulations. SPACs: Much more disclosures will be requiredThe new rules will: 1) Expand disclosure requirements regarding SPAC sponsors, SPAC sponsor compensation, conflicts of interest, dilution, and the target company. After a blank-check SPAC goes public, it will usually announce within two years the acquisition of a target company, which is known as a de-SPAC transaction. It would, for example, make the target company legally liable for any statement made about future results by assuming responsibility for disclosures. The SPAC market has already collapsed2020 and 2021 were record years for SPAC IPO filing.
Persons: Gary Gensler, Tom Williams, Gensler, He's, Forbes Organizations: Financial, Securities and Exchange Commission, Cq, Inc, Getty, The Securities, Exchange Commission, SEC, IPOs, Bloomberg, Lordstown Motors Locations: Rayburn, SPACs
Justin Tallis | Afp | Getty ImagesThe CEO of Circle, the company behind popular stablecoin USD Coin, sees a strong chance that laws for stablecoin issuers like itself will come through in 2024. The U.S. is yet to pass federal crypto regulation, even as jurisdictions around the world are approving new crypto-focused laws. But Jeremy Allaire, Circle's boss and co-founder, hopes that things will change this year, stating that there is a "very good chance" U.S. lawmakers approve a stablecoin bill. "Stablecoins in particular remain the killer app for blockchain technology," Allaire told CNBC. "It's been a really powerful time for that and we think 2024, with things like the spot ETF and world regulatory clarity, is going to open this up even wider."
Persons: Justin Tallis, Jeremy Allaire, Circle's, Allaire, Crypto, Dante Disparte, Disparte, CNBC's MacKenzie Sigalos Organizations: Afp, Getty, CNBC, Economic, Treasury, Federal, House Financial, U.S . Securities, Exchange Commission, SEC, Allaire Locations: London, U.S, Davos, Switzerland, United States
In a letter to the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, ten Democratic U.S. senators asked the regulators to investigate Navy Federal Credit Union’s mortgage lending for compliance with federal anti-discrimination laws. The credit union, which has more than 13 million members, lends to military servicemembers, defense personnel, veterans, and their families. “Navy Federal’s members have made countless sacrifices in their service to our country,” the senators wrote in the letter. The credit union declined to provide CNN any additional data that would make it possible to analyze those factors. Navy Federal has not yet responded to the lawsuits in court.
Persons: Sen, Sherrod Brown, Ron Wyden, Mary McDuffie, Emanuel Cleaver, Steven Horsford, Hakeem Jeffries, , Maxine Waters, Ben Crump – Organizations: CNN, Department of Housing, Urban Development, Consumer Financial Protection, Democratic U.S, Navy, Credit, Banking, Finance, Congressional Black Caucus, Federal, , Navy Federal, Financial Services Locations: Ohio, Oregon, “ Navy, Virginia
US Representative Patrick McHenry (R-NC) speaks to members of the media outside the office of US House Speaker Kevin McCarthy (R-CA), at the US Capitol in Washington, DC, on October 3, 2023. WASHINGTON — Rep. Patrick McHenry, R-N.C., announced Tuesday that he won't seek re-election in 2024, a shocking move to many of his colleagues that will further thin the ranks of Republican institutionalists in Congress. He gained national attention during his three-week stint in October as House Speaker pro tempore after Republicans ousted Rep. Kevin McCarthy, R-Calif., from the position. Despite his solidly conservative positions and voting record, McHenry is seen on Capitol Hill as a pragmatist and widely respected in both parties. During the speaker battle, McHenry was cited by Democratic leaders as the sort of GOP lawmaker who they trust enough to work with.
Persons: Patrick McHenry, Kevin McCarthy, Republican institutionalists, McHenry, Obama, Donald Trump, , I've Organizations: US, WASHINGTON — Rep, Republican, Financial, Democratic, Republicans, Capitol, Trump, GOP Locations: Washington ,, R, McHenry
It has been predominantly used by life insurers, because they need to boost their investment returns with cheap funding to meet long-term liabilities. They provide the cheap funding to banks and insurers in exchange for collateral to ensure they get their money back. Insurers are entitled to tap FHLB funding. Insurers’ borrowing from FHLBs picked up in 2008 financial crisis, as those that spread themselves thin with aggressive investments scrambled for cash. They did not explain why insurers need FHLB funding to invest in mortgages.
Persons: Sarah Silbiger, Ryan Donovan, CMBS, Lawrence White, White, Graphics JUICING, Cynthia Beaulieu, Cornelius Hurley, Hurley, FHLBs, , Michael Ericson, Jack Dolan, Koh Qui, Greg Roumeliotis, Anna Driver Organizations: REUTERS, Loan, Federal Housing Finance Agency, of Federal Home Loan, FHLBs, FHLB, National Association of Insurance, New York University, MetLife Inc, Equitable Holdings Inc, Corebridge, Brighthouse Financial, MetLife, TIAA, Equitable, Graphics, Wellington Management, Boston University School of Law, Coalition, Silicon Valley Bank, First, American, of, Insurance Coalition, Reuters, Thomson Locations: Washington , U.S, U.S, Boston, Silicon, First Republic, Chicago, New York
[1/2] Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: "Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019. Sloan in the lawsuit filed in California state court says Wells Fargo canceled stock awards and withheld a bonus he had earned before stepping down. Wells Fargo in a statement said that "compensation decisions are based on performance, and we stand by our decisions in this matter." Sloan led Wells Fargo from 2016 to 2019, when he became the second chief executive to step down over claims that the bank had opened millions of unauthorized consumer accounts. Sloan accused Wells Fargo of breach of contract and, along with the $34 million, is seeking unspecified damages for emotional distress and punitive damages.
Persons: Tim Sloan, Erin Scott, Sloan, Wells, Wells Fargo, Sloan's, David Lowe, Francoise Brougher, Daniel Wiessner, Diane Craft Organizations: Wells, Financial, REUTERS, Former Wells Fargo & Co, Federal Reserve, Tesla, Thomson Locations: Washington , U.S, California, Wells, Wells Fargo, Sloan's San Francisco, Albany , New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. French Hill: We expect to pass crypto oversight and stablecoin bills in early 2024House Financial Services Committee vice chairman and Digital Assets Subcommittee chair Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss the state of crypto regulation, whether crypto legislation can be passed in Congress, and more.
Organizations: Rep, Financial, Digital Locations: Congress
A "new evaluation project" will also review FDIC reform efforts since a 2020 investigation found its handling of sexual harassment complaints was deficient, according to Caitlin Savino, spokesperson for the FDIC Office of Inspector General. Previously, FDIC officials said the agency had satisfied recommendations from that investigation. Gruenberg has expressed personal alarm at the accounts and vowed to address the matter as a top agency priority. Republican lawmakers on the House Financial Services Committee have announced the start of a "rigorous" congressional probe into the matter. Reporting by Douglas Gillison; editing by Franklin Paul, Jonathan Oatis and David GregorioOur Standards: The Thomson Reuters Trust Principles.
Persons: Sheila Bair, Jason Reed, Caitlin Savino, Martin Gruenberg, Gruenberg, Douglas Gillison, Franklin Paul, Jonathan Oatis, David Gregorio Our Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Republican, Financial Services, Thomson Locations: Washington, Companies United States, America
WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities and the resignation of its CEO this week. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Brown has been highly skeptical of cryptocurrencies as a concept and he’s been generally reluctant to put Congress’ blessing on them through legislation. Yesterday’s development marks the same inflection point that we saw earlier at the intersection of the .com and post-.com eras.”
Persons: Sam Bankman, cryptocurrencies, Janet Yellen, Changpeng Zhao, Zhao, Binance, General Merrick Garland, — Binance, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, Fried, can’t, , Dennis Kelleher, Yiannis Giokas Organizations: WASHINGTON, Treasury, White, Biden Administration, Binance, U.S . Treasury, U.S, Securities and Exchange Commission, Coinbase, SEC, PayPal, Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, Senate, Consumer, Better, Moody’s Analytics, U.S . Authorities Locations: Washington, United States, Cayman Islands, Ohio, stablecoins, U.S
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