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Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended customer redemptions on Wednesday, citing the sudden failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action. After a flurry of tweets and interviews by Bankman-Fried, FTX said he "has no ongoing role" at the company and does not speak on its behalf. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning, Bloomberg reported on Tuesday. Elsewhere, crypto exchange Binance said it had not contributed to FTX's collapse, in a response to a hearing on the crypto industry by a British parliamentary committee.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. Bloomberg on Tuesday also reported that U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning. Elsewhere, crypto exchange Binance, in a response to a hearing on the crypto industry by a British parliamentary committee on Monday, said it had not contributed to FTX's collapse. The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.

☆ House Committee to Hold Hearing on FTX Collapse
▼ + stars: | 2022-11-16 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

The ranking members of the House Financial Services Committee, Rep. Patrick McHenry (R., N.C.) and Rep. Maxine Waters (D., Calif.). The ranking members of the House Financial Services Committee, Rep. Maxine Waters (D., Calif.), and Rep. Patrick McHenry (R., N.C.), said Wednesday they would hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX. The committee said it expects to hear from FTX founder Sam Bankman-Fried , as well as his trading firm, Alameda Research LLC, and rival platform Binance.

☆ House lawmakers call Sam Bankman-Fried, other executives, to testify at hearing on FTX collapse
▼ + stars: | 2022-11-16 | by ( Dawn Kopecki | In Dawnkopecki | ) www.cnbc.com time to read: +2 min

CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC. House lawmakers are calling FTX founder Sam Bankman-Fried and other executives to Capitol Hill to testify about the crypto exchange's collapse at a hearing in December. House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and the ranking Republican Rep. Patrick McHenry, of North Carolina, are holding a rare bipartisan hearing on the matter. They plan to haul up executives from FTX, Alameda Research, Binance and others to testify as well. FTX founder Bankman-Fried admitted last week that he "f---ed up."

☆ U.S. House committee to hold hearing on collapse of FTX
▼ + stars: | 2022-11-16 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 16 (Reuters) - The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX. The committee said it expects to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, FTX and related entities, among others. House Financial Services committee top Republican Patrick McHenry said "we must get to the bottom of this for FTX’s customers and the American people. It’s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system." Last week, U.S. Senate Agriculture Committee chair Debbie Stabenow said Congress needs to pass legislation after the FTX collapse.

☆ House Financial Services Committee announces an FTX inquiry
▼ + stars: | 2022-11-16 | by ( Ylan Mui | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse Financial Services Committee announces an FTX inquiryCNBC's Ylan Mui joins 'TechCheck' to discuss House Financial Services Committee's announcement to hold a December hearing to investigate the FTX fallout and the crypto industry's IRS reporting requirements.

☆ Key House lawmaker calls collapse of crypto exchange FTX 'a dumpster fire' as Financial Services Committee investigates
▼ + stars: | 2022-11-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C. Ecosystem in limbo," Rep. Patrick McHenry, the top Republican of the House Financial Services Committee said at a hearing examining the safety of the U.S. financial system Wednesday. McHenry, who is the likely incoming chair of the committee if Republicans seize control of the House as expected, announced a bipartisan hearing on the FTX collapse along with current committee Chairwoman Maxine Waters, D-Calif., earlier Wednesday morning. Cryptocurrency lender BlockFi Inc. is reportedly weighing bankruptcy, telling investors it has "significant exposure" to the FTX failure. "And it's time for the regulators to update the rulebook to strengthen protections for consumers and investors as well as safeguards for our financial system and the risk of digital access ecosystem."

☆ Wall Street has made serious strides to embrace crypto this year. But after FTX's implosion, a regulatory crackdown is imminent.
▼ + stars: | 2022-11-15 | by ( Morgan Chittum | Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Crypto sentiment from Wall Street giants has come a long way over the past few years. After FTX's disaster, a crackdown on digital assets is imminent. Prominent government officials quickly spoke out against the crypto platform last week. Gensler says that the agency's aggressive stance on digital assets is an effort to protect investors and may encourage further crypto adoption.

☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
▼ + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."

☆ Former FTX CEO Sam Bankman-Fried and allies lose influence in Washington as company collapses
▼ + stars: | 2022-11-14 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

Former FTX CEO Sam Bankman-Fried and his allies are losing advocates in Washington, as the company hits rock bottom. 2 Senate Democrat told CNBC on Monday that the contribution "will be donated to an appropriate charity." It was announced in February that FTX and FTX US were joining the group's board of directors. A spokesman for the crypto trade group told CNBC that "on Thursday, ADAM removed FTX.com and FTX.US from its membership." The lobbying group is led by the former Secretary of Homeland Security Tom Ridge.

☆ Washington turns up heat on crypto 'darling' Sam Bankman-Fried following FTX bankruptcy
▼ + stars: | 2022-11-11 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022. As FTX teeters on the brink of collapse, former CEO Sam Bankman-Fried has fallen out of favor as the industry "darling" in Washington and drawn scrutiny from regulators and lawmakers in both parties. Bankman-Fried stepped down as CEO of the cryptocurrency exchange he founded, and FTX filed for Chapter 11 bankruptcy protection, the company announced Friday. A spokesman for FTX and Sam Bankman-fried didn't return a request for comment. White House Press Secretary Karine Jean-Pierre told reporters Thursday the near collapse of FTX proves more regulation is needed.

☆ Explainer: Crypto industry spends millions on U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Crypto companies are eager to back industry-friendly political candidates. The election comes at a time of turmoil for the crypto industry. FTX's CEO Sam Bankman-Fried has far outspent all others in the crypto industry. WHAT IS THE CRYPTO INDUSTRY LOOKING TO GET IN RETURN? Crypto companies such as Circle want lawmakers to create a framework for stablecoins to help mature the industry and codify consumer protections.

☆ Debt ceiling showdown could be first battle for new Congress and White House
▼ + stars: | 2022-11-08 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Congress last raised the debt ceiling by $2.5 trillion December, 2021, providing enough borrowing capacity to get past the midterm elections. "Since 2011, the market really hasn't reacted too much to the debt ceiling fights. That would pit the White House against congressional Republicans, who see raising the debt ceiling as an opportunity to cut and redirect spending. President Joe Biden, in a tweet, last weekend talked about the pending debt ceiling battle. He said that even before the debt ceiling, Congress needs to pass a continuing resolution in December to temporarily fund the government.

☆ A top House Republican gifted Kevin McCarthy an ornate silver bowl as a nod to a famous scene from HBO's 'The Wire' about leaders having to eat crap: book
▼ + stars: | 2022-10-18 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

A top ally of Kevin McCarthy loved "The Wire" so much that he gave the Republican a silver bowl. Nonetheless, McHenry continued to email the Republican clips of the scene that incredibly is a parable an actual politician used to tell. "There's a knock at the door in the corner of the room, and Pete comes walking in carrying this gorgeous Sèvres silver bowl, hand chased ... 'It's from the unions,' Tony, played by Sam Coppola, says. You're sitting, eating shit all day long, day after day, year after year." So according to Draper, the North Carolinian bought an ornate silver bowl that was once the property of the British army.

☆ Mark Zuckerberg said he missed a giant shift in social networking
▼ + stars: | 2022-10-13 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Meta CEO Mark Zuckerberg failed to anticipate a newer trend in social networking that contributed to the success of rival TikTok. In an interview published Wednesday in analyst Ben Thompson's Statechery newsletter, the Facebook founder said he "sort of missed" a newer way that people "interact with discovered content" via social networking services. People are increasingly using their social networking "feeds" to discover compelling content as opposed to viewing the media shared by the friends that they follow, he explained. TikTok's rise has posed a significant challenge to the company, which is experiencing a decline in North American Facebook users, and a stock price that's lost more than 56% this year so far. Zuckerberg also believes it's important for Meta to develop AI that can recommend a range of content including photos and text to users besides just short videos.

☆ FTX's Sam Bankman-Fried breaks down his 3 favorite use cases for blockchain tech — and explains the role of regulatory oversight in crypto markets
▼ + stars: | 2022-10-13 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried, also known as SBF, is the CEO and cofounder of crypto giant FTX. Sam Bankman-Fried, the CEO and cofounder of crypto giant FTX, broke down three blockchain use cases in an interview at the Bipartisan Policy Center on Wednesday. In traditional equities, per Bankman-Fried, buying a share of a company can take an exuberant amount of time. Crypto regulation is 'necessary' and 'good'The 30-year-old billionaire welcomes regulation, specifically citing clear stablecoin oversight. "Crypto is big enough and starting to touch enough things that it is important to have regulatory oversight. "

☆ The S&P Global exec in charge of the firm's DeFi efforts breaks down Wall Street's biggest hurdles to institutional adoption of crypto
▼ + stars: | 2022-09-23 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Chief DeFi Officer at S&P Global, Chuck Mounts, spoke at the Messari Mainnet conference on Thursday. Mounts says institutional capital will flood into crypto once there's more regulatory clarity. In recent years, Wall Street giants have made progress in offering crypto and its related products to their clients. S&P Global Ratings has followed in line with the other financial giants, who've signaled interest in crypto. In terms of policy, Mount says, these include both clear and educated regulation and legislation in crypto.

☆ JPMorgan's Jamie Dimon slams Biden's student-loan forgiveness as 'badly done' and 'didn't fix the problem which will now be ongoing'
▼ + stars: | 2022-09-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase CEO Jamie Dimon said Biden's student-debt relief was "badly done." He told lawmakers he wished the relief had been further targeted to those who need it most. At the end of August, Biden announced up to $20,000 in student-loan forgiveness for federal borrowers making under $125,000 a year, and JPMorgan's Jamie Dimon told lawmakers he thought the policy was "badly done." "We basically put a Band-Aid on, spent a lot of money and didn't fix the problem which will now be ongoing," he added. Still, as Democrats and the Biden administration have noted, this one-time relief is only the first step toward addressing the problem.

☆ JPMorgan CEO Jamie Dimon slammed crypto as dangerous - and called bitcoin a Ponzi scheme
▼ + stars: | 2022-09-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jamie Dimon slammed bitcoin and some other crypto as "decentralized Ponzi schemes." However, Dimon touted blockchain and said he would welcome a properly regulated stablecoin. "I'm a major skeptic of crypto tokens, which you call currency, like bitcoin," the JPMorgan CEO told the House Financial Services Committee on Wednesday. Dimon told the same Congressional committee in May 2021 that crypto was inferior to conventional assets such as dollars and gold. Moreover, the JPMorgan boss said in 2017 that bitcoin was a fraud, and the hype around it would end in disaster.

☆ US stocks fall after steep sell-off as investors assess outlook for more aggressive rate hikes to come
▼ + stars: | 2022-09-22 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The Federal Reserve's rate hike Wednesday was followed by rate hikes at other central banks. Other central banks including Switzerland and Norway followed suit with their own rate hikes as inflation burns hot throughout the global economy. The Bank of England raised its key rate by 50 basis points as inflation sits at 9.8%. US weekly jobless claims released Thursday rose slightly, by 5,000 to 213,000, but the labor market remains strong. Here's what else is happening today:"Bond King" Jeff Gundlach said the Fed's commitment to big rate hikes means a 75% chance of a US recession in 2023.

Lawmakers also asked the CEOs to condemn China's "human rights abuses," in a departure from previous hearings that tended to focus on domestic issues like housing and consumer protection. JPMorgan & Chase (JPM.N) CEO Jamie Dimon and Citigroup CEO Jane Fraser both concurred, saying their banks would follow government guidance if China were to invade Taiwan. When asked later by Republican Lance Gooden if she would condemn "ongoing human rights abuses in China," Fraser hesitated. JPMorgan's Dimon also warned the United States had to compete with global Chinese banks, which have grown in size over the last few years to become the biggest in the world. "I am going to do everything in my power to make sure we compete with the best Chinese banks in the world.

☆ Watch Jamie Dimon and other bank CEOs get grilled by Congress in second day of hearings
▼ + stars: | 2022-09-22 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 9:30 a.m. Please refresh the page if you do not see a player above at that time.] The heads of seven of the biggest U.S. banks, including JPMorgan Chase CEO Jamie Dimon and Citigroup's Jane Fraser, are set to testify Thursday before the Senate Committee on Banking, Housing and Urban Affairs. The hearing, which is focused on industry oversight, comes a day after the CEOs endured more than six hours of questioning from the House Financial Services Committee.

☆ Tech leaders dish on how asinine it is to try to describe their companies, products, and worth to Congress
▼ + stars: | 2022-09-21 | by ( Hanna Kang | Kayla Gallagher | ) www.businessinsider.com time to read: +24 min

Tech companies are worried an aging Congress can't meet or even understand their demands. Younger members of Congress are beginning to take the lead in conversations on tech issues. Hawley said younger members are generally more critical of big tech. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Meanwhile, major tech companies continue to ramp up their federal lobbying spending, together spending more in 2021 than in any other year in history.

☆ 3 of our stocks are in the news — here's our take on what's happening
▼ + stars: | 2022-09-21 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

Scharf, who took over the troubled lender in October 2019, said in his congressional testimony Wednesday that Wells Fargo has "approximately $1.9 trillion in assets." The Club take: Our investment thesis in Wells Fargo largely rests on a two-pronged approach to boost earnings. As rates rise, Wells Fargo can make more money on the spread between what it pays customers for deposits and what it charges for loans. Still, intensifying recession fears have ultimately been a drag on Wells Fargo shares this year. Investors must be realists, though, and our stake in Wells Fargo never assumed it would be a quick fix.

☆ America's bank CEOs address the House Financial Services Committee
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerica's bank CEOs address the House Financial Services CommitteeCNBC's Leslie Picker joins 'Squawk on the Street' to outline the scope of today's big bank hearing at the House Financial Services Committee, which will feature 7 CEOs from America's largest consumer banks.

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