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☆ George Santos was accused of unemployment fraud. The House may vote this week on an unemployment fraud bill that he co-sponsored.
▼ + stars: | 2023-05-10 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Rep. George Santos is being accused of stealing COVID-19 unemployment aid, among other charges. In March, he co-sponsored a bill that incentivizes states to recoup money lost through unemployment fraud. The indictment contains 13 counts of wire fraud, money laundering, and theft of public funds. Two months before his indictment, Santos co-sponsored a bill, along with 34 Republican lawmakers, that incentivizes states to recoup money lost through COVID-19 unemployment fraud. Spokespersons for Santos and Rep. Jason Smith, the lead sponsor of the bill, did not respond to a request for comment.

☆ New York Attorney General Seeks Broader Authority to Police Crypto
▼ + stars: | 2023-05-05 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

New York Attorney General Letitia James will propose a bill that would broaden her office’s enforcement authority over crypto firms. Photo: Seth Wenig/Associated PressNew York Attorney General Letitia James is proposing new legislation that would give her office more authority to regulate the increasingly tumultuous cryptocurrency industry. The bill would give the attorney general’s office broader enforcement authority over crypto firms that have operations in the state, while codifying the New York State Department of Financial Services’ authority to license participants in the sector and oversee the state’s digital asset licensing regime.

☆ Employee Monitoring and Surveillance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +50 min

Ensuring Employee Safety and Systems SecurityEmployers may use electronic workplace monitoring and surveillance to protect their:Worksites. Potential Liability for Electronic Workplace Monitoring and SurveillanceEmployers that engage in electronic workplace monitoring and surveillance must comply with various federal and state laws, including:The Wiretap Act. Best Practices for Electronic Workplace Monitoring and SurveillanceTo avoid violating relevant state and federal laws, before conducting workplace monitoring and surveillance, employers should:Consider the purpose and appropriate scope of their monitoring and surveillance activities and what methods will help them achieve their objectives. Determine the Purpose of Workplace Monitoring and SurveillanceBefore conducting any workplace monitoring or surveillance, best practice is for employers to identify the purpose and goals of these activities to:Ensure that there is a legitimate business purpose for the planned monitoring and surveillance activities. Determine the scope of monitoring and surveillance necessary to accomplish the business purpose, and conduct only the minimum monitoring and surveillance necessary to meet that business need.

☆ Signature Bank failure due to 'poor management,' US FDIC report says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +4 min

April 28 (Reuters) - Last month's failure of New York-based Signature Bank was caused by "poor management" and a pursuit of "rapid, unrestrained growth" with little regard for risk management, the Federal Deposit Insurance Corporation said on Friday in a report detailing its supervision and regulation of the regional bank. Bank management and its board chased growth and deposits without "developing and maintaining adequate risk management practices and controls appropriate for the size, complexity and risk profile of the institution," according to the 63-page report. The same day SVB failed, Signature lost 20% of its total deposits in a matter of hours, FDIC Chair Martin Gruenberg has said. Similar to SVB, Signature examiners reported weak corporate governance practices and failures by bank management to address shortcomings identified by supervisors, including the firm's reliance on uninsured deposits. Like SVB, Signature relied heavily on uninsured deposits and experienced a boom in growth between 2019 and 2020, when its assets grew 64%, according to Gruenberg.

☆ First Republic may not survive, even after two multibillion-dollar bailouts
▼ + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. First Republic said in its latest earnings call that is exploring its strategic options, Wall Street code for searching for a white knight. First Republic CEO Michael Roffler attempted to assure investors in an earnings call Monday that the bank had enough liquidity to do that. That’s what happened to Silicon Valley Bank on March 10 when the California Department of Financial Protection and Innovation took possession of and closed Silicon Valley Bank and on March 12 Signature Bank was closed by the New York State Department of Financial Services.

☆ Recycling plastic can be a little confusing. Here's what the numbers inside the recycling symbol mean
▼ + stars: | 2023-04-22 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +2 min

Plastics labeled with a number 1 are about 20.9% likely to be reprocessed, according to the Greenpeace report. It is still important to know the difference between the types of plastics, since municipalities handle each type of plastic differently. This type of plastic film is often collected separately from plastics labeled 1 and 2. Polystyrene, or PS, is labeled number 6 and can be used to make takeaway containers, coffee cups, insulation and disposable coolers. Finally, plastics labeled number 7 are a mixture of various types of plastics.

[1/4] A view of the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. FDIC regulators had raised the specter of systemic risk from the failure of large regional banks months before the SVB and Signature Bank collapses, records reviewed by Reuters show. SECRETS REVEALEDThe Fed will release its report on SVB at 11 a.m. EDT (1500 GMT) on Friday. FDIC Chair Martin Gruenberg has not provided much detail about the supervision of Signature, which like SVB had grown rapidly in recent years. The Fed's inspector general will have a report on each bank in the third quarter.

☆ New York Finance Regulator to Bill Crypto Firms for Annual Supervision Fees
▼ + stars: | 2023-04-17 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

The assessment fees will in part be based on a formula of a crypto firm’s size and complexity, Superintendent Adrienne A. Harris said. The New York State Department of Financial Services said it would start charging cryptocurrency firms registered in the state for the costs of annual supervision and examination. The new rule, adopted Monday and applying to those holding a so-called Bitlicense, aligns the crypto sector more closely with how the agency bills insurance and banking firms in New York for the assessment fees that fund the agency’s operations.

☆ Behold the stuffed crust bagel
▼ + stars: | 2023-04-13 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

Now, Philadelphia cream cheese and H&H Bagels, a New York City-based bagel shop, are trying to please the carbohydrate- and dairy-loving communities with a new and dubious spin on the stuffed crust: The bagel stuffed with cream cheese. But unlike stuffed-crust pizzas, the bagel is filled with cheese after it is baked, making it more of a cream cheese bagel donut, if not in spirit then at least in form. What’s so wrong with slicing a bagel and slathering on a healthy amount of cream cheese? New York doesn’t have a specific bagel tax, explained Ryan Cleveland, a representative of the New York State Department of Taxation and Finance. Philadelphia cream cheese, which struggled with shortages in the past, turned that issue into a marketing opportunity as well.

☆ New York Finance Regulator Says Signature Bank’s Closure Not Related to Crypto
▼ + stars: | 2023-04-06 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

Superintendent Adrienne A. Harris described the events leading to the Signature failure as “a new-fashioned bank run.”The head of the New York State Department of Financial Services said the regulator’s decision to close Signature Bank last month was as a result of problems with the New York bank’s liquidity, not simply because it had banking customers in the cryptocurrency space. Superintendent Adrienne A. Harris, speaking at a crypto industry conference Wednesday, described the events leading up to the Signature failure last month as “a new-fashioned bank run,” in which the bank had a high percentage of uninsured deposits and lacked liquidity management protocols to meet withdrawal requests.

☆ Bitcoin’s market dominance is climbing. Here’s what that says about interest rate expectations
▼ + stars: | 2023-03-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin's market dominance has been climbing in March and is now up to levels not seen since June. Investors use it to determine which parts of the crypto market are outperforming or underperforming relative to their peers. When bitcoin dominance climbs, it implies that bitcoin is doing well, but more specifically, it means its outperforming altcoins. Bitcoin dominance has risen steadily since March 8, the day after Silvergate Bank announced its voluntary liquidation. "That's reflecting a view that a lot of macro investors have, that we're either at or very near the bottom of this macro cycle."

Signature was a traditional commercial bank with a wide range of activities and customers,” an NYDFS spokesperson said. The spokesperson added that as withdrawal requests ballooned over the weekend, Signature Bank failed to provide reliable and consistent data. In response to NYDFS' statement, Frank said he was surprised the regulator said the decision to close the bank was not related to cryptocurrency. Signature was a commercial bank with private client offices with nine national business lines including commercial real estate and digital asset banking. The FDIC established a "bridge" successor bank to Signature Bank on Sunday to enable depositors to access their funds.

[1/3] A person walks into the lobby of the Signature Bank headquarters, in New York City, U.S., March 13, 2023. Signature Bank did not immediately respond to a request for comment. Signature was a traditional commercial bank with a wide range of activities and customers,” an NYDFS spokesperson said. The spokesperson added that as withdrawal requests ballooned over the weekend, Signature Bank failed to provide reliable and consistent data. The FDIC established a "bridge" successor bank to Signature Bank on Sunday to enable depositors to access their funds.

☆ Why Silvergate’s post-FTX financial woes could spell trouble ahead for crypto
▼ + stars: | 2023-03-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Further, the spillover into a traditional bank and its stock price could fuel regulators' arguments that crypto poses a systemic risk. The big problem in crypto is that to buy bitcoin, you eventually have to interact with the traditional banking system. Silvergate's crypto bet worked for the bank, particularly in bull markets. A big part of Silvergate's crypto banking efforts was the Silvergate Exchange Network, better known as SEN, a platform that institutions used to move money to crypto exchanges. Custodia is a Wyoming-chartered special purpose depository institution designed to bridge the crypto and traditional banking systems.

☆ Bitcoin, ether on track for a positive February despite mid-month drop and fading 2023 risk rally
▼ + stars: | 2023-02-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin and ether are on pace for a modest February win, even after suffering a big drop earlier in the month. Bitcoin had eked out a 0.2% gain for the month by 4:15 p.m. That led to a brief sell-off in crypto assets that took bitcoin and ether down about 6% and 8.5%, respectively, in the three-day period ended Feb. 10. In the U.S., however, investors are on Fed watch, said James Lavish, managing partner at the Bitcoin Opportunity Fund. "Bitcoin has been the tip of the spear for risk assets for a long time," he said.

☆ Bitcoin surges 11% despite U.S. crackdown, as crypto market gains $84 billion in value
▼ + stars: | 2023-02-16 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Jakub Porzycki | Nurphoto | Getty ImagesCrypto markets rallied on Thursday, shrugging off a tougher regulatory stance from the U.S. government. The value of the entire cryptocurrency market rose more than $84.8 billion in the 24 hours before 3:39 a.m. Crypto markets were on edge earlier this week following increased regulatory scrutiny from U.S. authorities on digital currencies. On Monday, the New York State Department of Financial Services told Paxos to stop minting new Binance USD, or BUSD, stablecoins. A stablecoin is a type of cryptocurrency pegged to a real-world asset and some are backed by assets such as bonds or cash.

☆ BUSD: US regulator orders Paxos to halt new issues of Binance-branded stablecoin
▼ + stars: | 2023-02-14 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —New York’s top financial regulator has ordered a crypto company to stop minting a major stablecoin, widening a clampdown on the embattled digital assets sector. Paxos also said it would “end its relationship” with Binance, the world’s largest crypto exchange. It did not say why the regulator had ordered it to stop issuing BUSD. Last week, the US Securities and Exchange Commission said overseeing crypto assets was a key priority for 2023. According to crypto advocates, the growing global clampdown could undermine the ecosystem for digital assets.

☆ Crypto markets on edge as U.S. regulatory crackdown on industry intensifies
▼ + stars: | 2023-02-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Paxos has been ordered by New York regulators to stop issuing the Binance USD (BUSD) stablecoin. On Monday, the New York State Department of Financial Services told Paxos to stop minting new Binance USD, or BUSD, stablecoins . Investors are digesting a number of major regulatory actions in the U.S., as authorities look to rein in the once free-wheeling cryptocurrency industry. Digital currency markets are on edge after a flurry of aggressive regulatory actions from U.S. authorities over the past few days. There is no official SEC action against Paxos currently.

☆ Ark Invest's Cathie Wood buys Coinbase shares for a second straight day
▼ + stars: | 2023-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Ark Invest's Cathie Wood continued to add to her Coinbase holding despite the increased regulatory crackdown on the crypto industry. Wood snapped up 102,281 shares of the crypto exchange for her flagship ARK Innovation ETF on Monday, and another 16,414 shares for ARK Next Generation Internet ETF . Wood also bought 139,105 shares of Coinbase for the Innovation ETF on Friday. COIN YTD mountain Coinbase Shares of Coinbase rebounded sharply in January with a 65% return, becoming one of ARKK's biggest winners for the month. Wood has been standing by her bold call on bitcoin even amid the fallout in the crypto industry.

☆ Paxos ordered to cease minting Binance stablecoin by New York regulator
▼ + stars: | 2023-02-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Cryptocurrency firm Paxos will cease issuing new Binance USD, or BUSD , stablecoins under the direction of New York state's financial regulator, Binance founder Changpeng Zhao said Monday. "We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services," Zhao said on Twitter. Paxos' BUSD product is related to, but separate from, Binance's self-issued Binance-pegged BUSD. "The Department has not authorized Binance-Peg BUSD on any blockchain, and Binance-Peg BUSD is not issued by Paxos," NYDFS said. Last week, the Securities and Exchange Commission settled with crypto exchange Kraken over allegations of unregistered offering and sale, in connection with Kraken's crypto staking platform.

☆ PayPal pauses stablecoin work amid regulatory scrutiny of crypto - Bloomberg News
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - PayPal Holdings Inc (PYPL.O) is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday. PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. "We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement. A string of high-profile bankruptcies has sparked tough global regulatory scrutiny of firms operating in the crypto industry. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Fact Check-Video shows illegal dirt bikes bulldozed in New York in June 2022, not motorcycles destroyed by Nigeria’s Tinubu in Lagos
▼ + stars: | 2023-02-07 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video showing illegal dirt bikes crushed under a bulldozer in New York in June 2022 has been shared by social media users who have falsely claimed it shows an incident carried out in Lagos under the orders of Nigerian presidential candidate Bola Tinubu. “This is how Tinubu and his boys destroyed motorcycles owned by northerners in Lagos, time for payback is here. On June 21, 2022, the New York Police Department bulldozed illegal dirt bikes it had confiscated in New York City. The New York City Council enacted a bill in 2017 which “prohibits the operation of all-terrain vehicles [ATVs], including dirt bikes in New York City, unless given consent by the property owner” (here). Footage shows illegal dirt bikes destroyed in New York, not Lagos, Nigeria.

☆ New York’s student loan forgiveness program covers 24 monthly payments. Here's what borrowers need to know
▼ + stars: | 2023-01-24 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Not all student loans qualify for the state relief. Private student loans are ineligible. Unsure of what kind of student loans you hold? Up to 24 months of student loan payments availableUnder the Get On Your Feet Loan Forgiveness Program, New York state may cover your full student loan bill for up to 24 months under a qualifying income-driven repayment plan. The state makes the payments directly to your student loan servicer.

☆ New York’s financial regulator takes aim at firms co-mingling crypto funds
▼ + stars: | 2023-01-23 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Concerns about the crossover between the two firms helped fuel a flurry of customer withdrawals in November, forcing the exchange to file for bankruptcy. New York requires firms to undergo examinations making sure they are in-line with state requirements and comply with know-your-customer, anti-money laundering and capital requirements. Most other states do not subject crypto firms to examinations. Crypto firms' compliance with anti-money laundering rules has also been "a big issue," she said, one she expects her office will continue focusing on in 2023. Earlier in the month, NYDFS announced a $100 million settlement with Coinbase Inc (COIN.O) over the firm's compliance with rules to prevent money laundering.

When the virologist Kirsten St. George learned last summer that a paralyzed patient in New York’s Rockland County had tested positive for polio, she turned her attention to the state’s sewers. Polio is particularly stealthy because most infected people never develop symptoms but can still spread the virus. A wastewater-surveillance network established during the Covid-19 pandemic helped officials at the New York State Department of Health’s Wadsworth Center track polio’s spread in several counties.

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