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The U.S. Securities and Exchange Commission on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. More recently, it has taken aim at unregistered crypto broker dealer, exchange trading and clearing activity. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O’Brien, Ford O’Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Gary Gensler, Dado Ruvic, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Lisa Shumaker, Leslie Adler Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global, Securities, Supreme, Exchange, REUTERS, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Thomson Locations: Manhattan, Solana, Cardano, U.S, Binance, New York, Washington

The lawsuit is the SEC's second in two days against a major crypto exchange, following its case against Binance, the world's largest cryptocurrency exchange, and founder Changpeng Zhao. Crypto companies including Coinbase have said SEC rules are unclear, and the regulator is overreaching by asserting oversight of their industry. Coinbase customers pulled more than $57 million from the exchange within a couple of hours of the filing, according to data firm Nansen. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Changpeng Zhao, Gary Gensler's, Gensler, Paul Grewal, Coinbase's, Nansen, Dado Ruvic, Gurbir Grewal, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Manya, Jason Neely, Louise Heavens, Chizu Nomiyama, Nick Zieminski Organizations: YORK, U.S . Securities, Exchange Commission, SEC, CNBC, Global Inc, Reuters Graphics, REUTERS, Coinbase, New, Blockchain Association, Court, Southern District of, Manya Saini, Thomson Locations: U.S, California, Manhattan, Solana, Cardano, New Jersey, Southern District, Southern District of New York, New York, Washington ,, Bengaluru

June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry. The SEC crackdown has prompted some crypto companies to increase compliance, spike products, and expand overseas, moves that some marketwatchers said would likely be accelerated by this latest action against the world's largest crypto exchange. In April, the SEC charged crypto exchange Bittrex Inc with operating an unregistered securities exchange, broker and clearing agency, and settled with Kraken in February for $30 million over the exchange's U.S. crypto staking service. Shares of Coinbase (COIN.O) were down 9.1% on the news of the SEC's charges against Binance. Both Coinbase and crypto exchange Gemini launched international exchanges for crypto derivatives in May.

Persons: Binance, Changpeng Zhao, Binance's cryptocurrency, Gary Gensler, marketwatchers, John Reed Stark, Kraken, Bittrex, James Angel, Gemini, Rajeev Bamra, Sinéad Carew, John McCrank, Manya Saini, Hannah Lang, Michelle Price, Leslie Adler, Lisa Shumaker Organizations: U.S . Securities, Exchange Commission, Reuters, SEC, Washington , D.C, Internet, Coinbase Global Inc, Georgetown University, Binance, Inc, Marathon, Mining, Moody’s Investors Service, Thomson Locations: Washington ,, U.S, New York, Bengaluru, Washington

Most big bank stocks were trading lower in afternoon trading with the S&P 500 banking index (.SPXBK) down nearly 1% on Monday. U.S. regulators, led by the Federal Reserve, are also expected to propose this month increasing average bank capital requirements by as much as 20% a person familiar with the matter told Reuters. Regional bank stocks also logged broad declines on Monday, with the KBW Regional Banking Index (.KRX) shedding 2%. The impending international capital rules come amid a broader Fed review of lenders' capital requirements. "It's not shocking that you should expect to see some capital requirements being increased and a little more oversight is expected given what has happened with regional banks," Janasiewicz said.

Persons: Wells, Goldman, Morgan Stanley, Jack Janasiewicz, Janasiewicz, Chibuike Oguh, Manya Saini, Michelle Price, Lance Tupper, Aurora Ellis Organizations: YORK, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, Treasury, Natixis Investment, U.S, Federal Reserve, Reuters, Street Journal, Basel Committee, KBW, PacWest Bancorp, Western Alliance, Comerica Inc, Thomson Locations: U.S, Basel, Regional, New York

REUTERS/Dado Ruvic/IllustrationJune 5 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Monday accused the world's largest crypto exchange, Binance, and its founder Changpeng Zhao, of operating an "elaborate scheme to evade U.S. federal securities laws." The SEC charged Binance and Zhao with 13 offences, including operating an unregistered securities exchange and failing to restrict U.S. customers from its platform. "Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong," Binance said. Merit Peak and Sigma Chain were used to transfer tens of billions of dollars involving Binance, Binance.US and other related entities, the SEC said. Zhao instructed Binance.US to onboard Sigma Chain and Merit Peak as market makers on the Binance.US platform, the SEC said.

Persons: Dado Ruvic, Changpeng Zhao, Zhao, Binance, Binance.US, Chain’s, Angus Berwick, Michelle Price, Nick Zieminski Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Peak's, Reuters, Silvergate Bank, Sigma, BUSINESS Zhao, BAM, Sigma Chain, U.S, Thomson Locations: U.S, Switzerland, Binance.US, Shanghai, Cayman Islands

May 28 (Reuters) - Global investors are gaming out how a tentative deal to raise the United States debt ceiling could ripple through markets, as lawmakers strive to pass the agreement through Congress before a June 5 deadline. U.S. five-year credit default swaps narrowed, meaning that the cost of insuring against exposure to a U.S. debt default fell. “The debt ceiling agreement is only the first step in saving the government from the brink of illiquidity.”The deal suspends the debt ceiling until January 2025 in exchange for caps on spending and cuts in government programs. U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the debt ceiling by June 5. Optimism that a debt ceiling deal was near and hefty gains in AI-related stocks helped the S&P 500 (.SPX) close at its highest level since August 2022 on Friday.

“The debt ceiling agreement is only the first step in saving the government from the brink of illiquidity.”The deal suspends the debt ceiling until January 2025 in exchange for caps on spending and cuts in government programs. U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the debt ceiling by June 5. Optimism that a debt ceiling deal was near and hefty gains in AI-related stocks helped the S&P 500 (.SPX) close at its highest level since August 2022 on Friday. S&P Global Ratings stripped the United States of its coveted top rating over a debt ceiling showdown in 2011, a few days after a last-minute agreement the agency at the time said did not stabilize "medium-term debt dynamics." S&P Global Ratings, Fitch and Moody's did not immediately respond to Reuters requests for comment.

☆ Wall St Week Ahead Debt ceiling deal may shift investor focus to further Fed action
▼ + stars: | 2023-05-26 | by ( David Randall | ) www.reuters.com time to read: +4 min

Megacap technology and growth stocks, which benefit from lower interest rates, have led the market's advance. A Congressional package raising the debt ceiling, meanwhile, is expected to cap spending on government programs. The debt ceiling impasse had weighed on stocks in recent days, but for the most part investors had been expecting Washington to reach a deal. At the same time, the equity market has only just begun to start pricing in more Fed hikes, she added. "The ongoing effects of monetary policy now are setting us up for this wall of debt that people aren't talking about with enough vigor," he said.

☆ Analysis: Overexposed US regional banks could sell commercial property loans
▼ + stars: | 2023-05-17 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

Still, previously unreported data from New York-based real estate data provider Trepp, shared with Reuters, show many regional banks' holdings exceed thresholds stipulated by regulators. While big banks have recently warned about CRE exposure, the new Trepp data underscores how acute and widespread the problem is across the banking sector. The regulatory guidance requires that banks exceeding these thresholds "should employ heightened risk management practices," including potential sales of specific loans. Meanwhile, New York Community Bancorp (NYCB.N) and Flagstar Bank [RIC:RIC:FBCANK.UL] were among the top five banks listed by Trepp that exceeded the CRE loan threshold. In Tuesday congressional testimony, FDIC chair Martin Gruenberg warned CRE loan portfolios "face challenges" should market conditions persist.

NEW YORK/WASHINGTON, May 15 (Reuters) - As talks over raising the U.S. government's $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. Citigroup (C.N) CEO Jane Fraser said this debate on the debt ceiling is "more worrying" than previous ones. U.S. government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets. Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility. Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.

May 15 (Reuters) - Greg Becker, the former chief executive officer of Silicon Valley Bank, is set to appear before the U.S. Congress on Tuesday, two months after the collapse of his bank sparked panic among bank customers and investors, forcing the government to backstop deposits. California banking regulators moved quickly to shut down Silicon Valley Bank on March 10 after depositors withdrew $42 billion in 24 hours. Becker will testify before the Senate Banking Committee alongside Scott Shay and Eric Howell, the former chair and president, respectively, of Signature Bank. When his manager left to work for Silicon Valley Bank, Becker followed, he said on a 2021 Bloomberg podcast. Before becoming president and CEO of SVB Financial Group, Becker co-founded SVB Capital, the company's investment arm.

WASHINGTON, May 10 (Reuters) - A U.S. accounting watchdog found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong, the government agency said on Wednesday. The deficiencies were so great that auditors failed to obtain enough evidence to substantiate companies' financial statements, PCAOB Chair Erica Williams told reporters on Wednesday. KPMG Huazhen in China said in a statement it has taken steps to address the issues the PCAOB had found. With its 2023 work, the PCAOB expects it will have inspected auditors representing 99% of the work in the region. The agency will continue to demand full access to do its work, Williams said.

WASHINGTON, May 10 (Reuters) - The U.S. Public Company Accounting Oversight Board (PCAOB) found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PriceWaterhouseCoopers in Hong Kong, the government agency said on Wednesday. The U.S. audit watchdog published the findings of its inspections after gaining access to Chinese company auditors' records for the first time last year following more than a decade of negotiations with Chinese authorities. The deficiencies were so great that auditors failed to obtain sufficient evidence to substantiate companies' financial statements, PCAOB Chair Erica Williams told reporters on Wednesday. The two firms represented 40% of the market share of U.S.-listed companies audited by Hong Kong and mainland China firms, she said. While the findings are consistent with what the agency usually discovers when gaining access to a foreign country's audit records for the first time, they will likely raise worries among global investors over the accuracy of U.S.-listed Chinese companies' public financial statements.

☆ U.S. prosecutors look at short selling in bank shares - source
▼ + stars: | 2023-05-10 | by ( Chris Prentice | ) www.reuters.com time to read: +3 min

NEW YORK, May 10 (Reuters) - Federal prosecutors in Washington are looking into short seller activity around the recent volatility in U.S. bank shares sparked by the failure of three regional lenders since March, a source familiar with the matter said. Short sellers arrange to borrow shares they consider overvalued and sell them in the hopes that if the price drops they can repurchase them for less and pocket the difference. Critics say short sellers hurt companies, but short sellers and advocates say they act as an important check on public firms. Since at least 2021, the Justice Department and the SEC have been investigating potential manipulation by short sellers and hedge funds around the publication of negative research reports. The source did not say whether the latest interest in bank stocks was related to that pre-existing probe.

The latest case in point: The Federal Deposit Insurance Corp (FDIC) chose JPMorgan Chase & Co (JPM.N) as the winning bidder in an auction to buy collapsed lender First Republic Bank on Monday. FDIC officials, however, say would-be buyers risk losing out if they allow the value of an acquisition target to deteriorate over time while waiting for an FDIC receivership. SWEETENERSU.S. bank mergers were already sluggish as interest rates rose and recession loomed, analysts at Raymond James wrote in an Apr. The first quarter was the quietest opening to a year for bank deals in a generation, they said. Market volatility stops bank buyers from pulling together enough money to cover writedowns on struggling assets, which would be triggered by a traditional acquisition, said David Sandler, co-head of financial services investment banking at Piper Sandler Companies (PIPR.N).

☆ Pressure grows for US regulatory intervention as bank rout deepens
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +4 min

"Investors are clearly continuing to focus on remaining players that are deemed the weakest," wrote UBS banking analyst Erika Najarian on Thursday. The Federal Deposit Insurance Corp. did not respond to a request for comment. Critics say increasing deposit insurance could encourage risk-taking, and note regulators have fewer tools to rescue banks following the 2008 financial crisis. The latest crisis began in March when runs on Silicon Valley Bank and Signature Bank led to their abrupt closures, leading depositors to move their cash to bigger banks. To stem the contagion, regulators took emergency steps to reimburse all customers at the two banks, while the Fed offered lenders additional liquidity.

☆ Principal at Virginia School Where 6-Year-Old Allegedly Shot Teacher Is No Longer in Role
▼ + stars: | 2023-01-30 | by ( Joseph Pisani | ) www.wsj.com time to read: 1 min

The principal of the Virginia elementary school where a 6-year-old boy allegedly shot and injured a teacher is no longer in that role, according to the school district. Michelle Price , a spokeswoman for Newport News Public Schools, said Monday that Karen Lynch was named administrator of the school and would take over some of the principal’s duties. Ms. Price said parents of students were informed of the change at a town hall two weeks ago.

☆ Principal at Virginia school where 6-year-old shot teacher removed as students return to class
▼ + stars: | 2023-01-30 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +4 min

The principal of the Richneck Elementary School in Virginia, where a 6-year-old boy shot his first-grade teacher, has been removed from her post as children return to classes Monday for the first time since the shooting with new security protocols. The school system’s superintendent, George Parker III, was ousted from his job on Wednesday in a 5-1 vote at a school board meeting, effective Feb. 1. With the departures of the principal and assistant principal, Karen Lynch, the district's Extended Learning Supervisor and an experienced elementary school principal, will serve as the administrator on special assignment at Richneck, coordinating the students’ return to learning, Price said. Back to school: clear backpacks, metal detectors and security officersSchool will look a little different for Richneck students returning Monday. Since the shooting, the boy has been in a hospital receiving the “treatment he needs," it said.

The Virginia teacher who was shot by her 6-year-old student texted a loved one before she was wounded that the boy was armed and that school officials were failing to act, according to a source close to the situation. "At least one administrator was notified of a possible weapon," Parker said in a video reviewed by NBC News. The principal and vice principal of Richneck did not respond to requests for comment from the Post on the teacher’s account. It is set to reopen on Monday and will be outfitted with a metal detector, school officials have said. The district has secured funding for 90 state-of-the-art metal detectors that will be placed at all district schools, officials said.

☆ Virginia school official knew 6-year-old who shot teacher may have had gun
▼ + stars: | 2023-01-13 | by ( Brad Brooks | ) www.reuters.com time to read: +3 min

Once alerted, school officials searched the boy's backpack, but did not find the gun. The shooting took place about 2-1/2 hours after the boy's backpack was searched. Abigail Zwerner, a 25-year-old teacher, was shot a week ago by the young student. The boy who shot Zwerner was in the custody of the Newport News Department of Human Services, police said. The Newport News school board on Thursday announced that metal detectors would be installed in every school in the city following the shooting.

☆ U.S. banks cut donations to federal candidates, up Democrats' share ahead of mid-terms
▼ + stars: | 2022-10-10 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

Following the 2007-09 financial crisis when Democrats cracked down on banks, lenders have typically looked to business-friendly Republicans for support in Congress. And of the top-20 congressional recipients of bank PAC donations this cycle, 10 are Democrats compared with six in 2020, three in 2018, and one ahead of the 2016 election. Reuters GraphicsThe shift in giving patterns shows how banks are rethinking their allegiances amid increased political partisanship. To be sure, the party in power commonly enjoys a bounce in donations and banks are also spreading their bets ahead of a tightening contest, said Ballentine and the other sources. Nine of the top 10 recipients of industry donations are Republicans, including Representative Patrick McHenry who is likely to chair the House finance panel if Republicans win that chamber.

"The exchange rate has been the biggest topic of conversation since we got here," said Jeff Skipper, 50, an electrician. Register now for FREE unlimited access to Reuters.com Register"Everything is pretty expensive for us," said Valerie, a 47-year old university administrator. read moreSterling hit a record low of $1.0327 on Monday, having plummeted 20% against the dollar this year. "Now it's one dollar to the pound…It's really hit us," said Colin Taylor, a retired telecoms engineer from the United Kingdom who was also visiting San Francisco with his wife. The dollar index, which measures the greenback against a currency basket, hit a fresh 20-year high of 114.78 on Wednesday.

The lawsuit marks a major escalation of tensions between the industry and the consumer watchdog, which industry groups say has repeatedly overstepped its mandate under President Joe Biden's director Rohit Chopra. Register now for FREE unlimited access to Reuters.com RegisterThe groups said the agency does not have the legal authority to make that change. Certain financial products, like no-fee checking accounts, could be seen as discriminatory using a disparate impact analysis, the Chamber said. "The CFPB is attempting to pretend that they are Congress and impose new theories of disparate impact through an extra-legal process," Bradley said. The Chamber was joined in the lawsuit, filed in the Eastern District of Texas, by the American Bankers Association and Consumer Bankers Association, among other state groups.

The pound fell to a record low against the dollar on Monday, having plunged the previous Friday after the UK government announced unfunded tax cuts . "There is a high correlation to bitcoin volume growth and political/monetary instability," he said. read moreVersus the dollar, bitcoin is down around 58% so far this year, while the British pound is down 20%. Bitcoin was trading around $19,515 on Wednesday and at 17,940 versus the British pound . The cryptocurrency hit a two-week high against the British pound on Tuesday.

☆ PIMCO CIO says UK market chaos not systemic but will have global impact
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Sept 28 (Reuters) - The collapse of the British pound and subsequent sell off in the country's bond market in recent days do not pose systemic risks but will affect global markets, PIMCO chief investment officer Dan Ivascyn told the CNBC Seeking Alpha conference in New York. Ivascyn added that the Bank of England's decision overnight to prop up the bond market was a short-term fix that would not address waning investor confidence in British policy. Since Friday's UK mini-budget budget flagged 45 billion pounds ($48 billion) worth of unfunded tax cuts, sterling has lost 6% of its value and hit record lows while British bond prices soared. The chaos in a major developed economy adds to unease already generated by sharp interest rate rises from the United States and elsewhere. Register now for FREE unlimited access to Reuters.com RegisterReporting by Davide Barbuscia; writing by Michelle priceOur Standards: The Thomson Reuters Trust Principles.

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