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☆ Cash is no longer king. So why are we still printing so much?
▼ + stars: | 2024-02-26 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

An economics expert tells BI that cash still remains crucial for "certain segments of consumers." AdvertisementWhen it comes to how Americans prefer to spend their money, cash is actually not king. That represents a consistent decline in cash payments since the pandemic in 2020, which saw many shifts in consumer behavior, including an acceleration of online shopping. The following year, the study showed that cash made up 19% of payments and has not recovered since. Cash is still king of some thingsEconomics experts say that despite increasing reliance on cards, cash remains resilient and an important payment method for many consumers.

Persons: —, Cash, Christopher Bechler, Bechler, Benjamin, Sage Handley, Kenneth Rogoff Organizations: Service, Federal Reserve, . Federal, University of Notre Dame Mendoza College of Business, Business, Association for Consumer Research, Federal, Street Journal, Harvard University

☆ The chief market strategist at $1.6 trillion Franklin Templeton breaks down how many rate cuts to expect this year. Plus, why the 'irrational exuberance' in stocks could be over by year-end.
▼ + stars: | 2024-02-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Expect four rate cuts in 2024 that will bring the federal funds rate to 4.30% by year-end, according to the Franklin Templeton Institute Global Investment Management Survey, which compiles the views of the firm's 300 senior investment professionals who work across equities, fixed income, and alternatives. That's still more cuts than the Federal Open Market Committee projects in its dot plot: three reductions and a fed funds rate of 4.63% by year-end. Stephen Dover, chief market strategist and the head of the Franklin Templeton Institute, expects those rate cuts to begin closer to June or July and be 25 basis points each. For now, Dover pointed to a strong US economy, with solid jobs and GDP growth, as working against the possibility of earlier rate cuts. This will be another sticky point that the central bank will likely consider and could impact when cuts happen, he said.

Persons: Stephen Dover, Dover, there's Organizations: Franklin Templeton Institute Global Investment Management Survey, Federal, Franklin Templeton Institute

☆ Looking for a Lower Credit Card Interest Rate? Good Luck.
▼ + stars: | 2024-02-23 | by ( Ann Carrns | ) www.nytimes.com time to read: 1 min

Credit card debt is rising, and shopping for a card with a lower interest rate can help you save money. But the challenge is finding one. Smaller banks and credit unions typically charge significantly lower interest rates on credit cards than the largest banks do — even among customers with top-notch credit, the Consumer Financial Protection Bureau reported last week. But online card comparison tools tend to emphasize cards from larger banks that pay fees to the sites when shoppers apply for cards, said Julie Margetta Morgan, the bureau’s associate director for research, monitoring and regulations. “It’s pretty hard to shop for a good deal on a credit card right now.”For cardholders with “good” credit — a credit score of 620 to 719 — the typical interest rate charged by big banks was about 28 percent, compared with about 18 percent at small banks, the report found.

Persons: Julie Margetta Morgan Organizations: Consumer Financial

☆ Troubled commercial real estate loans outstrip reserves at top US banks
▼ + stars: | 2024-02-20 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +1 min

Reserves held by big banks as a buffer against loan losses dipped below the amount of delinquent commercial real estate debt, per the FT.Late payments on commercial mortgages have jumped in the past year. Commercial real estate loans at least 30 days delinquent soared to $9.3 billion among the top banks last year. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe volume of commercial mortgages at least 30 days late on payment soared past total reserves held by the largest US banks last year.

Persons: —, Goldman Sachs, Morgan Stanley, Wells Fargo Organizations: Service, Federal Deposit Insurance Corporation, The Financial Times, Bank of America, JPMorgan Chase, Citigroup, Business Locations: Wells

☆ Tuesday, Feb. 20, 2024: The Investing Club breaks down why it trimmed this big bank stock
▼ + stars: | 2024-02-20 | by ( ) www.cnbc.com time to read: 1 min

Tuesday, Feb. 20, 2024: The Investing Club breaks down why it trimmed this big bank stockJim and Jeff discuss this 'Mag 7' semiconductor stock ahead of its highly awaited earnings report. They also talk about trimming this bank stock. Finally, they discuss this cybersecurity stock.

Persons: Jeff

☆ Wall Street giants like JPMorgan and Pimco are walking back their environmental pledges after years of outspoken support for fighting climate change
▼ + stars: | 2024-02-19 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +3 min

Read previewSome Wall Street giants, many of which have spent the last few years pledging to fight climate change through corporate responsibility, are now retreating from some of their environmental initiatives. Founded in 2017, Climate Action 100+ initially launched as a five-year initiative that in 2022 was extended until 2030. AdvertisementFollowing the departures of JPMorgan, State Street, and Pimco, financial investors including Neuberger Berman, William Blair Investment Management, and Wellington Management remain members of Climate Action 100+, whose targeted companies include American Airlines, Chevron, and Procter & Gamble. Other finance giants have similarly stepped back from previous environmentally friendly initiatives, The New York Times reported. They include BlackRock, which scaled back its participation with Climate Action 100+ in recent weeks, as well as Bank of America, which walked back a pledge to stop financing coal.

Persons: —, Neuberger Berman, William Blair Organizations: Service, JPMorgan, State Street, Business, New York Times, Politico, State, William Blair Investment Management, Wellington Management, Climate, American Airlines, Chevron, Procter, Gamble, The New York Times, BlackRock, Bank of America

☆ How the candidates running for Dianne Feinstein's Senate seat say they'll solve California's housing crisis
▼ + stars: | 2024-02-18 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Here's where the leading candidates for the Senate seat stand on housing and homelessness policy. He's proposed an audit of federal homelessness programs and said he'd support funding mental health and substance abuse programs, as well as affordable housing. "The housing affordability crisis is fundamentally a supply problem. Rep. Katie Porter, who's represented south-central Orange County since 2019, has called housing affordability her "top issue" during her Senate campaign. "We have housing policy that is being written by career politicians who cater to their big bank donors."

Persons: —, Dianne Feinstein, Barbara Lee, Katie Porter, Adam Schiff —, Steve Garvey, who's, Porter, He's, Schiff, mrIsKxNu0L, Lee Organizations: Here's, Senate, Service, homebuyers, Housing, Affordable Housing Trust Fund Locations: California, Ukraine, Gaza, Washington , California, Washington, Orange County, @katieporteroc

☆ Two of Epstein’s Closest Advisers Are Sued by His Victims
▼ + stars: | 2024-02-16 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Lawyers representing victims of Jeffrey Epstein sued two of the disgraced financier’s closest advisers on Friday, accusing them of “aiding, abetting and facilitating” his sex trafficking of young women and teenage girls. The civil suit, filed in federal court in Manhattan, seeks class action status on behalf of Mr. Epstein’s many victims. It comes just a few months after two big banks agreed to pay hundreds of millions dollars to Mr. Epstein’s victims to settle lawsuits that claimed the banks had enabled his activities. The newest lawsuit seeks money damages from Mr. Epstein’s longtime personal lawyer, Darren Indyke, and his longtime accountant, Richard Kahn. The complaint was filed on behalf of one unidentified female victim of Mr. Epstein and a woman, Danielle Bensky, who said she was an aspiring dancer in 2004 when Mr. Epstein sexually abused her.

Persons: Jeffrey Epstein, Epstein’s, Darren Indyke, Richard Kahn, Epstein, Danielle Bensky, Bensky “ Locations: Manhattan

☆ See the pitch deck that helped former investment bankers raise a $7 million seed round for their generative 'AI consigliere' to bankers and analysts
▼ + stars: | 2024-02-15 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

It’s a reality that’s all too common among bankers on Wall Street — and one that venture-capital investors are hoping to capitalize on . "I was seeing how rote the work was, what a pain it was,” Stengel said, who would often work hundred-hour weeks . While at Princeton in 2019, Stengel researched how to use AI in chatbot form to analyze financial and economic data. Rogo is an AI platform built for investment bankers, hedge fund analysts, and private equity investors. Here's the 9-page pitch deck Rogo used to raise $7 million.

Persons: Gabriel Stengel, It’s, ” Stengel, Stengel, John Willett, Tumas Rackaitis, Gilder Gagnon Howe, ”, we've Organizations: Service, Lazard, Wall, Business, Princeton, JPMorgan, Co, AlleyCorp, Company Ventures, BoxGroup, ScOp Ventures, SEC

☆ Banks should see peak of commercial real estate fallout by second half of 2025: Chris Marinac
▼ + stars: | 2024-02-13 | 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 EmailBanks should see peak of commercial real estate fallout by second half of 2025: Chris MarinacChris Marinac, Janney Montgomery Scott, joins 'Fast Money' to talk the state of regional and big banks after both sectors sunk in today's sell off.

Persons: Chris Marinac Chris Marinac, Janney Montgomery Scott

☆ These 3 stocks could lead the charge for a 19% surge in the S&P 500 to 6,000 this year, according to a market research firm that counts Wall Street's top banks among its clients
▼ + stars: | 2024-02-13 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Read previewThe S&P 500's 22% tear over the last few months may just be getting started, according to Sevens Report Research, a market research firm with clients that include top Wall Street banks like JPMorgan, Morgan Stanley, UBS, and more. On the valuations front, the S&P 500's multiple would only have to rise fairly slightly to lift the index to 6,000. "The S&P 500 is already trading with an elevated forward P/E multiple of over 20X expected 2024 EPS," he said. "If sentiment gets frothy, however, and stocks trade with a multiple pushing 22X, which is far from unheard of as the forward multiple of the S&P 500 hit 21.4 on 1/2/2022, then the S&P 500 could surpass 6,000 in H2'24." Essaye also said small-cap stocks cyclical sectors like big banks, and materials and transportation firms would do well in a soft-landing scenario.

Persons: —, Morgan Stanley, Tyler Richey, Richey, aren't, Louis Fed, Tom Essaye, Essaye, it's Organizations: Service, JPMorgan, UBS, Business, Investor, CNN, Federal Reserve, Nvidia, Amazon Locations: H2'24

☆ Young homebuyers are about to regain serious leverage over their parents' generation, according to the 'Oracle of Wall Street' who called the financial crisis
▼ + stars: | 2024-02-13 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

“People have not accessed the equity in their homes,” Whitney said. Advertisement“The issue that it leads to is more sellers, fewer buyers,” Whitney said. “I think you’re going to see a bifurcated housing market where you see continued strength in some areas, and then disproportionate weakness in others,” Whitney said. AdvertisementThe obvious question that follows is which real estate markets will be best for buyers and which will favor sellers. In October, Whitney cited Connecticut, Illinois, New Jersey, and Pennsylvania as examples of states where property prices could plummet , especially in rural areas.

Persons: —, Meredith Whitney, Whitney, ” Whitney, Meredith, “ It’s, they’ve, haven’t, “, Whitney isn’t, it’s Organizations: Service, Wall Street, Business, Wall, Advisory Group, Sun Belt Locations: Texas, Florida, Connecticut, Illinois , New Jersey, Pennsylvania, New York, Ohio, States, Tennessee, Utah, Arizona, West Coast

☆ 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

JPMorgan Chase , Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than the previous year, according to regulatory filings. Overdraft fees are triggered when a customer attempts to spend more than the balance in their checking accounts. Banks say overdraft services are a lifeline that helps users avoid worse options like payday loans, while critics including President Biden say the fees exploit struggling Americans. But even before recent efforts by regulators, banks' haul from overdraft has been on the decline. Those who kept the fees, including JPMorgan, limited the types of transactions that trigger penalties, got rid of fees for bounced checks and introduced one-day grace periods and $50 cushions to reduce their frequency.

Persons: Michael Nagle, Wells, Banks, Biden, Sen, Elizabeth Warren, Jamie Dimon, Dimon, Ally, there's, Jennifer Tescher Organizations: JPMorgan Chase, Bloomberg, Getty, Bank of America, Consumer Financial, Bureau, Capital, Citigroup, JPMorgan, Financial Health Network Locations: New York, Wells Fargo, overdraft

☆ Why is Travis Kelce so concerned about my credit score?
▼ + stars: | 2024-02-06 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

And now, he would like to talk about everybody's — credit scores. It's the type of message that can briefly fill you with panic since credit scores can make or break your financial life. The checking account and debit card are pretty vanilla, and Boost doesn't guarantee a higher credit score. America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans. "But America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans."

Persons: Travis Kelce, Taylor, He's, It's, Experian, Kelce, Katie Stratman, it's, isn't, Matt Schulz, Aaron Klein, Rajiv Bhatia, Chi Wu, Swift, —, Klein, Emily Stewart Organizations: Kansas City Chiefs, American Express, Chiefs, Netflix, Citibank, Brookings Institution, Treasury, Morningstar, National Consumer Law Center, Capital, Business Locations: Experian, America

☆ Read the pitch deck that helped Latino-focused fintech platform Suma raise $2.2 million to teach money management through videos and gaming
▼ + stars: | 2024-02-06 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Suma Wealth, a 3-year-old fintech company that combines culturally relevant content and experiences with financial tools to help Latinos build wealth, raised $2.2 million in new funding. Leading the round was Radicle Impact, which was joined by Vamos Ventures, OVO fund, and the American Heart Association Impact fund. She got the idea for Suma during the pandemic when she saw its disproportionate impact on Latinos, Acevedo told TechCrunch. Along with closing the seed round, Suma announced that it had passed 1 million users on its platforms and acquired Intellecto, a platform designed to personalize users' learning experiences. Check out the pitch deck that Suma used to raise its most recent funding.

Persons: Suma, Beatriz Acevedo, Acevedo, they've, Wells Organizations: Vamos Ventures, American Heart Association, Ulu Ventures, Fund, Chingona Ventures, Business, FDIC, Suma, JPMorgan Chase, TechCrunch Locations: Wells Fargo

☆ ‘The Big Short’ investor Steve Eisman doesn't see a systemic problem from commercial real estate losses
▼ + stars: | 2024-02-05 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

"It's confined to office real estate," Eisman said in CNBC's " Squawk Box ." "Office real estate is confined to certain community banks and regional banks. It's not a big bank problem....I just don't see a systemic or big problem at this point that's going to hurt the economy." NYCB took over the failed Signature Bank during the regional bank crisis in 2023. "Office real estate is not big enough to have a real big negative effect on the economy," he said.

Persons: Steve Eisman, Eisman, NYCB, Neuberger Berman, he's Organizations: New York Community Bancorp, Bank Locations: CNBC's, NYCB

☆ Charles Schwab's Liz Ann Sonders: We can't look at the market in a 'monolithic way' anymore
▼ + stars: | 2024-02-02 | 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 EmailCharles Schwab's Liz Ann Sonders: We can't look at the market in a 'monolithic way' anymoreLiz Ann Sonders, Charles Schwab chief investment strategist, joins 'Money Movers' to discuss what explains the bond market's reaction to Friday's jobs report, what's happening with regional bank stocks, and any spillover to the big banks.

Persons: Charles Schwab's Liz Ann Sonders, Liz Ann Sonders, Charles Schwab

☆ Fourth-quarter earnings are shaping up to be the best of 2023, but there's a catch
▼ + stars: | 2024-02-02 | by ( Robert Hum | ) www.cnbc.com time to read: +1 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 1, 2024. Here's how big of a surprise corporate profits have been this earnings season: the fourth-quarter is now shaping up to be the best of 2023. Despite ongoing macroeconomic concerns that have hampered demand and weighed on consumer sentiment, almost halfway into earnings season, profits are clearly coming in far better than anybody expected. Helping companies' bottom lines this round: easing input costs; more emphasis on cost controls and efficiencies; and significantly reduced expectations. LSEG, formerly Refinitiv, is now seeing a nearly 8% rise in earnings growth this season.

Organizations: New York Stock Exchange, Apple, Chevron, Exxon Mobil, Merck, Bristol, Myers Squibb, Energy, Tech Locations: New York City, U.S

☆ Where to lock down high interest rates for your savings
▼ + stars: | 2024-01-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.57% on January 30, according to a Bankrate survey. But many online FDIC-insured banks are still offering 5% or more on their high-yield savings accounts. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.

Persons: Doug Ornstein, Schwab, “, ”, Greg McBride, Ken Tumin, you’d, Tumin, Wells Fargo, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Federal Reserve, JPMorgan Chase, Bank of America, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Fidelity, DepositAccounts.com, Treasury, Edelman, AAA Locations: New York, United States

☆ NY AG sues Citibank for failing to protect customers from fraud
▼ + stars: | 2024-01-30 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —New York Attorney General Letitia James filed a lawsuit against Citibank on Tuesday, alleging the big bank failed to do enough to protect and reimburse victims of fraud. The lawsuit argues that New York customers lost millions of dollars — in some cases their entire lifesavings — to scammers and hackers because of Citi’s weak security and anti-fraud measures. According to the NY AG, Citi does not do enough to prevent unauthorized account takeovers, illegally refuses to reimburse fraud victims and “misleads” customers about their rights after their accounts are hacked. “Our actions have reduced client wire fraud losses significantly, and we remain committed to investing in fraud prevention measures to help our clients secure their accounts against emerging threats,” the Citi spokesperson said. Last year, federal regulators alleged Citi illegally discriminated against Armenian Americans for years, singling them out on credit card applications based on their last names.

Persons: Letitia James, “, Banks, James, “ Banks, ” Organizations: New, New York CNN — New York, Citibank, NY AG, Citi, Court, Southern, of, AG, “ Citi, CNN, Armenian Locations: New York, of New York

☆ Wall Street issues a bullish call on big banks. Here's what it says about our financial stocks
▼ + stars: | 2024-01-30 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said investors should watch what Microsoft has to say about the monetization of its generative artificial intelligence offerings. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jim, we're, Morgan Stanley, Morgan, Jim Cramer's Organizations: CNBC, Big Tech, Microsoft, Management, Fed, Wall Locations: U.S, Basel, Wells, IPOs

☆ Oppenheimer says bank stocks are ‘significantly undervalued’ and gives its top picks
▼ + stars: | 2024-01-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

It's time for investors to shake off the fear of bank stocks created by last year's deposit outflows and regional bank failures, according to Oppenheimer. Analyst Chris Kotowski said in a report to clients on Tuesday that bank stocks are "significantly undervalued," highlighting that the KBW Bank Index finished 2023 down 4.8% for the year, or 29 percentage points behind the S & P 500. That gap is too large to justify even with the collapse of a few regional banks such as Silicon Valley Bank, Kotowski said. The firm's top two bank stocks are Goldman Sachs and Jefferies , both of which can serve as a bet on a rebound in the capital markets business. Kotowski also recommended several other large bank stocks, including Bank of America , JPMorgan Chase and U.S. Bancorp .

Persons: Oppenheimer, Chris Kotowski, Kotowski, Goldman Sachs, David Solomon, Jefferies, Goldman, JPMorgan Chase, —, CNBC's Michael Bloom Organizations: KBW, Silicon Valley Bank, Jefferies, Goldman, LSEG, Bank of America, JPMorgan Chase, U.S . Bancorp, JPMorgan Locations: Silicon, LSEG

7:08 a.m.: BTIG upgrades Block to buy, bullish on Cash App and Square growth Analyst Andrew Harte upgraded Block to buy from neutral, saying margins are poised to expand. His $85 price target implies shares could gain more than 23%. Braziler's new price target of $72, higher by $10, suggests about 2.7% potential upside over the next 12 months. That is equivalent to $12B revenue or 800k units," wrote analyst Srini Pajjuri. Morgan Stanley raised its price target on Citigroup to $65 from $46, implying upside of 20.1% over the next 12 months.

Persons: Morgan Stanley, Goldman Sachs, Andrew Harte, Harte, Cash, — Pia Singh, Timur Braziler, …, Braziler, WAL, Oppenheimer, Brian Nagel, Nagel, Raymond James, Adam Tindle, Tindle, CrowdStrike, Batya Levi, Levi, EBITDA, Raymond James downgrades, Srini Pajjuri, Fred Imbert, Goldman Sachs Morgan Stanley, Betsy Graseck, Graseck, Goldman Organizations: CNBC, Bank of America, Citigroup, UBS, Spotify, Western Alliance, Alliance Bancorp, Palo Alto Networks, AMD, BofA, Global Banking, Markets Locations: Wells Fargo Wells, CY23, Basel

For more than a decade, the pioneers of the cryptocurrency industry envisioned digital coins as an alternate branch of finance, a renegade sector that would operate outside the reach of big banks and government regulators. In recent years, regulators have seized on that legal precedent to argue that cryptocurrencies are just another security, like shares of Apple or General Motors. The crypto industry has fought back, leaving it in a legal gray zone with an uncertain future in the United States. Now the long-running dispute is edging closer to a resolution, as federal judges begin weighing in on a series of lawsuits by the nation’s top securities regulator against some of the largest crypto firms. This month, judges held hearings in two of the most consequential cases, which could dictate whether the multitrillion-dollar crypto industry can continue growing in the United States.

Organizations: Apple, General Motors Locations: United States

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