Australia's prudential regulator has started asking the country's banks to declare their exposure to startups and crypto-focused ventures following the collapse of Silicon Valley Bank, according to the Australian Financial Review (AFR).
The U.S. Senate Banking Committee will hold the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank on March 28, Democratic Chairman Sherrod Brown said on Tuesday.
SVB Financial Group and the federal regulator that closed its Silicon Valley Bank unit indicated at a bankruptcy court hearing on Tuesday that a fight is looming over $2 billion of the former parent company's cash that was seized along with the lender.
In the United States and many other countries, the government guarantees a certain amount of each customer’s deposits in the event of a bank failure, to protect both consumers and the broader financial system.
9 Min Read
New York(Thomson Reuters Regulatory Intelligence) - To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel
A representation of virtual currency Bitcoin and U.S. One Dollar banknote are seen in front of a stock graph in this illustration taken January 8, 2021.
A new interpretive letter from the Office of the Comptroller of the Currency allowing the use of stablecoin cryptocurrency for bank payments opens a pathway for mainstream finance to live-test digital assets in a relatively safe corner of the market. The decision greenlights what some see as “training wheels” enabling the creation of compliance controls for more expansive uses of digital currencies in the future.