SEC Crypto Lawsuits Raise Questions About Industry’s Future
Industry leaders say that, with their latest actions, U.S. regulators are more clearly signaling that they seek to ensure cryptocurrency has no room in the traditional financial system.
Fed Urges Crypto Caution for Banks
While the biggest news to come out of Fed Chair Jerome Powell’s regular testimony before Congress was his willingness to make aggressive interest rate hikes to cool the economy, he also revealed that the central bank is worried about American financial institutions’ work in the crypto space.
Federal Reserve Rejects Wyoming Crypto Bank’s Application
The Federal Reserve Board has denied a Wyoming cryptocurrency bank’s application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry’s attempts to build acceptance in mainstream U.S. banking.
FTX: Down(fall) and (Fall)out
As the story of cryptocurrency exchange FTX continues to unfold, regulators point to the warning signs and regulators, investors and industry leaders reflect on what lessons can be learned.
BankProv Not Exposed to FTX
Amesbury-based BankProv has more than $70 million in lines of credit secured by digital currencies but has no exposure to collapsed cryptocurrency exchange FTX, according to a recent securities disclosure.
A Reminder ‘Buyer Beware’ Is Rarely Sufficient
Last week’s spectacular collapse of the cryptocurrency exchange FTX will likely go down in history as a classic example of why we need diligent and active consumer regulators.
Most of BankProv’s Crypto Mining Loan Portfolio Could Be Impaired
BankProv’s third quarter losses could exceed $27 million, and a majority of a cryptocurrency-related loan portfolio could be impaired, the bank said yesterday in a securities filing.
BankProv Suffers Likely Loss from $28M Loan Failure
Amesbury-based BankProv announced Tuesday that a soured $28 million loan to a bitcoin mining company will create a hit to its third-quarter earnings.
Treasury Recommends Exploring Creation of a Digital Dollar
The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
BankProv Partners with Synctera on Debit Cards for Crypto Firms
Amesbury-based BankProv has partnered with financial technology company Synctera to give fintech developers in the cryptocurrency market a debit card program.
Banking Trade Group Concerned About Biden’s CBDC Approach
The Biden administration’s new executive order on cryptocurrency has raised concerns among banking trade groups that the U.S. could create its own digital currency.
Biden Signs Order on Cryptocurrency as Its Use Explodes
President Joe Biden on Wednesday signed an executive order that could lead to greater government oversight of cryptocurrency and even a Federal Reserve-backed digital token.
Can You Buy a House with Crypto? Some Lenders Say ‘Yes’
Homebuyers who have dabbled in cryptocurrency should know that some lenders will allow you to use those assets – with a proviso – as part of your down payment when applying for financing.
Crypto, Rocket Mortgage Splurge on Super Bowl Commercials
Off the field, Super Bowl advertisers were in a tough competition of their own, with big names in cryptocurrency and mortgage lending among the firms shelling out $7 million to reach sports fans.
Federal Regulators Adopt Proactive Stance Towards Stablecoins
Recent actions by the U.S. federal bank regulatory agencies create a decidedly proactive, risk-based approach with respect to the growth of cryptocurrency and other digital assets in the U.S. economy.
BankProv Launches Crypto Lending Platform
Amesbury-based BankProv has partnered with a cryptocurrency technology firm to provide equipment financing for Bitcoin miners.
Tech-Focused CEO Finds Niche with Cryptocurrency
Under CEO Dave Mansfield, Amesbury-based bank has expanded regionally and nationally with specialty products, including those focused on alternative energy, and now cryptocurrency.
U.S. Regulators Increasingly Training a Wary Eye on Cryptocurrency
International standard setting bodies are taking a similarly wary position with respect to cryptocurrency. Up to now, however, the United States has been slower to act with respect to cryptocurrency regulation.
U.S. and International Regulators Signal Increased Scrutiny of Cryptocurrency Market
Recent national and international developments have once again highlighted the risks and rewards inherent to financial technologies. And regulators are taking notice of developments in the cryptocurrency space.
OCC Letter Sheds Light on Cryptocurrency Risk and Reward
The belief that consumers and investors would feel most comfortable having traditional financial institutions store, manage and process digital assets has caused those institutions to begin exploring and implementing cryptocurrency into their suite of product offerings.
