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Federal Reserve Chair Jerome Powell has stated that the Fed will not stockpile bitcoin, emphasizing that this issue is for Congress to address. The proposal for a U.S. Strategic Bitcoin Reserve, suggested by Trump, faces significant legal and regulatory hurdles, including potential Congressional approval and funding concerns. While Trump plans to appoint pro-crypto leaders, the Fed remains focused on monitoring the impact of cryptocurrencies on the banking system.
Raiffeisen Bank International (RBI) faces a potential financial setback as a Russian investment holding company, Rasperia, demands nearly €1.9 billion in damages. The court hearing is set for December 25 in Kaliningrad, and a ruling could significantly impact RBI's balance sheet. Although the bank has not made provisions for the potential damages, it plans to appeal any unfavorable decision, which would delay payment.
The Swiss Bank Employees Association is demanding the resignation of FINMA President Marlene Amstad following the PUK report on Credit Suisse's collapse. They criticize the supervisory authorities for allowing the bank to operate with insufficient equity and call for clearer responsibilities and personal liability for top management. The association emphasizes the need for stronger regulatory instruments and accountability to prevent a repeat of such failures.
The Swiss Bank Employees Association is demanding the resignation of FINMA President Marlene Amstad following the upcoming report from the Parliamentary Commission of Inquiry on Credit Suisse's downfall. The association criticizes the Federal Council for its inaction and questions why supervisory authorities allowed the bank to operate with insufficient equity capital, putting thousands of jobs at risk.
UBS Financial Services Inc. has agreed to pay a $500,000 fine as part of a settlement with FINRA due to failures in its supervisory system from January 2017 to December 2018. The firm did not adequately assess whether its representatives recommended unsuitable short-term trades of syndicate preferred stocks, resulting in customer losses while representatives earned commissions. UBS-FS violated FINRA Rules 3110 and 2010, leading to the imposed sanctions.
Federal Reserve Chair Jerome Powell has firmly stated that the Fed cannot hold bitcoin due to legal restrictions outlined in the Federal Reserve Act, which limits its assets to U.S. government bonds. He reiterated his cautious stance on cryptocurrencies, labeling them as speculative and volatile, while distinguishing them from central bank digital currencies (CBDCs). Meanwhile, President-elect Donald Trump has proposed establishing a national bitcoin reserve, aiming to enhance the U.S.'s position in the cryptocurrency market, which has led to a surge in bitcoin's value.
Isabelle Chassot, the 59-year-old PUK president and member of the Council of States, will present the findings of the Parliamentary Commission of Inquiry into Credit Suisse, a culmination of a year and a half of investigation. Her performance could enhance her prospects for a future role in the Federal Council, following a pattern where previous PUK chairs have ascended to this position. Known for her extensive political experience and bilingualism, Chassot maintains a low profile regarding her personal life, focusing instead on her professional achievements.
A stopgap funding bill unveiled in Congress includes the "Deploying American Blockchains Act," which aims to bolster U.S. leadership in blockchain technology and establish a National Blockchain Deployment Advisory Committee. This initiative, supported by bipartisan negotiations, seeks to explore blockchain's potential benefits for federal agencies and national security. Meanwhile, President-elect Donald Trump has appointed Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, positioning him to promote crypto-related technologies in the U.S.
The upcoming CS-PUK report will critically assess the actions of institutions and individuals involved in the downfall of Credit Suisse, influencing future Swiss banking regulations. The Parliamentary Commission of Inquiry has scrutinized the management of FINMA and the Swiss National Bank, with potential implications for former Finance Minister Ueli Maurer. Recommendations for strengthening regulatory frameworks, particularly for "too big to fail" banks, are anticipated as the Federal Council prepares to amend TBTF rules by mid-2025.
Nau
The Hong Kong Securities and Futures Commission (SFC) has licensed four new virtual asset trading platforms, bringing the total to seven. The approved firms underwent rigorous inspections focusing on client asset protection, KYC processes, and cybersecurity. Eleven more platforms are awaiting approval, with the SFC planning to issue licenses in batches through 2026 to enhance regulation and promote blockchain technology.
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