{ }
El Salvador has secured a $1.4 billion loan from the IMF, contingent on limiting its Bitcoin and crypto initiatives. The agreement mandates that Bitcoin acceptance by the private sector will be voluntary, and government involvement in the Chivo wallet will be gradually reduced, with taxes paid only in US dollars. Despite this, the country plans to continue purchasing Bitcoin for its Strategic Bitcoin Reserve.
Over the past three years, around 120 crypto hedge funds, representing 75% of those surveyed, have faced significant banking challenges, including relationship terminations and vague explanations from banks. This situation has fueled discussions about "Operation Chokepoint 2.0," an alleged initiative by the Biden administration to restrict banking access for the crypto industry. While affected funds eventually found banking partners, they often turned to smaller, regional institutions.
A parliamentary commission of inquiry has concluded that while there was no wrongdoing by authorities regarding the management of the Credit Suisse collapse, there were significant shortcomings at multiple levels. The investigation spanned 18 months and resulted in a comprehensive 565-page report.
Ethereum layer-2 networks now hold $13.5 billion in stablecoins, reflecting a growing demand within the cryptocurrency ecosystem. Arbitrum One leads with $6.75 billion, followed by Base at $3.56 billion, as the stablecoin market capitalization surpasses $200 billion, driven by Tether (USDT) and USD Coin (USDC). The introduction of MiCA regulations in the EU may further boost stablecoin adoption, enhancing their role in payments and decentralized finance.
The parliamentary commission of inquiry (PUK) into the emergency merger of Credit Suisse with UBS has highlighted significant failings by authorities. Isabelle Chassot, Chair of the commission, noted that this PUK has investigated more agencies than any of its four predecessors, underscoring the depth of the inquiry.
Finma has welcomed the ICC's recommendation for enhanced regulatory responsibilities, acknowledging past criticisms and emphasizing the need for "smart" regulation following the Credit Suisse crisis. The Swiss National Bank and the Swiss Bankers Association also stress the importance of targeted regulatory adjustments to maintain competitiveness. Meanwhile, political parties call for stronger oversight and effective implementation of the ICC's recommendations to prevent future financial instability.
Solana (SOL) has surged over 200% to $216 in 2024, driven by its fast transaction speeds and low fees, alongside ongoing ecosystem developments. Projections suggest SOL could reach between $300 and $700 by 2025, bolstered by institutional backing and growth in DeFi and NFTs.Meanwhile, Tether (USDT) is enhancing its reliability by diversifying its backing assets, including government and corporate bonds. As interest in cryptocurrencies rises, particularly with potential ETF approvals, USDT is expected to play a crucial role in providing liquidity and stability in the evolving market landscape.
A parliamentary inquiry has revealed that the collapse of Credit Suisse was not solely due to poor management, highlighting systemic issues within Swiss banking. The Swiss government intervened with 257 billion Swiss francs to prevent a potential global banking crisis, following a similar rescue of UBS in 2008.
The Federal Council has expressed disagreement with several recommendations from the Parliamentary Investigation Commission (PUK) regarding the Credit Suisse crisis, asserting that existing too-big-to-fail rules have sufficiently strengthened systemic banks. While it supports adapting these rules to UBS's size, it rejects calls to restrict capital and liquidity easing for systemically important banks. The Council also criticized the PUK's report for containing controversial descriptions and not adequately incorporating feedback from the Federal Council.
Hans Geiger reveals that Finma was aware for an extended period that Credit Suisse lacked sufficient capital, as confirmed by the PUK report. Despite this knowledge, the regulatory authority chose to be lenient with the bank's executives to avoid confrontation.
Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

MachinaCore is a highly modular and scalable system that allows users to build custom widgets and tools tailored to their specific financial data needs, while seamlessly integrating with other MachinaLabs products, like Machinary, MachinaAI Modules and MachinaTrader.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings

Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.