The U.S. Securities and Exchange Commission (SEC) announced on Wednesday, August 23, the adoption of new rules and amendments that will strengthen the oversight and regulation of private fund advisers.
In February, U.S. regulators forced New York-based Paxos Trust Company to stop issuing Binance's stablecoin. Binance, the largest cryptocurrency exchange in the world, has now embraced a stablecoin issued out of Hong Kong, sparking concerns that the actions of U.S. regulators are threatening the hegemony of the U.S. dollar and the U.S.'s position as a global financial leader.
In a press release issued on August 17, 2023, key federal and state financial regulatory agencies announced measures to support financial institutions impacted by the Hawaii wildfires.
On August 8, 2023, Treasury Under Secretary Brian E. Nelson and FinCEN's Acting Director Himamauli Das met with Kentucky leaders to discuss implementing the Corporate Transparency Act and combating fentanyl trafficking.
The U.S. Department of the Treasury's Office of Tribal and Native Affairs recently led a delegation trip to the Pueblos of Laguna and Acoma in New Mexico.
When a massive earthquake hit Turkey in February, many residents were left without access to critical supplies. Mustafa, who first discovered Binance on YouTube in 2020, said the cryptocurrency exchange’s actions in the wake of the earthquake enabled his parents to replace their glasses and hearing aids that were lost in the rubble while banks were shut down.
According to a letter sent to the SEC Chair and the President of FINRA, the House Financial Services Committee raised concerns over the approval of Prometheum Ember Capital LLC, questioning the process and highlighting national security issues.
On July 24, the Federal Reserve Board made an announcement regarding a consent decree and significant fines of $268.5 million for the Swiss international investment bank UBS Group AG. The violation was committed by Credit Suisse, which was acquired by UBS in June of 2023, according to a press release.
The European Commission and the U.S. Consumer Financial Protection Bureau (CFPB) have launched an informal dialogue to address the risks of rapid digitalization. Their collaboration safeguards consumers from fraud, privacy violations and discrimination concerns, according to a press release.
On Aug. 18, the Federal Reserve Bank of Dallas released its Texas Employment Forecast predicting a 3.0 percent job growth in 2023, with 33,500 jobs added in July, according to a press release.
The Climate-related Financial Risk Committee (CFRC) of the Financial Stability Oversight Council (FSOC) reported noteworthy progress in addressing climate-related financial risks, highlighting interagency collaboration and risk assessment efforts.
In its annual report to Congress, the Committee on Foreign Investment in the United States highlighted a remarkable year in 2022, with a historic number of reviews and increased focus on non-notified transactions to address national security risks effectively.
Reserve Bank of India (RBI) Deputy Governor Shri M. Rajeshwar Rao is calling for global cooperation in managing climate risks and promoting sustainable finance at an IMF panel discussion, urging central banks to take proactive measures.
Inflation expectations have shown a decline, as revealed by the Federal Reserve Bank of New York's July 2023 Survey of Consumer Expectations. This shift signals potential changes in consumer sentiment and economic outlook, according to a press release.
Secretary of the Treasury Janet L. Yellen commemorated the Inflation Reduction Act's one-year mark, highlighting robust economic gains and the law's pivotal role in advancing climate initiatives.
President Biden's executive order, driven by national security concerns, empowers regulations to thwart foreign entities from accessing U.S. technology pivotal to their military and intelligence ambitions, safeguarding American interests.
The Biden administration recently declared a national emergency to address threats from countries advancing sensitive military technologies, an action praised by congressional leaders for its thoughtful approach to national security and free-market principles.
U.S. Treasury Secretary Janet L. Yellen emphasized support for Ukraine amid the Russian aggression, aligning with a $3.3 billion supplemental funding request for 2024, aimed at security, economic and humanitarian aid.
U.S. Sen. Sherrod Brown, D-Ohio, and colleagues recently urged the Federal Reserve to reevaluate big bank merger policies, emphasizing a review on financial stability impact amid failures of several prominent banks.
PayPal, the online payment giant, takes a significant step into the world of digital currencies with the launch of PayPal USD, a U.S. dollar-denominated stablecoin, aiming to enhance digital payment experiences.