For the first time since the September 11 attacks, the U.S. Department of Treasury is pursuing significant reforms to thwart malevolent parties such as terrorist groups, transnational criminals, and rogue nations. This move is instigated by changes in platforms where these entities conduct their operations requiring more authority and tools, shared Wally Adeyemo, Deputy Secretary of the Treasury at the Blockchain Association's Policy Summit held in 2023.
Omid Malekan, an author and adjunct professor at Columbia Business School, said in a Nov. 22 social media post on X, formerly Twitter, that the crypto exchange Binance has been punished more severely than traditional financial institutions that have made similar missteps. Malekan said banks that comply with anti-money laundering (AML) rules are still used by criminals for illicit activities.
The House Financial Services Committee announced that Rep. Andy Barr (KY-06), chairman of the Financial Institutions and Monetary Policy Subcommittee, and Rep. Bill Huizenga (MI-04), chairman of the Oversight and Investigations Subcommittee, are demanding that Martin Gruenberg, Federal Deposit Insurance Corporation (FDIC) chair, recuse himself from the Committee on Financial Services’ independent investigation into alleged sexual harassment, misogyny and other misconduct at the agency.
The Central Bank of Ireland (CBI) announced a new report that highlights the resilience of Ireland’s economy in the midst of persistent inflation. However, it warns that the economy is still adjusting to high interest rates, and additional inflationary shocks may be down the road. The report was published in response to rising global economic concerns and increasing financial risks.
Opening up on the contents of their recent report,
In a letter to Federal Deposit Insurance Corporation (FDIC) Acting Inspector General Tyler Smith, U.S. Sen. Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing and Urban Affairs, and nearly a dozen members of the Senate Banking and Housing Committee demanded an independent investigation into reports alleging the agency has failed to address a toxic culture of sexual harassment and misconduct, discrimination and misogyny. The formal request was sent in response to allegations raised in several media reports over recent years.
The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) issued a joint announcement to acknowledge an announcement made by the Australian Stock Exchange (ASX) on its product-based solution design to replace the Clearing House Electronic Subregister System (CHESS). This announcement is pivotal in the financial sector as it signifies a significant change in stock exchange systems.
European Central Bank President Christine Lagarde on Friday, November 17 proposed the creation of a European equivalent to the U.S. Securities and Exchange Commission to advance the European Capital Markets Union (CMU). In a speech at the European Banking Congress, she urged a shift in Europe's financial strategy to address the continent's upcoming economic challenges.
Changpeng Zhao (CZ), the founder and CEO of Binance, the largest cryptocurrency exchange in the world, expressed his commitment to making a positive impact on the world during his speech at the Fintech Forward 2023 conference in Bahrain. Zhao stated that his and Binance's goal is to have as much of a positive impact on the world as possible. He emphasized that being the biggest or richest is not the priority, but rather making a difference in people's lives.