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"We need to work with good actors, and with good infrastructure, that becomes self-reinforcing, then the money and adoption will come," he said Thursday at an event in New York. His comments followed a flurry of excitement after the asset management firm filed for a spot bitcoin EFT with the U.S. Securities and Exchange Commission last week.
Chalom said BlackRock has been engaged in numerous conversations with both traditional and crypto-native clients, focusing on tokenization and its partnership with Circle. Chalom added the industry needs to coalesce around certain assets and prioritize real-world use cases.
As Bitcoin and Ethereum continue to make waves in the financial ocean, a potentially unprecedented tsunami of $15 trillion is reportedly on the horizon, according to Forbes. Amongst those riding the wave is Solana, amongst other popular cryptocurrencies.
The colossal swell is driven by two key factors: BlackRock's filing for an exchange-traded fund (ETF) and a study by Laser Digital, the digital assets subsidiary of banking giant Nomura, revealing a huge appetite for crypto investment among professional investors.
BlackRock, the world’s largest asset manager, recently requested approval from the U.S. Securities and Exchange Commission (SEC) for a Bitcoin spot ETF, with Coinbase as its custodial partner. This monumental stride in accepting Bitcoin as a legitimate asset class has ignited enthusiasm in the crypto industry, which had previously been battered by regulatory actions and a severe price crash.
Latin America and the Caribbean (LAC) are at the forefront of digital money adoption, offering valuable lessons for the rest of the world. While El Salvador has made headlines by granting legal tender status to Bitcoin, other LAC countries have made significant strides in the introduction of central bank digital currencies (CBDCs) to either enhance financial inclusion and payment systems’ resilience or lower cross-border remittances’ costs, as our recent research shows.
The Bahamas pioneered the introduction of a CBDC with the Sand Dollar in 2020, and the Eastern Caribbean Currency Union (ECCU) and Jamaica have followed suit. Brazil’s CBDC project is also in the advanced Proof-of-Concept stage, seeking to enhance “asset tokenization” by turning assets, such real estate, stocks, and commodities, into digital representations to facilitate their transfer and increase their liquidity.
As global regulatory uncertainty continues to cloud the crypto industry, the International Monetary Fund (IMF) has suggested that completely banning digital assets may not be a sustainable or efficient strategy to address the risks they present.
"While a few countries have completely banned crypto assets given their risks, this approach may not be effective in the long run," the IMF stated.
Modi's visit comes at a time when the U.S. is adopting a strategy of "friend-shoring" as it diversifies away from China and taps into the potential of other countries in the region.
On technology, the officials said U.S. and Indian companies will be partnering to build semiconductor facilities to promote supply chain diversification.
The two countries are also expected to announce agreements on strengthening critical minerals supply chains, advancing telecommunication capabilities and working on A.I. developments.
Treasury Secretary Janet Yellen said more banks would probably seek to merge this year as higher interest rates and recent banking turmoil are making it more expensive for them to hang on to depositors.
The chairman of the Federal Deposit Insurance Corp. said Thursday that U.S. regulators are considering a plan to include banks with assets as low as $100 billion in the international regime for capital requirements known as Basel III.
Currently, only banks with $250 billion or more in assets fall under the umbrella of Basel III, which was set up in the wake of the Global Financial Crisis that erupted in 2008.
Rob Nichols, CEO of the American Bankers Association, said the group is disappointed in the FDIC’s proposal given that U.S. officials have already declared that the banking system is sound.
“Broadening the scope of these complex standards designed for internationally active banks to smaller institutions will make it particularly difficult for midsize and regional banks to provide credit to consumers and businesses during times of economic stress,” Nichols said in a statement.
A document from the Federal Deposit Insurance Corp., which the agency said it mistakenly released unredacted in response to a Bloomberg News Freedom of Information Act request, provides one of the most detailed glimpses yet into the bank’s big customers.
The FDIC, which has been selling off pieces of the bank since its failure, asked that Bloomberg destroy and not share the depositor list, saying the agency intended to “partially” withhold some details from the document “because it included confidential commercial or financial information,” according to a letter from an attorney for the regulator. The agency subsequently declined to comment on the substance of the information in the document.
originally posted by: socialmediaclown
The FDIC has accidentally released a list of companies it bailed out for billions in the Silicon Valley Bank collapse
A document from the Federal Deposit Insurance Corp., which the agency said it mistakenly released unredacted in response to a Bloomberg News Freedom of Information Act request, provides one of the most detailed glimpses yet into the bank’s big customers.
The FDIC, which has been selling off pieces of the bank since its failure, asked that Bloomberg destroy and not share the depositor list, saying the agency intended to “partially” withhold some details from the document “because it included confidential commercial or financial information,” according to a letter from an attorney for the regulator. The agency subsequently declined to comment on the substance of the information in the document.
[url]https://www.google.com/amp/s/fortune.com/2023/06/23/fdic-accidentally-released-list-of-companies-it-bailed-out-silicon-valley-bank-collapse/amp/[ /url]
originally posted by: socialmediaclown
a reply to: datguy
Also no one is reporting on how central banks, governments and corporations are discreetly building connections to create a global digital currency system. I'm posting new developments every day, There has definitely been an uptick in digital economy news especially since Blackrock moved into the crypto space but no one seems to care or pay attention. It will be an absolute rug pull for the majority of the population if this build up does indeed lead to a system reset.