The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Two US Senators Demand Answers From US Regulators on Banking Sector’s Exposure to Crypto

by Conor Devitt
December 9, 2022
in Regulators

US Senators Elizabeth Warren and Tina Smith are demanding answers from a group of top US regulators about the banking sector’s exposure to crypto in the wake of FTX’s implosion last month.

On Wednesday, Warren, a Democrat from Massachusetts, and Smith, a Democrat from Minnesota, penned a letter to Federal Reserve Chairman Jerome Powell, acting chair of the Federal Deposit Insurance Corporation (FDIC) Martin J. Gruenberg, and Michael J. Hsu, the acting head of the Office of the Comptroller of the Currency (OCC).

The Senators are asking the regulators how their respective agencies are assessing the risks associated with the intertwining of crypto assets and traditional banking.

“Thankfully, the banking system has been spared of the FTX-induced turmoil. Despite the industry’s efforts to gain access to the banking system and the benefits that come with federal recognition from bank regulators, crypto is, so far, not deeply integrated with the traditional banking system. Nevertheless, it appears that crypto firms may have closer ties to the banking system than previously understood.

According to a New York Times report, Alameda, which siphoned $10 billion off the FTX exchange and into its coffers under a scheme coordinated by Sam Bankman-Fried and other FTX and Alameda executives, made an $11.5 million investment in Washington state-based Moonstone Bank, more than double the bank’s worth at the time.”

The Senators go on to request that regulators provide the names of specific banks under their jurisdiction that are involved with crypto activities.

FTX filed for bankruptcy last month amid accusations that former CEO Sam Bankman-Fried mismanaged the firm’s funds by loaning out billions of dollars worth of customer deposits to Alameda Research, the firm’s trading branch.

John J. Ray III replaced Bankman-Fried as CEO after his resignation on November 11th. In recent bankruptcy filings, Ray says the exchange suffered from compromised systems and faulty regulatory oversight and leadership that was made up of “potentially compromised individuals.”

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/arleksey

Submit a Press Release

Industry Announcements

  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
  • Addressable Raises $7.5 Million To Enable Web 3.0 Companies To Acquire Users at Scale
    January 31, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,343.25
$23,343.25
1.47%
Ethereum
$1,655.67
$1,655.67
0.43%
Cardano
$0.40224
$0.40224
0.29%
XRP
$0.410502
$0.410502
0.36%
Dogecoin
$0.092379
$0.092379
0.44%

Spotlight

  • 200% Ethereum (ETH) Explosion Is Entirely Realistic, According to Coin Bureau – Here’s When
    January 28, 2023
  • Ripple Working With Central Bank of Montenegro on New Digital Currency Pilot Program, According to Prime Minister
    January 31, 2023
  • Bitcoin Explosion to $1,000,000 Is Now on the Table, Says Quant Analyst PlanB – Here’s His Latest Forecast
    February 3, 2023
  • Ripple Announces New President As XRP Lawsuit Conclusion Looms
    January 29, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl