FDIC

The post Coinbase Sues SEC and FDIC, Demands Transparency in Crypto Regulations  appeared first on Coinpedia Fintech News In a move that could shake everything up, Coinbase has launched lawsuits against two powerful federal agencies—the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). Coinbase’s Chief Legal Officer, Paul Grewal, took to social media to announce the filings, which aim to pry loose crucial information held by these agencies. What secrets could the SEC and FDIC…

Martin Gruenberg – Chairman of the Federal Deposit Insurance Corporation (FDIC) – has expressed worry over how stablecoins could affect U.S. banking.  During a speech at the Brookings Institution on Thursday, the chairman said a payment stablecoin could “fundamentally alter the landscape of banking.” “Economies of scale associated with payment stablecoins could lead to further consolidation in the banking system or disintermediation of traditional banks.”  Federal Reserve Vice chair Lael Brainard has previously noted similar risks, recommending a CBDC to…

FTX US – one of the United States’ leading cryptocurrency exchanges – has received a cease and desist order from the Federal Deposit Insurance Corporation (FDIC). The regulator has accused the exchange of making false and misleading claims about its customers’ FDIC coverage.  In the letter issued on Thursday, the FDIC took issue with claims made by FTX US President Brett Harrison on Twitter.  Harrison claimed that when employers make direct deposits to FTX US, they are stored in FDIC-insured…