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Barney Frank Sees Crypto as Common Element in New Bank Failures

13Mar

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Technology

Barney Frank Sees Crypto as Common Element in New Bank Failures

[ad_1] Barney Frank — the former congressman known for the Dodd-Frank Act, which overhauled US banking regulation to prevent another global financial crisis — said there was one thing lawmakers and regulators didn't reckon with back in 2008: cryptocurrencies.“Digital currency was the new element entered into our system,” the 82-year-old Frank said in an interview Sunday. “A new and destabilizing – potentially destabilizing – element is introduced into the financial system. What we get are three failures.” Signature Bank was closed by New York state financial regulators Sunday in a shocking third banking collapse in a week, after the failure of fellow crypto-friendly bank Silvergate Capital Corp. and the seizure of SVB Financial Group's Silicon Valley Bank. Frank himself is a board memb...

Bitcoin Sinks to Two-Week Low as Silvergate Fallout Hurts Crypto

[ad_1] Bitcoin dropped to the lowest level in about two weeks, part of a wider retreat in crypto markets as investors digested the unraveling of a key industry payments network. The largest token by market value sank as much as 6% before paring some of the slide to trade 4.9% lower at $22,323 as of 1:44 p.m. Friday in New York. Smaller coins such as Ether, Avalanche and the meme token Dogecoin also suffered declines. The digital-asset industry is absorbing the fallout of the troubles at crypto-friendly US bank Silvergate Capital Corp., which has said that it's reviewing whether it can remain viable. The bank offers a widely used payments network that facilitates the real-time transfer of funds between crypto firms. But many digital-asset exchanges, stablecoin issuers and trading d...

Google Cuts Add to Tech Wipeout That’s Claimed Over 100,000 Jobs

[ad_1] Alphabet Inc.'s plan to reduce headcount by more than 6% — about 12,000 roles — is adding to mass job cuts that are accelerating at technology companies around the world.The tech sector announced 97,171 job cuts in 2022, up 649% compared to the previous year, according to consulting firm Challenger, Gray & Christmas Inc. Disclosures about cuts at Google's parent company, Microsoft Corp., and Amazon.com Inc. have added another 30,000 positions in January.Big tech companies like these benefitted from a boom in e-commerce spending and remote work that kicked off during the Covid-19 pandemic lockdowns in 2020. Now, many of these businesses are reporting disappointing growth rates and dealing with sagging share prices as customer behavior returns to normal. Their leaders are sayi...