Game Changer? Crypto Prime Dealer Unveils FDIC-Insured Accounts


By CCN: Crypto mass adoption hopefuls rejoice. FDIC protection is here. Cryptocurrency prime dealer SFOX is partnering with M.Y. Safra Bank of New York to offer traders and investors deposit accounts backed by the Federal Deposit Insurance Corp. (FDIC). The partnership marks the first time FDIC insurance has surfaced in the crypto dealer model, according to an SFOX blog. The arrangement will...

We Need A Federal Framework To Regulate Cryptocurrencies: Ex-FDIC Chair Sheila Bair


Sheila Bair, the former chair of the Federal Deposit Insurance Corporation (FDIC), says the time has come for a formal federal regulatory framework to be established to regulate cryptocurrencies. Bair, who's on the board of blockchain startup Paxos, said Congress needs to step in to regulate the marketing, trading, and selling of virtual currencies in light of how big the industry has become and...

Bitcoin-Friendly Square Withdraws Banking Application [For Now]

square bitcoin

Bitcoin-friendly digital payments firm Square has withdrawn its application to register as a depository bank. As first reported by financial publication American Banker, Square quietly removed its name from a public list of pending bank applications maintained by the Federal Deposit Insurance Corporation (FDIC), halting -- at least temporarily -- its bid to become a full-featured financial...

Cryptocurrency Exchange Coinbase May Apply for a Banking License: Report


Cryptocurrency brokerage firm Coinbase has met with US regulators to discuss applying for a banking license, according to an anonymous source familiar with the matter. The Wall Street Journal reports that the firm, one of the largest in the cryptocurrency industry, met with regulators at the US Office of the Comptroller of the Currency (OCC) in early 2018 to discuss applying for a national...

Former FDIC Chair Argues against Banning Bitcoin


Sheila Bair, former director of the U.S. Federal Deposit Insurance Corporation (FDIC), recently argued that bitcoin shouldn’t be banned because of its "lack of intrinsic value.” Instead, the government should ensure a well-informed market, free from fraud, manipulation. and speculation. In an op-ed piece for Yahoo Finance, Bair initially pointed out that bitcoin is a bubble, given its meteoric...