Crypto faces legal reckoning as SEC prepares action against Coinbase

The SEC has informed Coinbase that it plans to sue the company for allegedly violating a series of investor protection laws, the company said this week. An eventual SEC lawsuit against the largest US crypto exchange could help determine the future shape of exchanging dollars for digital tokens such as bitcoin, ether or polkadot. It … Read more

Businesses large and small are losing access to credit amid banking stress

According to PitchBook LCD, no companies with an investment grade credit rating sold new bonds during the six business days of March 10 through March 17, the first week of March without another sale of high-quality bonds. The market for new junk bond sales has largely ground to a halt this month, with no companies … Read more

The founder of the First Republic Bank earned a high salary, just like his relatives

First Republic Bank FRC -3.36% paid family members of founder James Herbert millions of dollars for work at the lender in recent years, including for advisory services related to interest rates and risk, according to public disclosures the bank made as part of annual filings. The bank paid Mr. Herbert, who was CEO before taking … Read more

Shares of Deutsche Bank are slumping on the latest sign of banking concerns

Last Updated: March 24, 2023 at 7:52 a.m. ET First published: March 24, 2023 at 5:10 a.m. ET Shares of Deutsche Bank slumped on Friday, throwing the spotlight on the health of another globally systemically important bank heading into the weekend. Shares of German lender XE:DBK fell 13% in Frankfurt trading and the Euro Stoxx … Read more

Coinbase’s CEO takes to Twitter to highlight work with SEC before the regulatory warning is issued

Published: March 23, 2023 at 6:22 PM ET Brian Armstrong, CEO of Coinbase COIN, and others on Coinbase’s team shared their thoughts on the U.S. Securities and Exchange Commission’s Wells Notice a day earlier, in a Twitter space hosted on Coinbase’s account Thursday night. “We actually didn’t think this was unexpected,” said Armstrong, adding that … Read more

Moody’s sees risk The unrest in the American banking sector is unstoppable

Last Updated: March 23, 2023 at 4:12 PM ET First published: March 23, 2023 at 1:47 PM ET Despite swift action by regulators and policymakers, there is a growing risk that stress from the banking system will spill over to other sectors and the US economy, “causing greater financial and economic damage than we expected,” … Read more

Ford says it will lose $3 billion in electric cars this year because it touts the start-up mentality

Ford Motor Co.F -0.52% expects to lose about $3 billion this year on its electric vehicle business, a reminder of how far traditional automakers have to go to make their EV portfolio profitable. Ford announced the figure Thursday as it outlined a new financial reporting structure designed to help investors better understand the performance of … Read more

Janet Yellen’s Blurred Lines on Bank Depositors

Treasury Secretary Janet Yellen Photo: Jose Luis Magana/Associated Press Treasury Secretary Janet Yellen hit back on her remarks from the day before on Thursday that reversed her comments from the day before about providing a de facto guarantee on all U.S. bank deposits. Who’s there first? The administration’s mixed signals pose a new threat to … Read more

A 16-month-old chatbot startup with no revenue is now a $1 billion unicorn

A 16-month-old chatbot startup is now a $1 billion unicorn. Character.AI, a Silicon Valley company founded by two former Google employees, said Thursday it raised $150 million in a new round of funding led by well-known venture capital firm Andreessen Horowitz. The new investment values ​​Character.AI at $1 billion. A company representative said that Character.AI … Read more

SVB sale is near. FDIC looking for a deal for Monday.

The Federal Deposit Insurance Corp. plans to announce its decision to sell Silicon Valley Bank this weekend, Barron’s Advisor has learned. A person familiar with the FDIC’s plans indicates that the banking regulator hopes to present a resolution of the auction this weekend. There are still many moving parts of the auction, which the FDIC … Read more