According to Zambia Tech Minister Felix Mutati, the country needs digital identities and other necessary digital infrastructures before it introduces crypto.
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Category: Treasury Secretary
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Moody’s Downgrades US Banking Sector to Negative After Collapse of Three Major Banks
After the failure of three major U.S. banks last week, with two of them being the second and third largest banking failures in the country, Moody’s Investors Service has downgraded the rating of the U.S. banking system from “stable” to “negative.” As one of the “Big Three” credit rating firms, Moody’s cited a “rapid deterioration […]Powered by WPeMatico
Goldman Sachs Now Expects No Rate Hike in March Due to Stress in US Banking System
Goldman Sachs has revised its U.S. interest rate forecast due to “stress in the banking system.” The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and […]Powered by WPeMatico
US Treasury Secretary Rules Out Government Bailout of Silicon Valley Bank
U.S. Treasury Secretary Janet Yellen has ruled out a government bailout of the collapsed Silicon Valley Bank (SVB), which was shut down by regulators on Friday. Yellen explained that the reforms put in place after the 2008 financial crisis were aimed at preventing the need for government bailouts. Government Not Considering a Bailout for SVB, […]Powered by WPeMatico
Casting Stones From a Glass House: Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese Embassy
The Chinese embassy in Zambia denounced the United States over its debt limit and the “extraordinary measures” Treasury secretary Janet Yellen has implemented to stave off a U.S. debt default. Yellen said on Monday that it was very important that Zambia restructure its debt, but Zambia sees it differently. The embassy castigated Yellen’s comments in […]Powered by WPeMatico
US Treasury’s Yellen Says Crypto Doesn’t Have Adequate Regulation — Calls FTX Collapse ‘a Lehman Moment’
U.S. Treasury Secretary Janet Yellen says that the collapse of crypto exchange FTX shows that the crypto industry “really needs to have adequate regulation.” She added: “It’s a Lehman moment within crypto, and crypto is big enough that we’ve had substantial harm with investors.” Treasury Secretary Janet Yellen on FTX Implosion and the Need for […]Powered by WPeMatico
Yellen Says FTX Collapse Shows Weaknesses of Entire Crypto Sector — Fed’s Brainard Pushes for Strong Regulation
U.S. Treasury Secretary Janet Yellen and Federal Reserve Vice Chair Lael Brainard have stressed the need for strong crypto regulation. Yellen said the FTX collapse shows “the weaknesses” of the entire crypto sector while Brainard cautioned that failures from one platform are “spilling over into elsewhere.” Yellen: Crypto Needs ‘Very Careful Regulation’ U.S. Treasury Secretary […]Powered by WPeMatico
Treasury Secretary Janet Yellen: US Financial Stability Risks Could Materialize, Cites ‘Dangerous and Volatile Environment’
Treasury Secretary Janet Yellen has warned that financial stability risks could materialize in the U.S. Noting that “Inflation remains too high, and we are contending with serious global headwinds,” she stressed that the Treasury is “closely monitoring the financial sector, as global developments have led to increased market volatility.” Janet Yellen Warns of Financial Stability […]Powered by WPeMatico
Top US Regulators Urge Congress to Pass Legislation on Crypto Assets
The U.S. Financial Stability Oversight Council (FSOC), a group of the country’s top financial regulators, has urged Congress to pass legislation for the regulation of crypto assets. Treasury Secretary Janet Yellen said: “Crypto-asset activities could pose risks to U.S. financial stability if their interconnections with the traditional financial system or their overall scale were to […]Powered by WPeMatico
US Treasury Delivers Crypto Framework to Biden as Directed in Executive Order
The U.S. Treasury Department has delivered a framework for crypto assets to President Joe Biden, fulfilling its obligation as directed in the executive order on crypto that the president issued in March. U.S. Treasury Secretary Delivers Crypto Framework to Biden The U.S. Department of the Treasury published a fact sheet titled “Framework for International Engagement […]Powered by WPeMatico