-- Gold prices fell slightly in Asian trade on Tuesday, remaining in a tight trading range as anticipation of a slew of cues on U.S. interest rates kept traders largely averse towards metal markets.
According to Odaily, Silvergate Capital Corp, the parent company of Silvergate Bank, has agreed to pay $63 million to settle with the U.S. Securities and Exchange Commission (SEC), the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI). The regulatory bodies accused the company of failing to maintain an appropriate anti-money laundering program and making misleading disclosures about the effectiveness of the program.The Federal Reserve imposed a fine of $43 million, while the California regulator imposed a $20 million fine, noting that the bank had deficiencies in tracking internal transactions. The SEC also imposed a $50 million fine, but it is not expected to increase the total amount of the fine. The SEC stated that any fines owed by Silvergate could be offset by the amount it pays to bank regulators, and the settlement agreement still needs court approval.The SEC also charged former executives of Silvergate. Former CEO Alan Lane and former COO Kathleen Fraher agreed to settle, while former CFO Antonio Martino denied the related charges.
According to Foresight News, Circle's co-founder and CEO, Jeremy Allaire, has announced that the company's US dollar stablecoin (USDC) and Euro stablecoin (EURC) are now in compliance with the newly introduced stablecoin regulations, MiCA, in the European Union. The company has officially started issuing these stablecoins to its European customers from July 1st. The new regulations aim to ensure the stability and security of transactions involving stablecoins. Circle's compliance with these regulations indicates its commitment to adhering to international standards and providing secure financial services to its customers. This development is significant as it marks the expansion of Circle's services in the European market, potentially increasing the adoption and use of its stablecoins. It also demonstrates the company's adaptability in conforming to new regulatory environments, which is crucial in the rapidly evolving digital currency landscape.
According to PANews, stablecoin giant Circle has been granted an Electronic Money Institution (EMI) license by French regulators. This license allows Circle to issue EURC and USDC within the European Union, in compliance with the Markets in Crypto Assets (MiCA) regulations. The EMI license is a significant milestone for Circle, as it enables the company to expand its operations within the European Union. The issuance of EURC and USDC will be in line with the MiCA regulations, which are designed to foster innovation while ensuring the stability and integrity of the financial market. This development is a testament to the growing acceptance and regulation of digital currencies in the global financial landscape. It also underscores the importance of regulatory compliance for companies operating in the crypto space.
Stocks gave back early gains following a weaker-than-expected update on U.S. manufacturing and a Supreme Court ruling with major implications for the 2024 election. The Dow was down 16 points, or less than 0.1%. The Nasdaq Composite was up 0.1%.
The former president was widely seen as having a better performance in the debate than Biden.
-- Gold prices weakened in Asian trade on Monday, taking limited support from increased expectations of U.S. interest rate cuts as traders awaited more cues from the Federal Reserve and U.S. economy this week.
Welcome to the Artificial Intelligence Outlook for Forex trading. https://www.youtube.com/watch?v=92m3AS_er7o VIDEO TRANSCRIPT Okay, hello everyone, and welcome back. My name is Greg Firman, and this is the Vantage Point AI ...
Nvidia (NASDAQ:NVDA) has grown to become quite a dominant holding in a number of tech-focused exchange-traded funds (ETFs) amid its glorious ascent. Though NVDA stock is no longer the world’s largest company after its latest correction, bringing the market cap to $3 trillion flat, I still think it’s a bad idea to think the firm can’t continue its growth just because of its behemoth size. Indeed, a firm’s sheer size alone doesn’t seem to act as a limitation on growth, especially for firms, like N
According to Foresight News, the US Internal Revenue Service (IRS) and the Treasury Department have finalized new tax regulations for cryptocurrency. From 2026, cryptocurrency trading platforms will be required to report transactions to the IRS. This regulation essentially implements a provision of the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021. Even without these new rules, cryptocurrency holders are required to pay taxes. However, there has been no real standardization on how to report these holdings to the government and individual investors. Starting from 2026, covering transactions from 2025, cryptocurrency platforms must provide a standard 1099 form, similar to the forms sent by banks and traditional brokerage firms. This move is aimed at bringing more transparency and regulation to the rapidly growing cryptocurrency market. The new rules are expected to provide a clearer framework for both the government and individual investors in the cryptocurrency market.