EXCLUSIVE U.S. Treasury, financial industry discuss cryptocurrency ‘stablecoins’

WASHINGTON, Sept 10 (Reuters) – The U.S. Treasury Department met with a number of industry participants this week to quiz them about the risks and benefits posed by stablecoins — a rapidly growing type of cryptocurrencies, the value of which is pegged to traditional currencies, according to three people with direct knowledge of the meetings.

Washington policymakers are alarmed at the rapidly expanding cryptocurrency market which exceeded a record $2 trillion in April. As of Friday, the market cap of stablecoins stood at roughly $125 billion, according to industry data site CoinMarketCap. It is unclear which financial regulations apply to

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Cardano’s big alonzo upgrade will bring ‘programmability’ to the blockchain, according to founder Charles Hoskinson – he’s going to wear a Ghostbusters costume to mark the occasion | Currency News | Financial and Business News

  • The alonzo upgrade will mean the cardano network will be able to support applications like smart contracts.
  • Cardano will gain a bigger foothold in the world of decentralized finance, competing with ethereum.
  • Founder Charles Hoskinson says he will wear a “Ghostbusters” costume to mark the launch.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cardano’s big “alonzo” upgrade rolls out on Sunday and will usher in the network’s ability to run a range of crypto applications, from smart contracts to non-fungible tokens and aims to bring what founder Charles Hoskinson calls

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London’s financial workers flock back to office in hot commuter crush

Workers pass by a sales person as they walk towards the City of London financial district as they cross London Bridge during the morning rush hour in London, Britain, September 8, 2021. REUTERS/Toby Melville

  • Bank offices back to half-full, occupancy rising
  • Office return comes despite rising virus cases
  • HSBC, StanChart, Goldman see influx accelerating

LONDON, Sept 9 (Reuters) – There’s no free lunch in finance – except when banks are wooing workers back to the office.

London’s financial sector, keen to return to a semblance of normality after the worst of the pandemic, is leading the charge to encourage employees

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4 Financial Mistakes To Avoid For A Good Credit Score

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

When it comes to managing money responsibly, there are certain missteps that can have an immediate repercussion on your finances.

For example, unnecessary spending means less money in your bank accounts to cover your bills. Or missing a credit card statement can result in a late fee.

But there are also those money mistakes that may not have as dramatic and sudden effect on your

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Former Fed official warns of ‘urgent’ threat of another financial crisis

Investors cheered Federal Reserve Chairman Jerome Powell’s Jackson Hole speech on Friday, with markets interpreting it to mean that the central bank would not too quickly wind down its support of the economy. But not every speaker at the annual gathering gave cause for optimism.

Don Kohn, the Fed’s former vice chair for financial supervision, used the opportunity instead to warn of imminent risks to the stability of the global financial system, and called on regulators and lawmakers to take swift action to address those concerns.

“Dealing with risks to the financial stability is urgent,” he said during a speech

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Financial sector breaks through to record highs

Financials stocks broke out to records this week for the first time since early June.

The S&P 500 sector rose more than 1% on Wednesday, lifting it to highs, in one of the best performances on Wall Street. It is also the second-best performer for the year, up more than 30%.

A steeping yield curve, which widens banks’ net interest margins, should continue to benefit the group, says Gina Sanchez, CEO of Chantico Global and chief market strategist at Lido Advisors. One name in particular stands out to her.

“Lido Advisors owns JPMorgan, and it’s a stock we really believe

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There’s a looming economic risk that could trigger the next financial crisis

by Garth Heutel, Georgia State University; Givi Melkadze, Georgia State University, and Stefano Carattini, Georgia State University

In 2008, as big banks began failing across Wall Street and the housing and stock markets crashed, the nation saw how crucial financial regulation is for economic stability – and how quickly the consequences can cascade through the economy when regulators are asleep at the wheel.

Today, there’s another looming economic risk: climate change. Once again, how much it harms economies will depend a lot on how financial regulators and central banks react.

Climate change’s impact on economies

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Biden to Tap Former Hill Aide for Top Treasury Post Overseeing Financial Rules

WASHINGTON—President Biden plans to nominate Graham Steele as assistant Treasury secretary for financial institutions, a move that would put a long-time congressional staffer with ties to progressives at the center of efforts to refocus financial rules on issues such as climate change and racial equity.

Mr. Steele, a former Democratic chief counsel on the Senate Banking Committee and aide to Sen. Sherrod Brown (D., Ohio), would oversee the Biden administration’s plans to tighten regulations on Wall Street firms. That could include heightened scrutiny of cryptocurrencies; open-end mutual funds and hedge funds and their roles in market turbulence last year; and

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How decentralized finance will transform business financial services

  • Decentralized finance (DeFi) is emerging as a tool for smaller businesses in developing markets, particularly for remittances and small loans;
  • The transaction banking industry is beginning to see DeFi’s potential to overhaul the inflexibility of present processes;
  • Uptake of DeFi in transaction banking could open up new capital opportunities for larger companies and increase liquidity for SMEs.

Decentralized finance had a resurgence last summer. Cryptocurrencies like bitcoin and ether are now becoming more widely accepted for payments and USD Coin (USDC) has made significant progress towards being an asset that will maintain its value without future depreciation.

At the same

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