Author: IA PressRoom

The Securities and Exchange Commission’s case against Coinbase is built around a refrain common in its efforts to regulate the industry: while crypto companies operate like any other financial institution they aren’t following the decades-old rules that guide them. But crypto founders have sounded an increasingly defiant response — that those antiquated rules shouldn’t apply to them in the first place and that it is the regulators who are the problem. Binance’s Changpeng Zhao, also known as CZ. Eric Piermont/Agence France-Presse/Getty ”If you have to pick a fight with everyone, maybe you are the one at fault,” Binance’s billionaire chief,…

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A regulatory Big Bang is engulfing cryptocurrency exchanges. In the span of 48 hours, the US Securities and Exchange Commission has fixed two of the industry’s biggest operators in its sights. On Monday, it accused Binance, the world’s largest crypto exchange, and founder Changpeng Zhao, of committing some of the same malfeasances that led to the collapse of Sam Bankman-Fried’s FTX. The SEC alleged Binance had diverted customer money and used secret trading firms to prop up trading volumes. A day later, the regulator sued Coinbase, the largest US crypto platform, for allegedly operating as an unregistered broker and dealing…

© Reuters. A general view of the Moscow International Business Center, also known as “Moskva-City”, in Moscow, Russia January 17, 2018. REUTERS/Maxim Shemetov By Darya Korsunskaya and Alexander Marrow (Reuters) -Russia recorded a marginal budget surplus in May, enabling it to slightly reduce its deficit for the first five months of the year to 3.41 trillion roubles ($41.9 billion), the finance ministry said on Tuesday, as monthly spending slowed. In January-May 2022 Russia posted a surplus of 1.59 trillion roubles, but outlays to support its military campaign in Ukraine and Western sanctions on its oil and gas exports have since…

© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermid By Sruthi Shankar and Shristi Achar A (Reuters) – The and Nasdaq rose on Tuesday as banks led a rally in economically sensitive sectors, while investors awaited inflation data and the Federal Reserve’s policy meet next week. Inflation data is expected to show consumer prices cooled slightly on a month-over-month basis in May but core prices are likely to have remained elevated, while the Fed is widely expected to hold interest rates. Financials rose 1.2% to…

© Reuters. Electric New York City Parks Department vehicles are seen charging in Central Park in New York City, U.S., April 12, 2023. REUTERS/David Dee Delgado By Jarrett Renshaw and Stephanie Kelly NEW YORK (Reuters) – The Biden administration will abandon a proposal to include the electric vehicle industry in the U.S. biofuel blending program and withdraw potentially billions of dollars worth of tradable credits that had been attributed to the scheme, three sources familiar with the matter told Reuters. Reuters had first reported in early May that the Environmental Protection Agency (EPA) was considering delaying the EV program over…

Image source: PixabayThe Manhattan federal court has convicted the former co-owner of the Minnesota Vikings, Reginald Fowler, for a $700 million crypto scam. Washington Post reported that Fowler, aged 64, defrauded the Alliance of American Football (AAF), a now-shut-down professional football league, in a fraudulent crypto investment.The sentence announced by the US Attorney’s Office in New York noted that the Arizona-based businessman would serve a 75-month jail term. Also, he will forfeit $740 million and pay restitution of $53 million.Fowler’s Criminal ChargesRed McCombs, owner of Minnesota Vikings, announced the proposed sale of the team to Fowler on February 14, 2005, in Eden…

In his first public appearance since officials in California accused him of orchestrating recent charter flights that carried groups of migrants from Texas to Sacramento, Gov. Ron DeSantis of Florida did not address whether his state was responsible for the transports.Instead, at what his office had billed as a news conference in Wildwood, Fla., Mr. DeSantis signed a bill on Tuesday morning that he said would give consumers more control over their online presence and then walked off the stage without taking questions from reporters.“All right, guys, we’ll be back soon,” Mr. DeSantis said as he waved to the audience.…

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John Ulrich is the President & CEO of Ulrich Investment Consultants. getty Hybrid funds, also known as asset allocation funds, refer to a type of investment fund that diversifies among two or more asset classes. Typically, a hybrid fund will consist of a mix of stocks and bonds. A hybrid fund aims to reduce the risk for an investor by minimizing the exposure of risk to any single asset class and is customizable to your investment goals and risk tolerance. Evolved from the implementation of modern portfolio theory in fund management, hybrid funds offer investors the option of investing in…