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On July 14th, according to the authorization announcement of the State Intellectual Property Office, Xiaomi Automotive Technology Co., Ltd. was granted a utility model patent for "Underwater Propulsion Device and Vehicle," with authorization announcement number CN224477061U. According to the patent description, the underwater propulsion device adopts a ring-shaped flow channel design with an outer casing and an internal guide section. The flow channel gradually narrows from the inlet to the outlet through the outer wall of the guide section. Combined with a flow channel layout that features a smaller inlet area and a larger outlet area, this smoothly guides the water flow through the channel, avoiding the formation of localized low-pressure areas due to rapid contraction and expansion. This reduces the cavitation effect that can cause noise and erode the blades. Furthermore, this patent suggests that Xiaomi may be exploring amphibious travel scenarios.Market news: The Ukrainian parliament has officially approved Sviridenkos resignation as prime minister.July 14 - According to local media reports on the 14th, a fire broke out in a building in downtown Brussels, the capital of Belgium, resulting in multiple deaths.Berkshire Hathaway: Buffett currently holds 188,290 Berkshire Class A shares and 1,162 Class B shares.On July 14, the Omani Ministry of Foreign Affairs issued a statement saying that, regarding the recent discussions surrounding navigation in the Strait of Hormuz, Oman will continue to cooperate with all parties in a transparent and neutral manner to promote the restoration of freedom of navigation in the Strait of Hormuz and ensure that the relevant arrangements are fully in accordance with international law. The statement added that Oman will continue to fulfill its obligations as a State Party to the United Nations Convention on the Law of the Sea and called on all parties concerned to respect international law and handle related issues in accordance with international law.

Banks should manage heightened risks from crypto firm deposits –Fed’s Barr

Skylar Shaw

Oct 13, 2022 16:00

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According to Michael Barr, the vice chair of supervision at the Federal Reserve, banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity concerns, especially if enterprises are closely linked to other businesses that deal in digital assets.


According to Michael Barr, the vice chair of supervision at the Federal Reserve, banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity concerns, especially if enterprises are closely linked to other businesses that deal in digital assets.


Barr stated that the Federal Reserve is collaborating with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to highlight the risks to banks of concentrating their deposits in the cryptocurrency industry and to warn that banks may experience deposit fluctuations linked to price fluctuations in the larger crypto market.


The degree of centralization and interconnection among crypto-asset businesses, which increases stress, has been made clear by the recent volatility in the cryptocurrency markets, he added.


Despite the fact that banks were not directly impacted by these events' losses, these incidents have brought attention to possible concerns for financial institutions.


Speaking at DC Fintech Week, Barr stated that the goal of the banking regulators' interactions with financial institutions regarding the dangers of accepting deposits from cryptocurrency firms is "not to discourage banks from providing access" to banking services for cryptocurrency companies, but rather to ensure that any risks are properly mitigated.


Since assuming the top regulatory position at the Fed in July, Barr hasn't spoken in detail on cryptocurrencies and fintech until now. In the address, Barr said that regulators must strike a balance between encouraging innovation and providing barriers to protect customers and prevent systemic dangers.


Barr also cautioned that misleading statements made by cryptocurrency businesses concerning deposit protection may mislead clients and encourage withdrawals from banks with a cryptocurrency slant who provide such services at times of high stress.


These remarks come after the FDIC ordered several other crypto businesses, including the cryptocurrency exchange FTX, to stop making what it deemed to be "false and deceptive" assertions about whether the company's assets are government-insured in August.

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