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On October 10th, the head of the local governments disaster risk reduction office announced that a 7.4 magnitude earthquake struck the Philippines, killing one person in Mati City, Davao Oriental Province. DZBB Radio also reported that one person was killed in Pantucan Town, Davao Oriental Province. According to the latest news from the Philippine Institute of Volcanology and Seismology, a 5.8 magnitude earthquake struck the sea east of Davao Oriental Province in the southern Philippines at 11:32 a.m. local time on the 10th, with a focal depth of 10 kilometers.On October 10, Bridgewater Associates founder Ray Dalio reiterated his warning about the rapid growth of US government debt, believing that this is brewing a situation "very similar to the eve of World War II." He said that when debt increases relative to income, it is like plaque in the arteries, which then begins to squeeze spending. Dalio has long warned about the risk of spiraling debt in the United States, and last month he insisted that this is posing a "threat to the monetary order." He blamed politicians from both parties and called for a combination of tax increases and spending cuts to address what he called the "deficit/debt bomb." Dalio believes that surging debt is only part of the problem. He said that worsening global conflicts and wealth inequality are also working together to create an environment where "there is a lot to worry about."TD Cowen: Raised AMD (AMD.O) target price from $195 to $270.TD Cowen: Raised Intel (INTC.O) price target from $20 to $35.Futures News on October 10th, the worlds largest silver ETF - iShares Silver Trusts holdings increased by 36.7 tons from the previous day, and the current holdings are 15,452.23 tons.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.