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August 24th - According to a report from the U.S. Central Command on August 23rd, the U.S. guided-missile destroyer USS John Finn is currently sailing in the Arabian Sea, carrying out the U.S. maritime blockade mission against Iran. As of August 23rd, the U.S. military has ordered 70 merchant ships to change course, rendered 3 merchant ships immobile, and boarded and inspected 2 other merchant ships.On August 24, a 14-year-old Palestinian boy died after being shot by Israeli forces at a refugee camp near the West Bank city of Nablus. Separately, Palestinian health officials in the Gaza Strip stated that Israeli airstrikes on central and southern Gaza on August 23 resulted in at least two deaths and several injuries. Among the dead was a four-year-old child.According to the Washington Post, data from the U.S. Department of Defenses casualty statistics system shows that U.S. military casualties in the war with Iran have risen to 774, including 18 deaths and 756 injuries. Even during periods without large-scale combat, the Department of Defense has quietly added approximately 60 new injury records recently. A large number of the wounded suffered traumatic brain injuries from the blasts during attacks on U.S. bases in Jordan, Kuwait, Iraq, and Saudi Arabia.The Israeli Prime Ministers Office reported that Prime Minister Netanyahu and Defense Minister Katz held a security assessment meeting Sunday evening regarding the threat of drones, balloons, and kites being launched from the Gaza Strip into Israel. Israel warned Hamas that if such launches against Israel do not cease immediately, the Israel Defense Forces will intensify targeted strikes against those responsible.On August 24, according to Irans Mehr News Agency, Hassan Kashkawi, spokesman for the Iranian Parliaments National Security and Foreign Policy Committee, announced on Sunday that the committee had adopted Article 3 of the "Strategic Action Plan for Ensuring the Security and Development of the Strait of Hormuz." He stated, "According to this article, we will charge fees for the provision of maritime services, environmental services, fuel supplies in special circumstances, insurance, security, and other services." These fees will be collected from vessels of relevant countries authorized to pass through the Strait of Hormuz, paid in rials or other currencies designated by the Islamic Republic of Iran. He emphasized the importance of respecting the rights of littoral states along the Strait of Hormuz, stating, "We should not forget that international laws and regulations, in addition to recognizing freedom of navigation, also emphasize respect for the security and sovereignty of littoral states and the prevention of violations of these rights."

Federal Reserve issues guidance for banks considering crypto activities

Skylar Shaw

Aug 17, 2022 14:34


The U.S. Federal Reserve on Tuesday provided more advise for banks thinking about engaging in cryptocurrency-related operations, highlighting the need for enterprises to inform the Fed beforehand and ensure that anything they do is lawful.


The U.S. Federal Reserve on Tuesday provided more advise for banks thinking about engaging in cryptocurrency-related operations, highlighting the need for enterprises to inform the Fed beforehand and ensure that anything they do is lawful.


In a statement, the Fed stated that although banks may see "potential possibilities" from cryptocurrencies, they should make sure they have mechanisms in place to make sure the volatile assets do not endanger consumer protections or safety and soundness.


Before participating in any crypto-related operations, banks should also inform the Fed, and any institutions that have previously explored crypto projects should inform the Fed about their participation in the digital asset area, the agency said.


Additionally, the Fed urged state member banks to notify their state regulator before engaging in cryptocurrency-related operations.


In the supervisory letter, the Fed advised banks it regulates to take a number of precautions before participating in any crypto-related activity, including as confirming that any proposed operations were lawful and that any necessary filings were required.


In order to guarantee that such ventures were done in a safe and sound way and were compatible with relevant consumer protection regulations, banks should also have proper risk management systems and controls in place before becoming engaged in cryptocurrency, the Fed added.


Just a few days prior, a number of Democratic senators, led by Massachusetts Sen. Elizabeth Warren, demanded that the U.S. Office of the Comptroller of the Currency (OCC) withdraw its previously issued crypto guidance and replace it with "a comprehensive approach in coordination with other prudential regulators."


The Fed and the OCC, two U.S. banking regulators, jointly stated last year that they intended to make it clear in 2022 what kinds of activities banks could engage in involving cryptocurrencies, including whether companies could hold digital assets on their balance sheet and facilitate crypto trades on behalf of clients.

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