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A majority of members of the U.S. House of Representatives voted in favor of a bipartisan bill aimed at alleviating a severe housing shortage and promoting the construction of affordable housing; voting is still ongoing.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.09% to 51,666.84 points, the S&P 500 fell 1.44% to 7,365.46 points, and the Nasdaq Composite fell 2.21% to 25,587.04 points. Nvidia fell more than 4%, and Caterpillar fell more than 3%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 1.42%, Tesla fell more than 5%, and Google fell more than 1%. SpaceX rose nearly 1%, ending a three-day losing streak. 2. All three major European stock indexes closed lower. The German DAX fell 0.98% to 24,893.58 points; the French CAC40 fell 0.71% to 8,340.71 points; and the UK FTSE 100 fell 0.09% to 10,428.85 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 4.01 basis points to 4.194%, the 3-year Treasury yield fell 3.39 basis points to 4.218%, the 5-year Treasury yield fell 2.49 basis points to 4.268%, the 10-year Treasury yield fell 1.98 basis points to 4.497%, and the 30-year Treasury yield fell 1.21 basis points to 4.946%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 1.75% to $4129.00 per ounce, and COMEX silver futures fell 6.03% to $61.63 per ounce. 5. The most active US crude oil contract closed down 1.1% at $73.05 per barrel; the most active Brent crude oil contract fell 1.02% to $76.73 per barrel. 6. London base metals fell across the board. LME lead fell 0.99% to $1,944.5/ton, LME copper fell 2.02% to $13,373.5/ton, LME nickel fell 2.95% to $17,230.0/ton, LME zinc fell 2.97% to $3,501.5/ton, LME aluminum fell 3.11% to $3,259.5/ton, and LME tin fell 5.78% to $51,055.0/ton.DownDetector, a network monitoring website, reports that over 18,000 users have reported issues with Instagram and over 20,000 users have reported issues with Facebook in the United States.DownDetector, a website monitoring internet conditions, reports user complaints that Instagram and Facebook are experiencing issues in the UK.① Iran 1. Iranian state media: Irans western airspace is now open. 2. Iranian Deputy Foreign Minister discloses the technical consultation mechanism for the follow-up negotiations between Iran and the US. 3. Iranian Foreign Ministry Spokesperson Baghae: Irans missile program was never part of the negotiations. ② United States 1. White House Spokesperson: Iran will never possess nuclear weapons. 2. Both houses of the US Congress pass a war powers resolution, symbolically condemning Trump. 3. US Central Command: Two aircraft carriers remain on mission in the Middle East. 4. Trump says he will take necessary action if Iran does not comply with the agreement. 5. Trump: Iran has fully agreed to accept long-term nuclear inspections, which is a prerequisite for further negotiations. ③ Israel 1. Israeli National Security Minister threatens to turn Beirut into Gaza. 2. Israeli assets plummet, and years of war gains vanish with the expectation of peace talks. ④ Ceasefire Negotiations 1. Iranian President: The Iran-US memorandum of understanding does not involve missile issues. 2. Pakistani Prime Minister: The memorandum of understanding does not mention Irans ballistic missile capabilities. 3. Trump says IAEA inspectors will visit Iran in due course. An Iranian Foreign Ministry spokesperson stated earlier that there were no plans for inspectors to visit. ⑤ Strait of Hormuz 1. Iran and Oman established the Strait of Hormuz Commission. 2. Trump: 19 million barrels of oil were transported through the Strait of Hormuz on June 22. 3. Oman and Iran issued a joint statement: emphasizing territorial sovereignty and agreeing to jointly develop a navigation management agreement. 4. Iranian Ambassador to Geneva: The Strait of Hormuz is fully open to merchant ships, and a large amount of oil has been transported through the waterway recently. 5. Oman reiterated its commitment to ensuring free and safe passage through the Strait of Hormuz; stated it has coordinated with the International Maritime Organization to open a temporary channel in the Strait of Hormuz. 6. Iranian military sources stated that only a limited number of ships are allowed to pass through the Strait of Hormuz each day, with the specific number adjusted based on the daily situation. ⑥ Other Situations 1. Jordanian Foreign Minister: All illegal actions by Israel should be stopped immediately. 2. Hezbollah: Israels attacks in southern Lebanon violate the ceasefire agreement. 3. Lebanese President: No compromise will be accepted unless the "Israeli occupation of southern Lebanon" ends.

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.