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According to CNN: A US federal judge extended the ban preventing the National Guard from deploying to Chicago.Data shows that the size of the U.S. national debt reached $38 trillion for the first time.Tesla (TSLA.O): The company has sufficient liquidity to fund its product roadmap, long-term capacity expansion plans and other expenditures.On October 23, Tesla (TSLA.O) announced a lower-than-expected third-quarter profit, despite record sales of its electric vehicles, indicating that the company is facing pressure from changing US policies and rising costs. The companys financial report showed adjusted earnings per share of 50 cents in the third quarter. The average analyst expectation was 54 cents. However, quarterly revenue of US$28.1 billion exceeded market expectations. The company reiterated its statement from the previous quarter that it is difficult to measure how changing global trade and fiscal policies will affect its business and operations. Tesla believes that its performance depends on the broader macroeconomic environment and the speed at which it accelerates its autonomous driving efforts and increases production of key products. Analysts expect Teslas car deliveries to decline for the second consecutive year. Earlier this month, Tesla reported record third-quarter sales as consumers rushed to buy electric vehicles before the US tax credit policy expired on September 30, which gave the companys core automotive business a brief boost.Tesla (TSLA.O): Increased vehicle deliveries, growth in energy generation and storage, and expansion of services and other businesses all had an impact on revenue; however, regulatory credit income declined, and one-time FSD revenue recognition decreased year-on-year.

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.


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