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June 27th - According to Axios, citing sources, the Trump administration is close to allowing Anthropic to restore access to its robust Fable 5 model, which had been offline for 15 days due to government security concerns. Insiders expect the government to lift restrictions on Fable 5 as early as next week. Another source indicated that communications are expected to continue over the weekend, and Anthropic is expected to restore Fable access soon. The U.S. Commerce Department on Friday allowed Anthropic to restore access to Mythos 5 to a limited number of trusted users. According to Semafor, Commerce Secretary Lutnick stated in a letter to Anthropic on Friday that the company "has worked with the U.S. government to address the risks associated with Mythos 5 and Fable 5." "These efforts have made significant progress." Furthermore, Anthropic pledged to cooperate with the U.S. government on agreements, standards, and releases.June 27th - According to The Times of London, Andy Burnham is expected to unveil a series of plans focused on decentralizing power and funding from the central government to the regions of England in his first major policy speech since announcing his candidacy for Labour leadership. Burnham plans to outline his economic strategy in a speech next week, detailing proposals to give mayors more control and to fund social housing, welfare, and education for children over 16. The report states that Whitehall departments will be asked to assess which areas within their mandates should be transferred to local governments, and Burnham may also push forward with plans to decentralize some tax revenue to local governments. If Burnham remains the sole candidate in the Labour leadership race, he is expected to be formally declared leader later next month (nominations close on July 16th).June 27 - Swiss energy company Axpo announced on the 26th that the Beznau nuclear power plant in northern Switzerland had suspended operations that day due to excessively high temperatures in the river water used to cool the nuclear reactor. This power plant is the oldest operating nuclear power plant in Europe.Kuwait condemned Irans attack on Bahrain territory, arguing that it severely undermined efforts to achieve peace and stability and posed a threat to regional security.June 27 - On June 27, the UK Office for Maritime Trade Operations forwarded a notice from the Joint Maritime Information Centre, stating that the Joint Maritime Information Centre had raised the maritime security threat level in the Strait of Hormuz from "moderate" to "high".

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.