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On August 11, the National Federation of Independent Business (NFIB) Small Business Optimism Index rose 2.4 points to 99.8 in July, the highest level since August 2025. Of the 10 sub-indices in the optimism index, 8 rose and 2 fell. Significant improvement in hiring plans contributed the most to the indexs rise. NFIB Chief Economist Bill Dunkelberg stated, "Small business optimism rose again in July, with a significant increase in business owners expecting to hire and improvements in capital expenditure plans. Despite current high uncertainty, the business environment is expected to continue to improve." Looking ahead, 20% of business owners plan to add jobs in the next three months, 14% consider inflation their biggest business challenge, and 25% plan to make capital expenditures in the next six months.The U.S. NFIB Small Business Confidence Index for July was 99.8, compared to 97.4 in July.Sony Group: Will form a joint venture with TSMC (TSM.N) to focus on image sensors. The joint venture is expected to begin mass production in 2029.Intel (INTC.O) shares fell 1% in pre-market trading after the company announced it would expand its share offering and determine pricing.On August 11, it was learned from the Tianjin Municipal Development and Reform Commission that the municipal-level special plan, "Tianjin Municipal Population High-Quality Development 15th Five-Year Plan," was recently issued. The plan specifies that, in terms of total population, the permanent resident population aims to reach 13.7 million by 2030, with a net increase of 700,000 registered residents; in terms of quality of life, the health literacy level of residents will rise to 46%, and the average life expectancy will reach 83.2 years; in terms of structure, the urbanization rate of the permanent resident population will remain stable at over 86%; in terms of peoples livelihood, the urban surveyed unemployment rate will be steadily controlled, the supply of inclusive childcare and nursing care beds will be significantly increased, and the quality of life for the masses will be comprehensively improved.

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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