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UAE Presidents Foreign Policy Advisor: The UAE is exercising restraint and seeking a way out for Iran and the region.The UAE presidents foreign policy advisor said Irans accusations against the UAE are "part of its unwise and chaotic policy."On March 15, S&P Global Ratings affirmed Saudi Arabias sovereign credit rating, adding that despite disruptions, non-oil growth momentum and related non-oil revenues should help support the economy. S&P stated that Saudi Arabia should be able to withstand the impact of the current conflict with Iran. S&P noted that the country should be able to shift oil exports to the Red Sea, utilize its vast oil storage capacity, and increase oil production post-conflict. The Saudi government should also be able to adjust investment spending related to "Vision 2030," a strategic framework launched by the country in 2016.On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.

U.S. SEC working to register crypto lending firms -Gensler

Skylar Shaw

Jul 22, 2022 15:07

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The director of the federal regulator told CNBC in an interview on Thursday that the U.S. Securities and Exchange Commission is trying to get certain so-called cryptolending businesses legally registered if they function more like investment firms.


The chairman of the Wall Street regulator told CNBC in an interview on Thursday that the U.S. Securities and Exchange Commission (SEC) is attempting to get certain cryptolending businesses legally registered if they function more like investing firms.


Gary Gensler, the chairman of the SEC, also said that while it was up to major financial institutions to determine whether or not to incorporate cryptocurrency options in their client portfolios, the risks associated with crypto tokens needed to be made clear.


Since many of these businesses "may well be investment organizations receiving hundreds of thousands or millions of dollars from clients, putting it all together, and then lending it out while claiming relatively high returns, we have concentrated on this sector, You might argue it sounds a little bit like an investing firm or a bank," Gensler added.


How do they accomplish that? What is the substance of such guarantees? We're going to collaborate with the sector to properly register these companies under the securities rules.


Companies who deal in cryptocurrencies have said that they are still uncertain of how U.S. rules would apply to goods that let users earn interest on holdings rather than exchanging them.


Since May, attention has once again been drawn to the cryptocurrency markets during recent periods of volatility that have long frightened watchdogs.


In recent weeks, a number of cryptocurrency lenders have failed due to falling cryptocurrency values. Insolvency papers have been filed by Celsius Networks. BlockFi and FTX agreed to an agreement, and the cryptocurrency exchange now has the option to purchase BlockFi for up to $240 million.


Companies with cryptocurrency exposure have already issued warnings that drops in token values might have unintended consequences, such as bringing on margin calls.


Investors have deserted the crypto markets as the U.S. Federal Reserve has started raising rates to fight inflation.


The remarks made on Thursday come after many pronouncements by Gensler to the effect that, in his opinion, certain cryptocurrency trading platforms may fit the definition of "securities" and should be traded and governed as such.

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