It's All About the Bitcoins
Looks like the road to mainstream Bitcoin acceptance is paved with regulation.
The New York Department of Financial Services has issued subpoenas to a variety of New York-based Bitcoin enterprises, including Coinbase, Coinsetter and BitInstant, in an effort to collect more information about the booming virtual currency. This could lead to increased state regulation, as the department works to determine if Bitcoin companies should be regulated like other money-transmission companies, and/or be held to a separate set of standards.
The Securities and Exchange Commission will not misuse its newfound power to reject Freedom of Information Act requests, SEC chairman Mary Schapiro said today at a House of Representatives hearing.
A section of the Dodd-Frank financial reform bill signed by President Obama in July allows the SEC to turn down FOIA requests pertaining Read More
Fun With Fuld, Faces
Dick Fuld’s face is as distinctive as it is expressive. As the former Lehman Brothers CEO has appeared before the cameras over the past two years, he’s put on a theatrical show, displaying emotions ranging from befuddlement to rage to disgust. In honor of the second anniversary of Lehman Brothers’ historic implosion, we’ve put together Read More
Personal Finance, Charge It
In response to the recently passed financial reform legislation, the Federal Reserve has begun work on imposing fee limits on debit-card transactions charged by big banks. Banks are unhappy about this, because every time a clerk swipes a card, a few coins jingle into their pockets. Now, billions of dollars in revenue are at Read More
“You could really make an argument that financial regulation amounts to merely a little dust splashed on some of them,” a private-equity executive said about his Wall Street colleagues this July, when the idea that nothing had really changed on Wall Street was still a semi-secret. It isn’t any longer.
According to the Read More
I had high hopes for David Paterson when he became governor, but I have to admit I’ve pretty much given up on him. I was appalled by the way he treated Caroline Kennedy when she expressed interest in New York’s vacant Senate seat: Hey Governor, a simple no would have sufficed. Is it really a Read More
As the financial markets continue their roller coaster ride, the issue of government’s role in our society returns to the front pages. While Congress considers a massive buyout of poorly thought out investments, many are arguing that if we are going to provide these subsidies we need to impose rules to prevent future crises. It’s Read More