State South Carolina Financial News

The sudden collapse of Silicon Valley Bank has set the stage for the latest fight over the role of the federal government in the financial sector, with Republican 2024 presidential hopefuls threatening to make any hint of a taxpayer-funded bailout a campaign issue.The issue’s clout and staying power will likely depend heavily on whether regulators are able to successfully shield the banking system from wider fallout, and by how losses are dealt with for depositors with holdings above the Federal Deposit Insurance Corp.’s $250,000-protection limits.Nikki Haley, the former South Carolina governor and United Nations ambassador running for the GOP nomination, was among the first in the still-emerging GOP field to call for no taxpayer exposure to the bank’s failure and by Sunday was already soliciting online campaign contributions on the topic.“Taxpayers should absolutely not bail out Silicon Valley Bank,” she said in a statement. “Private investors can purchase the bank and its assets. It is not the responsibility of the American taxpayer to step in. The era of big government and corporate bailouts must end.”

The United States Securities and Exchange Commission and its chair Gary Gensler were the targets of many lawmakers and witnesses at a hearing exploring the crash of the crypto market.

Whether you're starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the choice may be more complex than you think.

South Carolina Senator Tim Scott, the Republican ranking member on the United States Senate Banking Committee, reportedly plans to develop “a bipartisan regulatory framework" for cryptocurrencies.

Crypto lending company Nexo has agreed to pay a total of $45 million to US regulators to settle claims that it failed to register the sale of its Earn Interest Product (EIP).

Major crypto lender Nexo will be leaving the United States over the next few months, as the company was unable to reach an agreement with the country's regulators.

Attorneys for the Biden administration and states challenging the president’s student-debt cancellation plan squared off at a federal court hearing Wednesday that left the fate of the loan forgiveness in limbo.

Curtis Loftis, the treasurer for the U.S. state of South Carolina, spent five days in El Salvador as part of an “exploratory trip” on cryptocurrencies.

After days of speculation over Nexo’s financial health and solvency, the crypto lender’s executives took to YouTube to answer questions from the community during an Ask Me Anything (AMA) session.

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Hurricane Ian will likely weigh on U.S. economic growth through the end of 2022, economists say. Beyond that, the rebuilding and recovery will nudge up economic output over the coming years.

Kalin Metodiev, the co-founder and managing partner of crypto lender Nexo stated his firm was “surprised” by the way in which eight state regulators publicly took action against it for securities violations.

Switzerland-based crypto-lender Nexo is facing simultaneous enforcement action from eight different U.S states over varying allegations. Actions include cease and desist orders, administrative measures etc.

All-in-one cryptocurrency platform Nexo has received a cease-and-desist order in the U.S. state of California. 

The California Department of Financial Protection & Innovation (DFPI) has filed a desist and refrain order against crypto lending platform Nexo as part of its ongoing investigation of companies offering interest-bearing crypto assets accounts. The agency claims it is joining regulators from seven other American states in taking action against the company. The other states involved are Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington and Vermont, according to CNBC.

Two Bitcoin miners have told Cointelegraph that if the bill banning Proof-of-Work mining for two years in New York becomes law, it would end up triggering an exodus of mining companies from the state and do little to address the intended goals of the moratorium.

There's momentum for personal finance education becoming law in many states across the country.

Greenidge Generation Holdings has secured $100 million in funds to help in enlarging its operations in the U.S.

Numerous states are proposing tax rebates and bonuses for public workers as the fiscal doldrums of early 2021 give way to fat times fueled by booming markets, growing incomes and federal aid.

WASHINGTON—A technology executive pleaded guilty to federal wire-fraud charges on Tuesday, closing an obscure but potentially influential case that could shape future criminal prosecutions involving companies that provide bedrock internet services to customers.