Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, took the stand at his trial on Friday and said that while he may have made mistakes he did not commit fraud or steal from customers. “I made a number of small mistakes and a number of large mistakes,” the onetime crypto wunderkind said in reply … Read more
Programming note: Money Stuff will be off tomorrow, back on Monday. There are three classic problems that you might encounter if you try to use Bitcoin to pay for goods and services. The first problem is that your Bitcoins might go astray: Bitcoin transactions are irreversible and involve sending money to long complicated addresses, and … Read more
In March, a 39-year-old woman and her husband sat in a fertility clinic near Atlanta, and waited. The woman was there to have an embryo implanted in her uterus, the final stage of a grueling in vitro fertilization process involving hormone injections, multiple egg retrievals and more than $30,000 of the couple’s savings. Three hours … Read more
Imagine a world where a party could buy or sell currencies at the market rate, and get their hands on the cash in close to real time without having wait for the trade to settle two days later. Settlement and counterparty risk would be close to zero and funding costs would be slashed. Fewer intermediaries … Read more
US lenders should review plans for their funding needs to make sure they have access to a range of liquidity sources during times of stress, according to top banking regulators. Banks should maintain “actionable” contingency plans and focus on liquidity risk management, agencies including the Federal Reserve and the Federal Deposit Insurance Corp. said Friday … Read more