Helen Sharron Pollard

🏦 Goldman Sachs, the 150-year-old investment bank, is getting deeper into crypto, according to the firm's global head of digital assets, Mathew McDermott. ♻ Ultimately, McDermott says, he sees tokenization as a growing trend due to the sheer benefits of "digitizing the lifecycle" of asset issuance, which not only improves firms' operating efficiency but also liquidity by potentially bringing in a wider group of investors. 🙌 "If you can actually create a product that you can fractionalize and offer up to a much broader universe of investors that not only broadens the distribution channel but also concentrates more secondary liquidity – that is very powerful," he said. 📈 If the tokenization of staid asset classes like money market funds continues, that means an additional $4.7 trillion in collateral that can be used to create derivatives and repos. "That's hugely powerful," he said. We are just getting started! https://lnkd.in/gQSSgtnX #OndoFinance #RWA #Tokenization #FutureofFinance

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BREAKING CRYPTO GOOD-NEWS 🤗 : LEGITIMIZATION OF THE CRYPTO-INDUSTRY 🤔 !?! A major Wall Street bank (BNY) receives approval from the U.S. Securities and Exchange Commission (SEC) to offer crypto-asset custody services! This marks a significant milestone in the mainstream #adoption of crypto, given that such #approval signals growing acceptance of crypto by traditional financial institutions. Also, considering that BNY, as any other traditional financial institution, has considerably robust security and compliance protocols and measures in place (imposed by law), offering crypto-asset #custody services may provide investors (specially institutional ones) with major confidence to buy and hold (the latter using such services) #cryptocurrencies, which in turn, boosts institutional crypto-adoption. Additionally, another key takeaway that's often overlooked is the fact that a SEC's approval of this kind is an indirect #legitimization of the crypto-industry, considering that publicly, such governmental institution has repeatedly disincentivized crypto through various past actions (i.e. by presenting various lawsuits and complaints against crypto-companies, such as Binance, Ripple, and Coinbase, mainly focused on allegations of many of them offering unregistered securities to investors, market manipulation, as well as failure of registering as exchanges or broker-dealers). Such divided stance does confuse the governmental institution's proper view of the cryptocurrency market, but regardless of what its stance might be, all of its actions lead to one certainty: the SEC acknowledges the fact that crypto is not going anywhere and is #HERETOSTAY! In such sense, as the crypto-market keeps on growing, the #SEC and many governmental institutions around the world will keep on trying to make their contribution to the crypto-world (whether positively or negatively), which will in turn keep it relevant and make it much more solid for the future. Thus, again acknowledging, directly or indirectly, the fact that CRYPTO IS HERE TO STAY! So, start questioning the mere hype on mainstream media and start learning to comprehend what truly is behind crypto and the #disruption brought by it! Because it's the future that's at stake, so we must act accordingly. Start growing and protecting your legacy... THE RIGHT WAY 💲 ✨ !!! #Bitcoin #crypto #banks #finance #grow #protect #legacy

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"Deficiency" of at least $35 million in end-user funds held at Evolve, new filing in Synapse bankruptcy reveals: On Monday, May 6th, Evolve Bank & Trust filed a statement supporting a proposed settlement with Synapse as part of the BaaS platform's chapter 11 bankruptcy process. The court's approval of the settlement is a precondition to moving forward with an asset sale to TabaPay. Among other details in Evolve's statement is additional clarification in what happened to approximately $43 million Synapse held in a reserve account at Evolve. Of the $43 million, Evolve moved $35,322,630.78 to the FBO account to cover a "deficiency" of customer funds, $5,401,777.28 to make Evolve whole for fees Synapse owed it, and an additional $2,500,000 to Evolve to cover actual and anticipated costs and losses from winding down its relationship with Synapse. The $35 million in unaccounted for user funds is substantially larger than was previously known. In a separate filing in the bankruptcy from American Bank, the Synapse partner objects to the proposed assumption and assignment of its contract with Synapse to Tabapay, should the proposed asset sale go through. American Bank points out that the deadline for such objections is today (Tuesday, May 7th), while Tabapay isn't required to file evidence of its ability to *perform* the contracts it proposes assuming until tomorrow, Wednesday, May 8th. In its filing, American Bank also argued its contract with Synapse cannot be assigned and assumed by Tabapay, until American has had an adequate opportunity to conduct mandatory due diligence on Tabapay, pointing to 2023's interagency third-party risk management guidance and the just-released third-party risk management guide to support its position. On April 16th, prior to Synapse's bankruptcy filing, American Bank sent official notice to Synapse that the bank considered it to be in default on the pair's contractual agreement, due to Synapse's failure to comply with all laws, rules and regulations, failure in performing its duties and obligations, failure to comply with all regulations of OFAC, and failure to inform the bank of changes in its business, strategy, or financial condition. An attachment to American Bank's April 16th notice of default to Synapse includes numerous alleged violations, including of basic BSA, Reg P, Reg E, and fraud compliance requirements.

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On @CNBC-Overtime yesterday discussing the tech trade: tech has lagged the last few months as a rotation into defensive and interest-rate sensitive stocks has sent staples, utilities and financials to new highs. $Nvidia re-ignited the tech trade the last few days with a strong move upward. Rotation back and forth to continue as the general stock market moves higher given the strong economic backdrop and the start of a Fed rate easing cycle. @barbara_doran1

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On the most recent episode of Glenbrook Partners on Fire podcast ( https://lnkd.in/ea5rn2pB ), they reviewed the potential winners and losers in the proposed Capital One acquisition of Discover. Based on statistics issued by the Fed, they hypothesized that if Capital One migrates their Visa/Mastercard debit card portfolio over to Discover, we can anticipate 1% increase in interchange fees paid to process those newly-issued cards (depending on your AOV). A Pagos merchant recently dug into their own data to see if they could expect such an increase...turns out they can! It is a simple analysis, but when they compared the effective rate for processing Mastercard Debit transactions (regulated and unregulated) over the last few months to that of Discover debit transactions, they saw almost exactly a 1% difference. Our platform view, based on the different verticals and AOVs, we estimate the cost difference in an effective rate between MasterCard Debit and Discover Debit is between a 0.70% - 1.0%. What does this mean for your business?

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🗨️ Caitlin Long | Custodia Bank Thanks for your comment on LinkedIn, THE BANK OF NEW YORK MELLON/BNY MEL LON, N.A decision to offer cryptocurrency custody without including those assets on its balance sheet sets a key precedent for the future of financial services. By avoiding classifying these assets as liabilities, banks can enter the growing digital asset market without taking on the associated accounting risks. This move not only encourages other financial institutions to follow suit, but also raises questions about how regulations surrounding digital assets will evolve. The impact is significant on one hand, financial institutions can diversify their crypto-related services without increasing their risk exposure; on the other, this may spark new regulatory discussions about managing the rising prominence of cryptocurrencies in traditional banking. Are we witnessing the beginning of a transformation in traditional financial models? Custodia Bank Bloomberg Bloomberg News Bloomberg Línea BloombergNEF

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🚨 End of last week President Biden vetoed H.J.Res.109, keeping SAB121 intact. This decision maintains a regulatory stance that many find deeply concerning, disappointing (but personally I don’t find it surprising) Why? SAB121, part of the SEC's guidance, disproportionately targets digital asset custody by large, regulated financial institutions. It treats these assets differently from any other type of asset. The result? Thank you Mr President, we have less choice and convenience for consumers seeking digital asset custody services. The irony is palpable. The Administration's agenda claims to be: ✅ Pro-consumer protection ✅ Pro-innovation ✅ Pro-competition Yet, the SAB121 veto aligns with none of these principles. Instead, it: ❌ Limits consumer options ❌ Stifles innovation in digital asset services ❌ Reduces competition by punishing major players This approach to regulation has far-reaching implications. It sets a precedent that could potentially seep into other sectors. We shouldn't settle for governance that's: ❌ Anti-consumer protection ❌ Anti-innovation ❌ Anti-competition Insisting otherwise doesn't make it so. As professionals in crypto, we must advocate for policies that truly foster growth, protect consumers, and promote fair competition. The SAB121 veto is a step in the wrong direction. If I learned anything from Consensus is that we should all be reaching out via emails and calls to our representatives (www.standwithcrypto.org has ready templates for this and is a great source) Thoughts? How do you think this decision will impact our industries? Source: https://lnkd.in/evWsZ7BP #FinTech #CryptoRegulation #Innovation #ConsumerProtection

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🚨 FINRA Fines SoFi Securities $1.1M for $2.5M Fraud Loss 🚨 "The firms approved the opening of approximately 800 accounts that third parties then used to transfer approximately $8.6 million from customers' accounts at other financial institutions without authorization, FINRA’s order states. Approximately $2.5 million of those transfers were subsequently withdrawn by these third parties from the SoFi Money accounts." Key Points💡 ❌ From December 2018 to April 2019, SoFi's account opening process allowed third parties to transfer $8.6 million from other accounts fraudulently. Despite red flags, SoFi failed to adequately respond. 🚩 SoFi ignored identity theft warning signs, including mismatched addresses and flagged Social Security numbers, identified in its Identity Theft Prevention Program. 📉 SoFi Securities neglected to develop and implement a comprehensive Identity Theft Prevention Program. The firm lacked the necessary measures to detect, prevent, and mitigate identity theft. This oversight enabled fraudsters to exploit vulnerabilities within the system, resulting in financial losses of $2.5 million. Learn More 💡 ➡ https://lnkd.in/gpmjePUY ➡ https://lnkd.in/gBU5wAVV #fraud #financialcrime #bankingindustry

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Learn when #crypto use cases will really take off and so much more on Ric Edelman, CBDA podcast with Galaxy Christopher Rhine, CFA https://lnkd.in/g22zmtte

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The FDIC & other regulatory bodies are exploring new reconciliation rules and processes between partner banks & fintechs. While the fall of Synapse & the loss of consumer funds have played a major role in this but it only solidifies what we have been talking about for almost a year at NAYA AI-Powered Financial Operations Platform Financial & operational accuracy in financial services is one of the unspoken of industry secrets and not without good reason. Synapse is not the only case but the one the made the headlines. Fintech has been growing rapidly in the last 15 years yet its infrastructure stack didn’t in comparison which lead to a lot of patch work and repurposing of systems not built for these use cases such as ERPs or in-house built ledgers. The need for purpose built solutions for financial services similar to what banks have with core banking is long overdue and only a handful of companies are tackling this problem. It’s why we have set our mission at NAYA to set a global standard for financial source of truth! https://lnkd.in/gUcy5AaG

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Another one bites the dust as a regional bank falters under the weight of current economic pressures. While this may not be a repeat of the Global Financial Crisis, banks are still grappling with significant challenges, particularly in relation to their balance sheets. The situation is unlikely to ease until interest rates see a substantial decrease or all debt-dependent asset classes adapt to the new reality of high interest rates for longer. My prediction leans towards the latter scenario. In any case, we should brace ourselves for a turbulent 18 months ahead, especially for debt-dependent asset classes such as commercial real estate. These unprecedented times have left many commercial real estate owners indecisive, particularly as property values have plummeted rapidly over the past two years, primarily due to rate fluctuations rather than the performance of the assets themselves. We believe this situation, combined with trillions of dollars of loan maturities, will lead to numerous Special Situations in the equity side of commercial real estate, too. Analyzing data and understanding patterns has been central to our investment strategy since our inception, allowing us to navigate these scenarios effectively, identify emerging opportunities, assess risks and make informed decisions as the market evolves. Now more than ever, professional guidance is essential to make these critical decisions. The Wall Street Journal Peachtree Group Peachtree Group Credit Jared Schlosser Brian Waldman Jatin Desai Daniel Siegel Michael Ritz Michael Harper Brent LeBlanc Gina Heeb Lauren Thomas Justin Baer https://lnkd.in/gMCi8CWz

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A systemically important bank - BNY - is favoured to get into a systemically risky asset class - #digitalAssets. It seems US regulatory corruption/lobbying favours highly leveraged, incumbent, fractional reserve banks on WallSt Vs private Innovators like Custodia Bank who protect customer deposits by being fully reserved. It's so odd* that a regulator would deny consumers a choice that offers them greater safety for their wealth and doesn't require federal insurance or taxpayer funded bailouts? *sarcasm.

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Zerohedge: Fast Casual Dining Foot Traffic "Plummets" Across New York-New Jersey As Consumer Cracks. #INVESTMENTBANKING #HEDGEFUNDS #PORTFOLIOMANAGMENT #CEOS #CIOS #CFO #CFOS #CIO #ASSETMANAGEMENT #FED #INFLATION #ECONOMY #EUROPE #ASIAPACIFIC #MARKETS #COMMODITIES #ECONOMICS #PRIVATEEQUITY #MONEY #VENTURECAPITAL #INVESTING #BANKINGINDUSTRY #TREASURY

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Barchart: Apple Insider Trading Alert 🚨 Principal Accounting Officer Chris Kondo just sold $1.1 million worth of $AAPL shares. #INVESTMENTBANKING #HEDGEFUNDS #PORTFOLIOMANAGMENT #CEOS #CIOS #CFO #CFOS #CIO #ASSETMANAGEMENT #FED #INFLATION #ECONOMY #EUROPE #ASIAPACIFIC #MARKETS #COMMODITIES #ECONOMICS #PRIVATEEQUITY #MONEY #VENTURECAPITAL #INVESTING #BANKINGINDUSTRY #TREASURY #FINANCE #TRADING #

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Zerohedge/The Market Ear: Risk Control & CTA Buying: Potential $150-200 billion buying...and $25-50 billion in stock weekly buybacks through year-end. #INVESTMENTBANKING #HEDGEFUNDS #CEOS #CIOS #CFO #CFOS #CIO #ASSETMANAGEMENT #FED #INFLATION #ECONOMY #EUROPE #ASIAPACIFIC #MARKETS #COMMODITIES #ECONOMICS #PRIVATEEQUITY #MONEY #VENTURECAPITAL #INVESTING #BANKINGINDUSTRY #TREASURY #FINANCE #TRADING #STOCKS #ENERGY

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A really interesting article featuring Devexperts' own Peter Snasdell on the challenges and possible AI based solutions to the use of unregulated off-channel media to facilitate trading, which has so recently resulted in huge fines issued by the SEC. Take a look, page 32-33. https://lnkd.in/gmx2StGn #devexa #Devexperts

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Chase is contemplating adding fees to checking accounts due to potential new overdraft and late fee limits. Just one more reason that growth in the neobank/challenger bank market is going to continue to thrive. A bit of a tone-deaf comment from Chase's CEO of consumer and community banking who states: "It is not practical for many of the services to be free if we won’t be able to draw from those profit pools". Nuisance fees are now "profit pools"? Time to open the drain..... https://lnkd.in/gi7x7ean

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