Coin News

The Winklevoss Bitcoin Trust is no longer attempting to list on Nasdaq, according to an SEC document filed today. After three years of waiting for regulatory approval from the Securities and Exchanges Commission (SEC), the Trust’s founders, investors Tyler and Cameron Winklevoss, have changed tact and are now seeking to list the product on the BATS […]

The Federal Reserve has failed both Deutsche Bank Trust Corporation and Santander Holdings under the Dodd-Frank mandated stress tests.

Morgan Stanley received a conditional non-objection, and must resubmit its plan. The bank has until December 29, 2016 to do so.

The test measures the ability to respond to an event similar to the financial crisis, and examines 33 financial institutions with more than $50 billion in assets in the US.

Both European-based banks passed the quantitative section of the test, meaning that under the high stress scenario, the banks would theoretically have enough capital to survive. The problem came in the qualitative review of the bank's processes.

"The Federal Reserve objected to the capital plans of Deutsche Bank Trust Corporation and Santander Holdings USA, Inc. because of broad and substantial weaknesses across their capital planning processes, and insufficient progress these firms have made toward correcting those weaknesses and meeting supervisory expectations," The Federal Reserve said in a release. 

The Fed said that while there were improvements in certain aspects of capital planning at Deutsche Bank Trust Corporation, the firm has "material unresolved supervisory issues."

Here's the excerpt on Deutsche Bank:

"The Federal Reserve determined that the assumptions and analysis underlying the capital plan of DBTC, and the capital adequacy process of DBTC, are not reasonable or appropriate. In particular, the Federal Reserve identified deficiencies in the risk management and control infrastructure at DBTC, including risk measurement processes; stress testing processes; and data infrastructure."

DBTC is made up of the transaction bank and wealth management business at Deutsche Bank.

"The capital adequacy of Deutsche Bank Trust Corporation has never been in doubt," said Bill Woodley, CEO of DB USA Corporation and Deputy CEO of Deutsche Bank Americas in a release following the stress test results.

Here's what the Fed had to say about Santander:

"The assumptions and analysis underlying the capital plan, and the capital adequacy process, are not reasonable or appropriate. The Federal Reserve’s review of the capital planning processes at Santander revealed ongoing deficiencies in the risk management framework, including important features of the risk measurement and monitoring function; stress testing processes; and internal controls, governance, and oversight functions."

This is the second year in a row that the American holding side of Deutsche Bank and Santander have failed the test.

Each year the Fed changes the scenario in which the banks have to prove their adequacy, this year the test included negative interest rates and unemployment near 10%.

SEE ALSO: Congrats, America! The 33 biggest banks in the US are getting safer

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Paris politician Bernard Debré, the deputy of the National Assembly of France and a member of the Union for a Popular Movement in Paris, has stated that Bitcoin should be banned in the city, according to a local report. Recently, the bureaucrat participated in a French-based survey, conducted by the magazine Current Values, where he […]

The post Paris Politician Wants to Ban Bitcoin appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

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The post Ethereum Crises Deepens; SoftFork Out, HardFork Decision in Just 16 Days appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

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It has been a brutal past week, politically and economically. The UK’s decision to exit the European Union (EU) at their referendum prompted global shockwaves. Stock markets have been volatile, Sterling crashed against the US dollar and euro, while gold and cryptocurrencies like Bitcoin were beneficiaries. So, alternatives do need considering.

Democratic presidential hopeful and presumptive nominee Hillary Clinton has pledged support for public blockchain applications in a wider agenda for technology and innovation. Hillary Clinton, widely expected to run for the United States presidency as the chosen Democratic nominee has unveiled a “Technology & Innovation” initiative, outlining an agenda that includes blockchain solutions for the […]

The post Blockchain is on Presidential Candidate Hillary Clinton’s Technology Agenda appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The price of bitcoin failed to increase despite the fact the yuan-dollar exchange rate was close to its lowest point since 2010 this week.

Plutus, a new start-up based in London, allows any merchant with contactless card terminals to accept bitcoin and ethereum payments regardless of whether the merchant has in fact adopted bitcoin or ethereum. Utilizing the new NFC technology, Plutus aims to make physical Bitcoin and Ethereum payments as easy as tap and go, with merchants not […]

The post This New Tech Turns a Bitcoin and Ethereum Wallet into a Contactless Card appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Reports that a new Chinese draft bill would cover digital currencies appear exaggerated, according to local sources.

An improved version of CryptXXX ransomware has raked in over $45,000 in three weeks after fixing a crypto flaw that allowed victims to recover their data for free. Over the last few months a cat-and-mouse game has ensued with CryptXXX developers and security researchers with the researchers sourcing out ways for victims to reclaim back […]

The post New Ransomware Extorts 70 Bitcoins in Three Weeks appeared first on CCN: Financial Bitcoin & Cryptocurrency News.