Jack J. Kelly, Author at Compliancex

Big US banks to fare well in annual health checks despite spring turmoil

Jack J. Kelly Banks, Federal Reserve, Stress Tests June 26, 2023

Big U.S. lenders are expected to show they have ample capital to weather any fresh turmoil in the banking sector during this week’s Federal Reserve health checks, although resulting investor payouts are likely to dip slightly, analysts said. The central bank on Wednesday will ...Read More

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Crypto Exchange Backed by Fidelity, Schwab and Citadel Launches With Additional Investors

Jack J. Kelly Bitcoin, Cryptocurrency, Digital Assets, ETF June 23, 2023

EDX Markets (EDX), which is backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities, has launched in the U.S. after building out its technology for the past nine months, the company announced Tuesday. “I am proud to announce that EDX Markets (EDX) has successfully ...Read More

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SEC fines JPMorgan subsidiary for deleting 47 million emails, some related to subpoenas

Jack J. Kelly Banks, Investigation, Recordkeeping, SEC, Securities and Exchange Commission June 23, 2023

The Securities and Exchange Commission fined the broker-dealer subsidiary of JPMorgan Chase $4 million for accidentally deleting about 47 million emails from early 2018, according to an administrative order Thursday. Some of those deleted emails were sought by subpoenas in at least a dozen regulatory investigations, but could no longer be retrieved, the ...Read More

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SEC boss Gary Gensler faces ethics scrutiny over Sam Bankman-Fried meeting

Jack J. Kelly Cryptocurrency, Fraud, SEC, Securities and Exchange Commission June 23, 2023

Questions are multiplying around a 45-minute Zoom call that SEC Chair Gary Gensler held in March 2022 with disgraced crypto mogul Sam Bankman-Fried — including whether the controversial powwow got advance approval by the agency’s ethics team, On The Money has learned. The now-infamous virtual meeting ...Read More

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Robinhood Crypto Trading Volumes Drop 68% Amid Regulatory Pressures

Jack J. Kelly Cryptocurrency, Regulators, SEC, Securities and Exchange Commission, Trading June 16, 2023

Robinhood, a crypto and stocks trading platform, has not escaped the biting crypto winter that has been ravaging the space. In a new announcement, the company has revealed a significant decline in its trading volumes as regulatory pressure mounts on crypto firms. Robinhood Crypto ...Read More

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Binance.US Lays Off Staff in Compliance and Legal Departments Amid SEC Lawsuit

Jack J. Kelly Cryptocurrency June 16, 2023

There is another incident that has shaken the crypto market: Binance.US layoffs. Reuters reports that the exchange is cutting costs as it is preparing for expensive litigation with the United States Securities and Exchange Commission (SEC). Binance.US Layoffs Ahead of Huge SEC Battle The ...Read More

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Fed and SEC Probe Goldman Sachs’ Actions in SVB’s Last Days

Jack J. Kelly Bailout, Bank Failure, Banks, SEC, Securities and Exchange Commission June 16, 2023

Federal officials are reportedly probing Goldman Sachs’ involvement in the final days of Silicon Valley Bank. A report by The Wall Street Journal (WSJ) Thursday (June 15) says that Federal Reserve and the Securities and Exchange Commission (SEC) are investigating the banking giant’s role in acquiring Silicon Valley ...Read More

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JPMorgan prepared to pay $290 million in settlement with Jeffrey Epstein victims

Jack J. Kelly Banks, JPMorgan, Settlement June 12, 2023

JPMorgan Chase is prepared to pay $290 million in a settlement with victims of the late sexual predator Jeffrey Epstein, a person familiar with the matter told CNBC on Monday. The settlement does not include an admission of liability by the bank, the ...Read More

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UBS finishes takeover of Credit Suisse in deal meant to stem global financial turmoil

Jack J. Kelly Bailout, Bank Failure, Banks June 12, 2023

UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and ...Read More

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Wall Street’s top cop is determined to bring crypto to heel. He just took a big shot

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission June 12, 2023

This week, he delivered on that threat, big time. The Securities and Exchange Commission unveiled a barrage of charges against two of the world’s largest crypto exchanges — Coinbase and Binance — kicking off a legal battle that will help define the future of ...Read More

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