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U.S. bank regulator says banks can act as crypto intermediaries
The Office of the Comptroller of the Currency (OCC) has confirmed that banks can act as intermediaries in “riskless principal” crypto transactions, in guidance which narrows the gap between the traditional financial sector and crypto activities. In an interpretive letter, the OCC said banks may act as principals in a crypto trade with one customer…
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Trump prepares to sign executive order blocking state AI regulations
President Donald Trump has announced plans to sign an executive order creating a national standard for artificial intelligence, aiming to simplify regulations that currently vary across U.S. states. The move, which seeks to support Big Tech companies, is expected to face bipartisan opposition from state leaders who wish to maintain local control over AI legislation….
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Trump says Netflix-Warner Bros deal ‘could be a problem’
U.S. President Donald Trump has said that he would have a say whether a proposed $82.7bn merger between Netflix and Warner Brothers should proceed. “I’ll be involved in that decision,” Trump told reporters. Trump did not say whether he favored the deal’s approval, but indicated a potential concentration of market power in the entertainment industry….
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India reverses order to install government app on all smartphones
The Indian government has reversed a policy mandating the installation of a state-run cyber security app on citizens’ mobile devices. Prime Minister Narendra Modi’s government had privately told companies including Apple, Samsung, and Xiaomi that their products would have to carry an app called Sanchar Saathi, which would be able to access call logs and…
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Starbucks settles NYC labor law violation claims
Starbucks has agreed to pay approximately $35m to over 15,000 New York City workers as part of a settlement addressing claims of unstable schedules and arbitrary hour reductions. The company will also incur $3.4m in civil penalties under the agreement with the city’s Department of Consumer and Worker Protection. The settlement ensures compliance with the…
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Banks’ real estate loan portfolios monitored by Federal Reserve
The Federal Reserve is closely monitoring the commercial real estate loan portfolios of community and regional banks due to concerns over “elevated interest rates, tighter underwriting standards, and lower commercial property values.” These adverse factors could impact borrowers’ abilities to refinance or repay their loans, as noted in a recent supervision and regulation report. In…
