However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n
In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n
At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
FTX's lawyers plan to recover more than USD 70 million invested by the defunct exchange in life science companies and USD 323 million paid to the leadership of the exchange's European subsidiary, FTX Europe, according to a court filing seen by CoinDesk. In an investigative report released in June, the FTX bankruptcy team reported that it had recovered about USD 7 billion out of USD 8.7 billion owed to FTX's customers.<\/p>\n","post_title":"Sam Bankman-Fried Accused By DOJ Of Leaking Caroline Ellison\u2019s Private Diary","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sam-bankman-fried-accused-by-doj-of-leaking-caroline-ellisons-private-diary","to_ping":"","pinged":"","post_modified":"2023-07-27 16:28:05","post_modified_gmt":"2023-07-27 06:28:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12667","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12552,"post_author":"1","post_date":"2023-07-16 21:14:51","post_date_gmt":"2023-07-16 11:14:51","post_content":"\n Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
DOJ's accusations arrived after the FTX's lawyers sued SBF<\/a> to recover USD 1 billion. The lawsuit, which mentioned Ellison, Wang, and Singh as defendants, accused the former executives of the exchange of allegedly using customers' funds to fund political parties, acquire luxurious real estate properties, and invest in speculative trading.<\/p>\n\n\n\n FTX's lawyers plan to recover more than USD 70 million invested by the defunct exchange in life science companies and USD 323 million paid to the leadership of the exchange's European subsidiary, FTX Europe, according to a court filing seen by CoinDesk. In an investigative report released in June, the FTX bankruptcy team reported that it had recovered about USD 7 billion out of USD 8.7 billion owed to FTX's customers.<\/p>\n","post_title":"Sam Bankman-Fried Accused By DOJ Of Leaking Caroline Ellison\u2019s Private Diary","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sam-bankman-fried-accused-by-doj-of-leaking-caroline-ellisons-private-diary","to_ping":"","pinged":"","post_modified":"2023-07-27 16:28:05","post_modified_gmt":"2023-07-27 06:28:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12667","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12552,"post_author":"1","post_date":"2023-07-16 21:14:51","post_date_gmt":"2023-07-16 11:14:51","post_content":"\n Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
DOJ's accusations arrived after the FTX's lawyers sued SBF<\/a> to recover USD 1 billion. The lawsuit, which mentioned Ellison, Wang, and Singh as defendants, accused the former executives of the exchange of allegedly using customers' funds to fund political parties, acquire luxurious real estate properties, and invest in speculative trading.<\/p>\n\n\n\n FTX's lawyers plan to recover more than USD 70 million invested by the defunct exchange in life science companies and USD 323 million paid to the leadership of the exchange's European subsidiary, FTX Europe, according to a court filing seen by CoinDesk. In an investigative report released in June, the FTX bankruptcy team reported that it had recovered about USD 7 billion out of USD 8.7 billion owed to FTX's customers.<\/p>\n","post_title":"Sam Bankman-Fried Accused By DOJ Of Leaking Caroline Ellison\u2019s Private Diary","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sam-bankman-fried-accused-by-doj-of-leaking-caroline-ellisons-private-diary","to_ping":"","pinged":"","post_modified":"2023-07-27 16:28:05","post_modified_gmt":"2023-07-27 06:28:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12667","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12552,"post_author":"1","post_date":"2023-07-16 21:14:51","post_date_gmt":"2023-07-16 11:14:51","post_content":"\n Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Similarly, Nishad Singh, the former Engineering Director at FTX and one of the exchange's founders pleaded guilty<\/a> in March to accusations against him about FTX's collapse, including the conspiracy to commit money laundering. However, SBF has pleaded not guilty to all the charges against him.<\/p>\n\n\n\n DOJ's accusations arrived after the FTX's lawyers sued SBF<\/a> to recover USD 1 billion. The lawsuit, which mentioned Ellison, Wang, and Singh as defendants, accused the former executives of the exchange of allegedly using customers' funds to fund political parties, acquire luxurious real estate properties, and invest in speculative trading.<\/p>\n\n\n\n FTX's lawyers plan to recover more than USD 70 million invested by the defunct exchange in life science companies and USD 323 million paid to the leadership of the exchange's European subsidiary, FTX Europe, according to a court filing seen by CoinDesk. In an investigative report released in June, the FTX bankruptcy team reported that it had recovered about USD 7 billion out of USD 8.7 billion owed to FTX's customers.<\/p>\n","post_title":"Sam Bankman-Fried Accused By DOJ Of Leaking Caroline Ellison\u2019s Private Diary","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sam-bankman-fried-accused-by-doj-of-leaking-caroline-ellisons-private-diary","to_ping":"","pinged":"","post_modified":"2023-07-27 16:28:05","post_modified_gmt":"2023-07-27 06:28:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12667","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12552,"post_author":"1","post_date":"2023-07-16 21:14:51","post_date_gmt":"2023-07-16 11:14:51","post_content":"\n Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Additionally, Ellison admitted that she knew the former executive team at FTX was breaking federal laws in transferring customers' money from the exchange to the hedge fund.<\/p>\n\n\n\n Similarly, Nishad Singh, the former Engineering Director at FTX and one of the exchange's founders pleaded guilty<\/a> in March to accusations against him about FTX's collapse, including the conspiracy to commit money laundering. However, SBF has pleaded not guilty to all the charges against him.<\/p>\n\n\n\n DOJ's accusations arrived after the FTX's lawyers sued SBF<\/a> to recover USD 1 billion. The lawsuit, which mentioned Ellison, Wang, and Singh as defendants, accused the former executives of the exchange of allegedly using customers' funds to fund political parties, acquire luxurious real estate properties, and invest in speculative trading.<\/p>\n\n\n\n FTX's lawyers plan to recover more than USD 70 million invested by the defunct exchange in life science companies and USD 323 million paid to the leadership of the exchange's European subsidiary, FTX Europe, according to a court filing seen by CoinDesk. In an investigative report released in June, the FTX bankruptcy team reported that it had recovered about USD 7 billion out of USD 8.7 billion owed to FTX's customers.<\/p>\n","post_title":"Sam Bankman-Fried Accused By DOJ Of Leaking Caroline Ellison\u2019s Private Diary","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sam-bankman-fried-accused-by-doj-of-leaking-caroline-ellisons-private-diary","to_ping":"","pinged":"","post_modified":"2023-07-27 16:28:05","post_modified_gmt":"2023-07-27 06:28:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12667","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12552,"post_author":"1","post_date":"2023-07-16 21:14:51","post_date_gmt":"2023-07-16 11:14:51","post_content":"\n Citigroup released its financial results<\/a> for the second quarter of the year on Friday, disclosing a decline in profit and revenue during the period. The banking giant has attributed the low performance to a challenging macroeconomic activity and the impact of the US debt limit.<\/p>\n\n\n\n Citi's net income in the second quarter dropped 39% to USD2.9 billion compared to USD4.5 billion reported in the same period of last year. Similarly, earnings per share declined 39% to USD1.33, while the revenue dropped 1% to USD19 billion.<\/p>\n\n\n\n Commenting about the financial report, Citi's CEO, Jane Fraser, said: \"Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the US debt market played out. In banking, the long-awaited rebound in investment banking has yet to materialize, making for a disappointing quarter.\"<\/em><\/p>\n\n\n\n The group's institutional clients group (ICG) reported revenues of $10.4 billion in the second quarter of the year, representing a decline of 9% compared to the corresponding period of last year.<\/p>\n\n\n\n The slowdown in business led Citi to announce plans to lay off as many as 5,000 staff in June, the Financial Times reported<\/a>. As a result of the layoffs, the company's operating expenses increased by 9% to $13 billion. However, part of the expenses were offset by productivity savings and a reduction in expenses from the exited markets, Citi explained. <\/p>\n\n\n\n However, the bank's revenue for personal banking and wealth management increased to USD 6 billion in the period due to sustained loan book growth. Besides that, Citi returned USD 2 billion to shareholders through common dividends and share buyback in the period.<\/p>\n","post_title":"Citi Reports 36% Drop In Q2 Net Income Amid Challenging Macroeconomic Environment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citi-reports-36-drop-in-q2-net-income-amid-challenging-macroeconomic-environment","to_ping":"","pinged":"","post_modified":"2023-07-16 23:11:06","post_modified_gmt":"2023-07-16 13:11:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12552","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12524,"post_author":"1","post_date":"2023-07-15 23:36:16","post_date_gmt":"2023-07-15 13:36:16","post_content":"\n JP Morgan viewed the court ruling for Ripple as a significant victory. However, according to the investment banking giant, the regulations by enforcement are far from over. <\/p>\n\n\n\n On Thursday, the US Southern District Court ruled partially in favor of Ripple, the FinTech company that issues XRP. The SEC and Ripple's 2-year legal battle concluded with the ruling that cryptocurrency issuance on exchanges is not an investment contract.<\/p>\n\n\n\n \"This ruling is undoubtedly a milestone win for the industry. It provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing,\"<\/em> JP Morgan wrote<\/a> in the note seen by Coindesk.<\/p>\n\n\n\n Following the landmark ruling, the price of cryptocurrencies soared as sentiment changed in the digital asset space. The cost of XRP rose by about 70%, while Bitcoin reached its highest level in more than a year.<\/p>\n\n\n\n However, according to JPMorgan, the ruling may not be the end of what has come to be termed as regulations by enforcement by the SEC, as the regulator could appeal the case or bring similar charges against other cryptocurrency companies.<\/p>\n\n\n\n In June, Binance, the leading crypto exchange, faced 13 charges from the SEC, one being the sale of unauthorized securities. The regulator sued Coinbase, the largest US cryptocurrency exchange, for security law violations. <\/p>\n\n\n\n At the start of the year, the SEC brought charges<\/a> against Gemini and Genesis for allegedly violating the securities regulations related to crypto lending. In February, it\u00a0fined crypto exchange Kraken<\/a>\u00a0$30 million and ordered the platform to cease offering staking services to US users.<\/p>\n","post_title":"Ripple-SEC Ruling \u2018A Win\u2019 For Crypto Industry But Regulatory War Not Over, JP Morgan Says","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-sec-ruling-a-win-for-crypto-industry-but-regulatory-war-not-over-jp-morgan-says","to_ping":"","pinged":"","post_modified":"2023-07-15 23:36:25","post_modified_gmt":"2023-07-15 13:36:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12524","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Ellison, a crucial witness against SBF, pleaded guilty in December to some of the charges related to the collapse of FTX. Alongside Gary Wang, FTX's former Chief Technology Officer, Ellison admitted that she violated securities laws and actively defrauded the exchange's customers.<\/p>\n\n\n\n Additionally, Ellison admitted that she knew the former executive team at FTX was breaking federal laws in transferring customers' money from the exchange to the hedge fund.<\/p>\n\n\n\n Similarly, Nishad Singh, the former Engineering Director at FTX and one of the exchange's founders pleaded guilty<\/a> in March to accusations against him about FTX's collapse, including the conspiracy to commit money laundering. However, SBF has pleaded not guilty to all the charges against him.<\/p>\n\n\n\n DOJ's accusations arrived after the FTX's lawyers sued SBF<\/a> to recover USD 1 billion. The lawsuit, which mentioned Ellison, Wang, and Singh as defendants, accused the former executives of the exchange of allegedly using customers' funds to fund political parties, acquire luxurious real estate properties, and invest in speculative trading.<\/p>\n\n\n\n FTX's lawyers plan to recover more than USD 70 million invested by the defunct exchange in life science companies and USD 323 million paid to the leadership of the exchange's European subsidiary, FTX Europe, according to a court filing seen by CoinDesk. In an investigative report released in June, the FTX bankruptcy team reported that it had recovered about USD 7 billion out of USD 8.7 billion owed to FTX's customers.<\/p>\n","post_title":"Sam Bankman-Fried Accused By DOJ Of Leaking Caroline Ellison\u2019s Private Diary","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sam-bankman-fried-accused-by-doj-of-leaking-caroline-ellisons-private-diary","to_ping":"","pinged":"","post_modified":"2023-07-27 16:28:05","post_modified_gmt":"2023-07-27 06:28:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12667","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12552,"post_author":"1","post_date":"2023-07-16 21:14:51","post_date_gmt":"2023-07-16 11:14:51","post_content":"\nSEC's Next Step<\/h2>\n\n\n\n
SEC's Next Step<\/h2>\n\n\n\n
SEC's Next Step<\/h2>\n\n\n\n
SEC's Next Step<\/h2>\n\n\n\n
SEC's Next Step<\/h2>\n\n\n\n
SEC's Next Step<\/h2>\n\n\n\n
SEC's Next Step<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
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Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
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Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
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Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
FTX Sues Bankman-Fried<\/h2>\n\n\n\n
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Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
FTX Sues Bankman-Fried<\/h2>\n\n\n\n
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Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
FTX Sues Bankman-Fried<\/h2>\n\n\n\n
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Citigroup's Job Cuts<\/h2>\n\n\n\n
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SEC's Next Step<\/h2>\n\n\n\n
FTX Sues Bankman-Fried<\/h2>\n\n\n\n
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