Three news to start your week: July 31
Colombian President's son is arrested in money laundering inquiry
(The New York Times)
The attorney general's office reported early Saturday morning that Gustavo Petro's son had been detained on suspicion of money laundering and unlawful enrichment.
Daysuris Vásquez, Nicolás Petro's ex-wife, was also detained and is accused of money laundering and violating privacy laws. According to a statement released by his office, they were taken into custody, and the attorney general is requesting to have them detained on those allegations.
In March, the attorney general's office said it was looking into the younger Petro, a legislator in the Atlántico department's northern region, on allegations that he accepted money from drug dealers to incorporate them in his father's peace talks. The President is attempting to end the nation's 60-year internal struggle, which has claimed approximately 450,000 lives. He has been in discussions with a number of illegal armed factions.
US banks report tighter credit, weaker loan demand: Fed survey
(Reuters)
According to Federal Reserve survey data, US banks reported tighter credit standards and weaker loan demand from consumers and companies during the second quarter. This demonstrates that the central bank's interest-rate hike campaign is slowing the country's financial wheels as anticipated.
Banks anticipate tightening requirements throughout the remainder of 2023, according to the Fed's quarterly Senior Loan Officer Opinion Survey, or SLOOS.
"The most frequently cited reasons for expecting to tighten lending standards were a less favorable or more uncertain economic outlook, an expected deterioration in collateral values, and an expected deterioration in the credit quality of CRE (commercial real estate) and other loans," the Fed said.
SEC asked Coinbase to halt trading in everything except bitcoin, CEO says
(Financial Times)
Before filing a lawsuit against the exchange, the US Securities and Exchange Commission requested that Coinbase cease trading in all cryptocurrencies other than bitcoin as a statement of the agency's intention to establish regulatory control over a broader market segment.
Coinbase CEO Brian Armstrong told the Financial Times that the SEC made the recommendation before taking legal action against the Nasdaq-listed company last month for failing to register as a broker.
The SEC claimed that 13 of the platform's most infrequently traded cryptocurrencies on Coinbase were securities and that by making them available to users, the exchange came within the regulator's authority.
However, the preceding demand that Coinbase delist every one of the more than 200 tokens it provides save for the flagship token, bitcoin, shows that the SEC, led by head Gary Gensler, has pushed for greater control over the cryptocurrency business.
