Coinbase CEO Brian Armstrong has criticized the government’s handling of the cryptocurrency industry, alleging political capture and a lack of transparency. The criticism comes amid Coinbase’s legal battles with the SEC and FDIC over access to banking services and regulatory clarity on crypto assets.
Republic First Bancorp, a troubled Philadelphia-based regional bank, has been seized by Pennsylvania regulators, marking the first regional banking failure this year. The seizure comes amid speculation of a potential failure and after the bank had looked for a potential buyer. Despite its relatively small size compared to high-profile collapses in 2023, the bank’s seizure highlights ongoing concerns about the stability of regional banks. Fulton Bank has agreed to take over Republic First’s branches, which will reopen under the Fulton Bank name, with the Pennsylvania-based bank assuming substantially all of Republic First’s deposits and assets.
