Investors are learning the hard way, again, that highflying new financial products, with little or no regulatory oversight, tend to crash.

The framework has little immediate impact in the U.S., where banks are broadly prohibited from crypto-related activities, but it establishes a baseline for future regulatory efforts.

Goldman mulls deeper cuts, FDIC names fund leaders and more in banking news this week.

Mazars Group, the accounting firm used by the crypto giant Binance Holdings and other big players in the industry to vouch for their assets held in reserve, has halted all work for crypto clients, dealing a blow to an industry seeking to shore up confidence in the wake of FTX's collapse.

Customer outflows from Binance's cryptocurrency trading platform are slowing, according to blockchain data from two digital-asset analytics firms.

With skepticism about cryptocurrency growing among members of Congress, a handful of lawmakers, including Republican Sens. Cynthia Lummis of Wyoming and Pat Toomey of Pennsylvania, are trying to convince colleagues that the FTX fiasco doesn't diminish the underlying value of digital currency.

Banks must seek and obtain prior approval before engaging in cryptocurrency-related activities, and those that already engage in such activities must immediately notify the agency, the New York State Department of Financial Services said. 

Sam Bankman-Fried's trading house Alameda Research had a secret speed advantage when executing orders on his now-collapsed FTX crypto exchange, according to the Commodity Futures Trading Commission.

The bill would apply banklike money laundering laws and regulations to a wide range of cryptocurrency firms.

The Wyoming-based digital-asset bank wants more information about why a decision on its two-year-old application for a master account has been delayed. But U.S. District Judge Scott Skavdahl ruled that the central bank won't have to turn over everything Custodia sought.

FTX's new chief executive, John J. Ray, described shoddy accounting processes and a core group of inexperienced leaders that contributed to the crypto exchange's collapse.

After spending the past two weeks participating in media interviews, former FTX Chief Executive Sam Bankman-Fried is being more selective when it comes to appearing before Congress to discuss the collapse of his cryptocurrency empire.

At least $73 million of political donations tied to Sam Bankman-Fried's FTX may be at risk of being clawed back as bankruptcy lawyers sort through the remnants of his crypto empire in search of assets to repay creditors.

The U.S. Supreme Court agreed to consider a Coinbase Global appeal over a user lawsuit in a case that could bolster the ability of companies to channel customer and employee disputes into arbitration.

BofA's Seattle shake-up, board "refreshment" at a Phoenix bank and more in banking news this week.

Rushing to create a central bank digital currency that is not permissionless and private would be dangerous to core American principles, according to a Minnesota Republican.

Coinbase Global waived fees for converting Tether Holdings' stablecoin USDT for the token Coinbase backs, as competition heats up among the three biggest issuers of such digital assets.

Sam Bankman-Fried missed the deadline set by a U.S. Senate committee for a response to a request to testify at a Dec. 14 hearing about FTX's collapse into bankruptcy.

While Silvergate said this month it has "a resilient balance sheet and ample liquidity," and analysts call its financials sound, the bank is today contending with a question as difficult as the one that led it to crypto in the first place: whether the experiment was worth it.

China and other countries are already working on their own central bank digital currency. Creating an American CBDC would ensure the dollar's place as a global reserve currency, a Connecticut Democrat writes.