Yellen Proposed Tough Rules For Nonbanks That Offer Financial Services

It’s been just revealed the fact that the Treasury Secretary Janet Yellen has proposed tougher rules on nonbanks. Here are the latest reports about this subject below.

Accoridng to the latest reports coming from the inline publication the Daily Hodl, Yellen wants to make it simpler for nonbanks to be supervised by the Federal Reserve Board, and remove what she describes as “inappropriate hurdles” that were made in 2019 with changes made under the Trump administration.

The same online publication the Daily Hodl notes the fact that the nonbanks are entities that do not hold a bank license but provide certain financial services.

These entities are also not insured by the Federal Deposit Insurance Corporation (FDIC), and examples of nonbanks include venture capitalist firms, crypto entities, and hedge funds.

“A recent International Monetary Fund report identified multiple emerging threats to the financial system as inflation spikes, interest rates rise, and non-banking entities face liquidity crunches,” according to the same notes.

It’s been just revealed the fact that under the Financial Stability Oversight Committee Council’s proposed framework, there would be a two-step process. This will be able to determine whether a company should be supervised by the Federal Reserve.

A popular crypto analyst seems to be bullish on Bitcoin (BTC) based on historical precedence.

In a new video, the anonymous host of InvestAnswers said that Bitcoin could explode by about 54% from current levels to $45,000 if history repeats itself.

He also believes the fact that Bitcoin is currently displaying a similar pattern to the one seen during the 2018/2019 bear market, the popular crypto strategist says that Bitcoin could hit the price target in about a month from now.

“If this pattern repeats and we get this level, where I added a little red arrow… that means that by May 20th or about a month from now we could be at $45,000 again.

After that, there’s a bit of a breather, a bit of sideways movement, a bit of consolidation.”