Bitcoin, the digital money created as an alternative to currencies controlled by nations and banks, is finding that its wider adoption depends on both as governments in China and the U.S. demand enthusiasts play by existing rules.
Fidelity & Guaranty Life, the insurer controlled by billionaire Philip Falcone’s Harbinger Group Inc., filed to raise as much as $185 million by selling a 17.2 percent stake in an initial public offering.
New York’s top banking overseer said any regulation of the nascent Bitcoin industry has to include transparency on who does the trading of the virtual currency, and if that hurts a business dominated by anonymous transactions, “so be it.”
Fidelity & Guaranty Life Insurance Co., run by Philip Falcone’s Harbinger Group Inc., opted to be supervised by Iowa regulators after an investment plan was rejected by the company’s previous overseers in Maryland.
Little more than a year before he was criticized for breaking ranks with regulators for being the first to accuse Standard Chartered Plc of laundering Iranian money, Benjamin Lawsky, New York’s top banking official, was insisting on his own brand of justice at a charity carnival game.
Companies advising New York’s public pension funds, worth more than $350 billion, are being probed by the state’s top financial regulator in a bid to snuff out possible conflicts of interest and avoid Detroit-style financial woes, according to a person familiar with the matter.
Benjamin Lawsky, New York’s top state banking regulator, shook up the financial world by squeezing a record settlement out of Standard Chartered Plc over allegations that it laundered money for Iran. Let’s get this much straight about him, too: He’s no rogue cop. He’s a loyal soldier.