Cetoex News – PacWest Bankcorp shares tumbled 54% after hours today, following new reports that the bank is weighing a sale. The west regional bank has been assessing strategic options for a potential sale, according to Bloomberg.

Since the collapse of Silicon Valley Bank in March, and the bank being seized by the government, the shares of many West Coast regional banks have seen a hit. PacWest stocks are already down 72% this year and may see more hits in the near future if the reports are true.

PacWest reports that total deposits declined more than $5 billion in the first quarter to $28.2 billion as of March 31. However, the company says that it saw a net gain of $1.1 billion in deposits from March 20 until the quarter’s end.

The Bank also said that deposits grew by another $700 million from March 31 through April 24.

Will The Government Seize PacWest and PacWest Stocks?

Currently, there is no guarantee that PacWest will be the next bank seized by the government. With Silicon Valley Bank already in the hands of the US Government, it is certainly possible. However, it all depends on how much further the PacWest stocks change for the worst over the coming weeks.

A US Regulator already took control of another bank, First Republic, last week. Hence, there is a good chance that PacWest is next to suffer the same fate.

NEWS BY – CETOEX NEWS

Cetoex News – Coinbase is one of the largest cryptocurrency players in the US. Every now and then, Brian Armstrong, the CEO of the exchange, has voiced his opinion on the country’s cryptocurrency stance. A lack of clarity in regulations for cryptocurrencies, along with tightened scrutiny by the SEC and CFTC, has alerted the crypto industry and the community.

Armtsrong’s exchange has recently released a blog speaking on how the US government’s stance on cryptocurrencies could jeopardize the country’s tech leadership.

Coinbase Says the US Must Reassert Its Leadership Role

Speaking about the risks associated with the government’s current stance on crypto, Coinbase stated, “The U.S. has historically led the world in technological advancements by fostering responsible innovation.” “It is critical to nurture and support new and disruptive innovation because it is impossible to know which technologies will turn out to be the next cell phone, semiconductor, or internet.”

Coinbase stressed in the blog why the exchange chose to become a public company, keeping in mind the vision of building trusted products. The exchange also added that it believed the US to be a hub for embracing such innovations.

The exchange also spoke about how other nations are steering towards a friendly approach to establishing themselves as crypto hubs and how the US is moving in the opposite direction.

Coinbase Speaks about New Institue White Paper

In the blog, Coinbase also talks about their new Institute white paper dubbed “Defending American Leadership: The National Security Case for Crypto and Blockchain.” Coinbase mentioned how the white paper talks about the US’s approach to cryptocurrencies and the threat they pose to US security.

The exchange also stressed the importance of understanding the utility of these technologies before beginning to embrace them. Coinbase mentioned some of the key benefits, including the ability to transfer value without an intermediary. Additionally, talking about the genius of historical US technology leadership, Coinbase mentioned, “It didn’t try to pick winners or losers. Instead, it took a welcoming posture toward innovation while managing risks, rather than attempting to set in stone old ways of doing things.”

Coinbase also spoke about China and its aggressive promotion of blockchain technology. The exchange quoted the roadmap of the Made in China 2025 strategy with the vision of establishing the most advanced blockchain technology by 2025.

Talking about the severity of the situation, Coinbase stressed that if the US continues to destroy the crypto industry, it will find itself at a devastating disadvantage against other nations. The exchange also mentioned that it is time for the government to create a crypto-regulatory infrastructure.

NEWS BY – CETOEX NEWS

Cetoex News – Due to its long history of seizures, the US government is one of the largest holders of bitcoin. According to court filings, the US government holds more than 2,05,000 BTC as of March 27. The numbers revealed that the US government is the largest holder of BTC.

Initially, the US government seized Bitcoin maintained by individual X, which is interconnected to the Silk Road marketplace. This left the US government with 69,369 BTC. It was also followed by the seizure of 50,000 bitcoins from James Zhong, who is again connected to the Silk Road.

Now, according to the details from the latest court documents, the US government is planning to sell 41,500 Bitcoin connected to Silk Road.

US government to sell 41,500 Bitcoin

According to the details in the court documents, the government is planning to sell bitcoin in four different batches this year. The details revealed that the government had begun liquidating 51,351.89 bitcoins forfeited in the Ulbricht case.

The government sold 9,861 BTC for a total of $215 million on March 14, 2023. The government is planning to liquidate the rest of the 41,490.72 BTC in four different batches this calendar year. The value of 41,490.72 BTC at press time stands at $1.18 billion according to BTC’s current price of $28,448.

NEWS BY – CETOEX NEWS