Why Banks Are Breaking Up With Crypto

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 16 February 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for Feb. 16. Spooked by a regulatory clampdown that threatens to sever digital currencies from the real-world financial system, bankers are re-evaluating their exposure to the crypto sector. WSJ banking reporter David Benoit explains what reduced access to financial services could mean for crypto companies. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This podcast is supported by Emerson.
0:03.1	From technology that delivers cures at warp speed to software that makes clean energy reliable,
0:08.3	Emerson Innovation helps make the world healthier, safer, smarter, and more sustainable.
0:13.4	Emerson, Go Boldly.
0:20.9	China's Foreign Minister attempts to repair relations with Europe, plus venture money floods
0:26.5	into DNA sequencing, and banks are breaking up with crypto.
0:31.2	What this is going to do is it's going to slow down crypto even more.
0:34.0	If you can't have a bank account in the US, it really limits your ability to expand,
0:38.2	your ability to have employees here.
0:39.8	It's going to be an issue.
0:40.9	It's Thursday, February 16th.
0:42.7	I'm Luke Vargas with the Wall Street Journal, and here's the AM edition of What's News,
0:48.1	the Top Headlines and Business Stories, Moving Your World Today.
0:57.3	China has sanctioned America's two largest defense contractors, Lockheed Martin, and an
1:03.4	arm of Rathion technologies over the company's arm sales to Taiwan.
1:09.4	The Chinese Commerce Ministry sent a day that it added the company's to its unreliable entities
1:14.6	list, which prohibits them from export and import activities related to China.
1:20.5	Meanwhile, China's top diplomat is set to continue a week-long visit to Europe today,
1:26.4	after meeting with the President of France yesterday.
1:29.9	Journal reporter Austin Ramsey in Hong Kong says that the visit by Wang Yi comes amid
1:35.6	heightened tensions with the US, growing European awareness toward China, and concern over Beijing's
1:42.8	partnership with Russia.
	...

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