Investors Seek Refuge in Cash as Recession Fears Mount, BOFA Survey Reveals

Investors, plagued by mounting pessimism, have sought refuge in cash, according to a recent survey conducted by Bank of America. The survey highlights a notable 5.6% increase in cash reserves during May, as apprehensive investors brace themselves for a potential credit crunch and a recession. Flight to Safety: Investors Increase Cash Reserves and Brace for Recession Investors are increasingly gravitating towards cash reserves, as indicated by a recent survey conducted by BOFA, which characterizes this movement as a “flight to safety” in the realm of financial transactions. Notably, stock exposure…

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Report: Well Known Crypto Firms Still Not Adhering to Basic Governance Standards

Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are not willing to have them as clients. Many Crypto Firms Lack Independent Boards Some of the most influential cryptocurrency firms are not adhering to established corporate governance standards and many…

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EU Council Adopts New Rules for Europe’s Crypto Markets

The Council of the European Union has given its final approval to new regulations for crypto assets and markets in the EU. The decision completes a lengthy and complex legislative process for what’s considered to be the world’s first comprehensive legal framework for digital assets like bitcoin. EU Finance Ministers Give Final Nod to Markets in Crypto Assets Law At a meeting on Tuesday, the EU Council, composed of the finance ministers of the member states, adopted the Markets in Crypto Assets (MiCA) legislation. The set of rules brings crypto…

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BRICS to Strengthen Economic Cooperation — Sherpa Calls for Increased Trade in National Currencies

South Africa’s BRICS Sherpa says one of the priorities at the upcoming BRICS summit is “to strengthen economic cooperation.” He added: “We need a stable global financial architecture, a global financial arena. That is why we say that we need to trade in our own currencies.” He also believes that the recession forecasts by the International Monetary Fund (IMF) and the World Bank will not affect the BRICS nations. BRICS Sherpa Discusses Summit Priorities South Africa’s BRICS Sherpa, Anil Sooklal, delved into the agendas and priorities of the upcoming BRICS…

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