Texas Advances Bill Impacting Wall Streets’ Disapproval of American Gun Ownership
Posted on 05/13/2021
As Northeast states pass executive orders and laws to pressure banks on guns, Southern states are pushing back with their own legislation, putting Wall Street in the middle. The Texas House of Representatives passed a bill that would block state and local governments from contracting with banks and other financial-services companies that have policies that limit their work for the firearms or ammunition industries. Texas is home to a number of public funds including UTIMCO and the Teacher Retirement System of Texas. The State of Texas also taps the municipals markets for debt. The legislation would affect governmental entities, which Texas law defines as state agencies, as well as political subdivisions like counties, municipalities and school districts.
DOJ and IRS Reach out to Crypto Exchange Binance
Posted on 05/13/2021
Crypto exchange Binance Holdings Ltd. is said to face investigations from the U.S. Department of Justice and the Internal Revenue Service (IRS). The U.S. government agencies are seeking information from Binance on various participants on the platform. Binance was founded in 2017 and is led by Changpeng Zhao. Binance is collaborating with law enforcement agencies.
Binance competes against other crypto exchanges like Coinbase. Binance is the world’s biggest cryptocurrency exchange in U.S. Binance is incorporated in the Cayman Islands and has an office in Singapore but says it lacks a single corporate headquarters.
Online Tech Giants Push Stablecoin Adoption
Posted on 05/13/2021
Jon Cunliffe is the Deputy Governor of the Bank of England. “First and foremost are the financial stability implications of the absence of public money for use by the general public,” Cunliffe said in speech on Thursday. “Ensuring confidence in money as a means of payment and store of value is fundamental to financial stability.”
As online commerce increases usage, stablecoins and other digital currencies could quickly gain support among consumers. Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. The Bank of England is looking at the potential of creating a central bank digital currency. China and Sweden have explored digital central bank currencies. If approved, the digital currency would exist alongside cash and bank deposits, rather than replacing them.
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Tricon Announces $1.5 Billion Homebuilder Direct Joint Venture to Include Pacific Life Insurance
Posted on 05/12/2021
Toronto, Ontario-based Tricon Residential Inc. is an owner and operator of a growing portfolio of over 31,000 single-family rental homes and multi-family rental apartments in the United States and Canada with a primary focus on the U.S. Sun Belt. Tricon Residential formed a new joint venture with Pacific Life Insurance Company and a global investor to acquire newly built single-family rental homes targeting the middle-market demographic in the U.S. Sun Belt. This new Joint Venture will serve as a natural complement to Tricon’s existing single-family rental joint venture (SFR JV-1) which is focused on the organic acquisition of resale homes. The Homebuilder Direct joint venture will have an initial equity commitment of $300 million (one-third from each partner) and include the ability for investors to increase the vehicle size to $450 million, representing $1.5 bil