Top crypto tweets of the day – June 13th

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  TL;DR Breakdown US banks are accused by the FDIC of misreporting uninsured deposit data amid industry tension over the Silicon Valley Bank and Signature Bank failures. These misrepresentations could reduce the amount banks owe in a proposed special FDIC assessment to handle the fallout from these failures. Description In the wake of rising industry tension over the failure of Silicon Valley Bank and Signature Bank, US banks are making concerted efforts to contain potential damages. Reassessing deposit data amidst controversy The Federal Deposit Insurance Corporation (FDIC), a principal banking regulator in the US, recently expressed its concern over several US banks erroneously reducing … Read more In the wake of rising industry tension over the failure of Silicon Valley Bank and Signature Bank, US banks are making concerted efforts to contain potential damages. Reassessing deposit data amidst controversy The Federal Deposit Insurance Corporation (FDIC), a principal banking regulator in the US, recently expressed its concern over several US banks erroneously reducing the value of their uninsured deposits. This claim is sparking worry as it comes on the heels of a…

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• The real reason BRICS is letting in the oil giants

  TL;DR Breakdown BRICS has strategically invited several oil giants, including Saudi Arabia, the UAE, and Iran. The inclusion is seen as a power move, especially by China and Russia, to challenge Western dominance. Expert Daniela Schwarzer suggests this expansion is an attempt to counter the waning influence of the G7. Description If you’ve been keeping an eye on global economics, you’ll notice that the winds are shifting. BRICS, an economic bloc previously composed of Brazil, Russia, India, China, and South Africa, has just played a significant card. In a move that left geopolitical analysts buzzing, the bloc has widened its embrace to incorporate several oil behemoths. … Read more If you’ve been keeping an eye on global economics, you’ll notice that the winds are shifting. BRICS, an economic bloc previously composed of Brazil, Russia, India, China, and South Africa, has just played a significant card. In a move that left geopolitical analysts buzzing, the bloc has widened its embrace to incorporate several oil behemoths. Power Play: Russia and China’s Strategic Win When BRICS announced their intention to welcome Saudi Arabia,…

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• Bitcoin critic Sen. Menendez faces federal bribery allegations

  TL;DR Breakdown U.S. Senator Bob Menendez, a critic of Bitcoin in El Salvador, is implicated in a federal bribery scandal. The Senator holds the influential position of Chairman of the Foreign Relations Committee. Menendez previously warned of corruption potential in El Salvador’s Bitcoin adoption. Description U.S. Senator Bob Menendez, a prominent critic of Bitcoin’s adoption in El Salvador, finds himself amid a federal bribery scandal. The New Jersey Democrat and Chairman of the Foreign Relations Committee, a powerhouse position in the Senate, now faces allegations of questionable relationships with local business moguls. The indictment, issued by a grand jury in … Read more U.S. Senator Bob Menendez, a prominent critic of Bitcoin’s adoption in El Salvador, finds himself amid a federal bribery scandal. The New Jersey Democrat and Chairman of the Foreign Relations Committee, a powerhouse position in the Senate, now faces allegations of questionable relationships with local business moguls. The indictment, issued by a grand jury in Manhattan federal court, paints a detailed picture. It alleges that Sen. Menendez and his wife benefited from a “corrupt relationship” with three…

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• Silicon Valley Bank England will get a new name

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• Top Democrat urges federal agencies to enhance transparency in cryptocurrency markets

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