PNC taps Coinbase to create crypto trading offering for bank customers
PNC will use Coinbase's institutional "crypto-as-a-service" platform to develop an offering that will allow PNC clients to buy, hold and sell cryptocurrencies. The Pittsburgh-based financial institution will also offer certain banking services to Coinbase.
WHY IT'S IMPORTANT
The PNC-Coinbase partnership is a stark shift for the banking sector, which crypto companies at one point had accused of being hostile to their industry.
Lawmakers earlier this year held a hearing to scrutinize U.S. banks and their regulators in response to claims they deny services to particular industries.
Republicans and Democrats agreed that banks may be improperly denying services to some clients, but disagreed on the root cause.
The banking industry has fiercely resisted accusations it denies services based on ideological reasons. It has instead argued that onerous, outdated and opaque rules make it difficult for banks to sometimes provide services, or explain why they cannot.
CONTEXT
The partnership announcement comes as U.S. President Donald Trump and his administration have embraced cryptocurrencies and enacted industry-friendly policies.
Trump signed a law on Friday to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a major milestone for the digital asset sector, which has long lobbied for such a framework. Several banks including Bank of America and Citibank have said that they are exploring issuing their own stablecoins.
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CNA
5 hours ago
- CNA
Dollar falls against yen as markets weigh new trade deal, Japanese politics
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CNA
5 hours ago
- CNA
Philippines hopes to further lower tariff rate to around 15%, says ambassador to US
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The new 19 per cent tariff imposed on the Philippines is just below the 20 per cent threatened by Trump earlier this month, but still above the 17 per cent rate he proposed in April under a plan for reciprocal tariffs on dozens of countries. It matches the 19 per cent rate announced for Indonesia and bests Vietnam's slightly higher rate of 20 per cent. Singapore faces the lowest rate – 10 per cent – in Southeast Asia. This latest US-Philippines trade was announced on Tuesday following a meeting at the White House between Trump and Philippine President Ferdinand Marcos Jr, who was the first Southeast Asian leader to meet Trump in his second term. DETAILS NOT 'COMPLETELY DISCLOSED' As part of the deal, Manila will open its market to Washington. Trump said on his social media platform Truth Social that the Philippines will have no tariffs on American goods, but Marcos later said the zero tariffs will only be on certain products. When asked about this, Romualdez said Manila has identified several areas that cannot have zero tariff or a free flow. But he added that details of the deal have not been 'completely disclosed'. 'We are still going to be able to go over it and still go, one by one, on the deals or on the tariffs that will be given to the United States, if there's any, on certain items - like I said, mostly agricultural products. 'But as mentioned by President Marcos, automobiles are definitely one item that has already been agreed upon. We will be importing American cars to the Philippines without any tariff,' he added. The ambassador noted that Japan had earlier this week negotiated their tariff rate down from 25 per cent to 15 per cent. He pointed out that this means there is still room for negotiations. As for how this could affect his country's economic growth, Romualdez said exports to the US only account for 16 per cent of the Philippines' total exports. 'Some of our leaders in our country have already said - like other countries are doing right now - they're looking for other markets where they can export their products, which is what we are doing already right now,' Romualdez added. The US had a deficit of nearly US$5 billion with the Philippines last year on bilateral goods trade of US$23.5 billion. SECURITY COOPERATION Romualdez also noted that Trump has 'made it clear' he tried to peg the tariff rates to the Philippines' defence relations with the US. Trump had said the two Pacific allies, which will celebrate 80 years of diplomatic relations next year, would also work together militarily but gave no details. Romualdez told CNA's Asia First: 'Obviously, the special relations that we have with the United States on our defence alliance is an important part of this whole equation. 'However, like I said, it is still not a completely done deal as pointed out, because we still have time to be able to look into possibilities of bringing it lower.' In terms of how Manila's security cooperation with Washington influenced the economic terms of the deal, as well as the meeting between Trump and Marcos, Romualdez noted that both countries have inked several security agreements with commercial components. 'The US Congress had just approved that an ammunition manufacturing facility will be established in the Philippines. That … will create jobs,' he said. 'This is the kind of agreement that we're looking at, that will combine both defence and economic (aspects). But we made it very clear that whatever it is, economic prosperity for the Philippines means economic security, and it will also mean more resources for us to be able to bump up or modernise our armed forces.' With the Philippines facing intense pressure from China in the contested South China Sea, Marcos has pivoted closer to the US, expanding its access to Philippine military bases. Both nations have a seven-decade-old mutual defence treaty and hold dozens of annual exercises. Romualdez also said the Philippines will continue to reach out to other countries, including China. MIGRATION CRACKDOWN As for the issue of immigration, Romualdez said its current figures show about 3,700 Filipinos were being processed for deportation. Reports have emerged of Filipinos without valid visas being detained by US Immigration and Customs Enforcement officers, amid Trump's push to clamp down on illegal migration. According to data from the US Department of Homeland Security, there were around 350,000 undocumented immigrants from the Philippines in the US as at 2022 - the fifth-highest number after Mexico, Guatemala, El Salvador and Honduras. Romualdez said he has met with the Assistant Secretary of the Department of Homeland Security. 'We have agreed that any Filipino, no matter what their status – meaning to say, if they have any criminal record or whatsoever – (if) they're up for deportation, we, the Philippines, will take them to our country, rather than to a third country,' he added.
Business Times
5 hours ago
- Business Times
Trump says he wants Musk and his companies to thrive in US
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