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In the wake of the crisis two solutions have been proposed. One, repeatedly supported over the long term by the GAO and others is to consolidate the U.S. financial industry regulators. A step along this line has been the creation of the Financial Stability Oversight Council to address systemic risk issues that have in the past, as amply illustrated by the money market fund crisis above, fallen neatly between the cracks of the standing isolated financial regulators. Proposals to merge the SEC and CFTC have also been made.

What to watch for: Balances under $25,000 only earn 0.5 percent APY. UFB requires a somewhat hefty $5,000 minimum deposit to open an account. It also requires a $5,000 minimum balance to avoid the $10 monthly maintenance fee. If you can't swing the minimum, it's wise to compare this money market account from UFB with accounts at other banks and credit unions. Because deposit accounts through Axos Bank brands are all insured under the same FDIC certificate, make sure you don’t have money at any other Axos Bank brands or deposit accepting websites that would cause you to exceed FDIC insurance guidelines.


From the outset, money market funds fell under the jurisdiction of the SEC as they appeared to be more like investments (most similar to traditional stocks and bonds) vs. deposits and loans (cash and cash equivalents the domain of the bankers). Although money market funds are quite close to and are often accounted for as cash equivalents their main regulator, the SEC, has zero mandate to control the supply of money, limit the overall extension of credit, mitigate against boom and bust cycles, etc. The SEC’s focus remains on adequate disclosure of risk, and honesty and integrity in financial reporting and trading markets. After adequate disclosure, the SEC adopts a hands off, let the buyer beware attitude.
In the 1970s, money market funds began disintermediating banks from their classic interposition between savers and borrowers. The funds provided a more direct link, with less overhead. Large banks are regulated by the Federal Reserve Board and the Office of the Comptroller of the Currency. Notably, the Fed is itself owned by the large private banks, and controls the overall supply of money in the United States. The OCC is housed within the Treasury Department, which in turn manages the issuance and maintenance of the multi-trillion dollar debt of the U.S. government. The overall debt is of course connected to ongoing federal government spending vs. actual ongoing tax receipts. Unquestionably, the private banking industry, bank regulation, the national debt, and ongoing governmental spending politics are substantially interconnected. Interest rates incurred on the national debt is subject to rate setting by the Fed, and inflation (all else being equal) allows today's fixed debt obligation to be paid off in ever cheaper to obtain dollars. The third major bank regulator, designed to swiftly remove failing banks is the Federal Deposit Insurance Corporation, a bailout fund and resolution authority that can eliminate banks that are failing, with minimum disruption to the banking industry itself. They also help ensure depositors continue to do business with banks after such failures by insuring their deposits.

Please note that The Balance does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.


The one and only, the first and most famous cryptocurrency. Bitcoin serves as a digital gold standard in the whole cryptocurrency-industry, is used as a global means of payment and is the de-facto currency of cyber-crime like darknet markets or ransomware. After seven years in existence, Bitcoin‘s price has increased from zero to more than 650 Dollar, and its transaction volume reached more than 200.000 daily transactions.
Looking closer we see that if you can meet the $3,000 minimum investment size, Vanguard’s VMMXX offers an appealing combination of relatively high returns with low expenses. If you don’t have a large amount of cash to invest, you should note that both FMPXX and FIDXX have $1MM investment minimums. If you have less than $1,000, SPRXX doesn’t meet the yield and expense ratio thresholds we laid out, but it doesn’t have an investment minimum.
footnote*For the 10-year period ended June 30, 2019, 9 of 9 Vanguard money market funds outperformed their Lipper peer-group averages. Results will vary for other time periods. Only mutual funds and ETFs (exchange-traded funds) with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. View fund performance

Like a traditional savings account, there's no set term for maturity with a money market account — you can park cash for an unlimited amount of time. But the way the institution can use your money is different from a savings account.Banks and credit unions can use the money deposited into money market accounts for low-risk investments, like certificates of deposit, Treasury notes and government-backed bonds. Institutions can mainly use the money deposited into traditional savings accounts for loans.
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The first decentralized cryptocurrency, bitcoin, was created in 2009 by pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme.[14][15] In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship very difficult. Soon after, in October 2011, Litecoin was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Another notable cryptocurrency, Peercoin was the first to use a proof-of-work/proof-of-stake hybrid.[16]

The monetary policies of the Federal Reserve Bank during the 2010s led to the short-term interest rates—the rates banks pay to borrow money from one another—hovering around zero percent. The near zero rates meant money market fund investors saw returns significantly lower, compared to those in the prior decades. Further, with the tightening of regulations after the 2008 financial crisis, the number of investable securities grew smaller.

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.


As of May 2018, over 1,800 cryptocurrency specifications existed.[24] Within a cryptocurrency system, the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners: who use their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme.[14]

There are also purely technical elements to consider. For example, technological advancement in cryptocurrencies such as bitcoin result in high up-front costs to miners in the form of specialized hardware and software.[87] Cryptocurrency transactions are normally irreversible after a number of blocks confirm the transaction. Additionally, cryptocurrency private keys can be permanently lost from local storage due to malware, data loss or the destruction of the physical media. This prevents the cryptocurrency from being spent, resulting in its effective removal from the markets.[88]