OCC’s Approval Of Crypto Charters Faces Pushback From Banking Lobbyist Groups
The Office of the Comptroller of the Currency (OCC) recently sparked a wave of criticism from traditional finance groups following its approval of conditional bank charters for five cryptocurrency firms: Ripple, Circle, BitGo, Paxos, and Fidelity. Stablecoins Seen As Direct Threat Following the OCC’s announcement, industry stakeholders quickly voiced their concerns. Traditional banks expressed apprehension […]
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The new Acting Comptroller of the Currency, Michael Hsu, has requested a review of the cryptocurrency standards established by the top U.S. banking regulator. He is also urged to “reassess any conditional national trust charters and halt the approval of any additional charters to nonbank entities” during the review. Top Banking Regulator Reviewing Crypto Policy Michael Hsu, the new administrator of the federal banking system and chief executive officer of the Office of the Comptroller of the Currency (OCC) has requested a review of the regulator standards for cryptocurrencies.....
Senator Elizabeth Warren is taking a new aim at the crypto industry, now challenging how the Office of the Comptroller of the Currency (OCC) has handled national trust bank charters for digital asset firms. Her latest concern centers on the OCC’s approvals—some granted on a conditional basis over recent months—at a time when the conventional […]
The Federal Reserve’s (Fed) decision this Wednesday to grant its first-ever master account to a crypto-focused institution has triggered swift opposition from major banking groups, intensifying tensions between traditional finance and the digital asset sector at a pivotal moment for US crypto legislation. Opposition From US Banking Groups Kraken Financial, the Wyoming-chartered banking arm of […]
Regulators are planning for new banking licenses for fintech startups across the U.S., said Comptroller of the Currency, Thomas J. Curry last week. The measure will affect startups dealing with lending, virtual currency payments, and deposits. National Charters for Responsible Innovators. The Office of the Comptroller of the Currency (OCC) is a federal....
The stablecoin issuer has nabbed a banking license, but it doesn't mean they'll be doing any banking in the traditional sense. The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies. Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. As with the previous two charters, the “bank” label....