How the OCC Is Building Crypto America (and Saving Banks From Extinction)
Three interpretative letters from the Office of the Comptroller of the Currency lay the groundwork for banks to become crypto custodians, payment companies and miners in blockchain networks.
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Bank of America, one of the world’s largest banks, is bemoaning that it will suffer a loss of US$232 million for the third quarter. The amount said to be related to legal costs surrounding a global investigation into the foreign exchange trading practices of a number of major banks, Bank of America included. The foreign exchange market is a US$5.3 trillion a day market but is also one of the least regulated of all markets. This might seem like a lot of money for “legal costs” but the fact is that this bank was forced to add US$400 million to its legal reserves due to the settlements they....