Comptroller reveals path for crypto companies to become banks
Firms could potentially become federally chartered banks allowed to provide crypto custody services by converting their business charters. Acting Comptroller of the Currency Brian Brooks — soon to be confirmed in the role full time — has revealed another way for U.S. crypto custody providers to receive a charter to operate as a federally-approved bank.In a Nov. 17 interview with Forbes, Brooks stated that there are currently three methods for payment companies to become a federally chartered bank. The first option is to apply for a non-depository national bank charter, and the other two....
Related News
Comptroller of the Currency Thomas J. Curry, who heads an independent department in charge of supervising all U.S. national banks, stated in a speech April 7 at the American Banker Retail Banking Conference that “it’s important that regulators are open to the changes that are underway in both technology and business practices,” according to prepared remarks shared with Bitcoin Magazine. The comptroller signalled a shift in attitudes toward fintech regulations, an umbrella term used to describe companies or services that use a combination of finance and technology, with Bitcoin being the....
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.
The Office of the Comptroller of the Currency (OCC) will consider applications from fintech companies to become special purpose national banks, Comptroller Thomas Curry announced Friday. Over the past year, no topic in banking and finance has drawn more interest than fintech, and for good reason, Curry noted in prepared remarks while speaking at the Georgetown University Law Center. The number of fintech companies in the United States and United Kingdom has grown to more than 4,000, he noted, and in the last five years investment in the sector has expanded from $1.8 billion to $24 billion....
Thomas J. Curry, Comptroller of the Currency, opened today the Office of the Comptroller of the Currency (OCC) Forum on Supporting Responsible Innovation in the Federal Banking System at OCC’s headquarters in Washington DC which brought together “thought leaders from banks, financial technology companies, academia, community and consumer groups.” Curry’s agency is tasked with overhauling outdated financial legislation to take into account new innovation such as blockchain and blockchain related technology, which has taken the financial world by storm since last year, and more....
New rule-making aims to stop "creeping politicization of the banking industry," says OCC head. Per an announcement on Friday, the Office of the Comptroller of the Currency, or OCC, is looking for public comments on rule-making that would stop banks from denying services to businesses based on sector.In the words of Comptroller Brian Brooks, “Blanket boycotts of entire industry sectors have to stop.”The OCC’s announcement points to political hot-button issues that banks have systematically denied services to, including oil and gas companies in Alaska as well as Planned Parenthood.Speaking....