There are no guarantees that even the "Big 4" Korean crypto exchanges will survive the imminent regulatory tidal wave.
A June 10 notice from the Texas Department of Banking told state-chartered banks they can work with crypto companies.
“We continue to closely and actively follow developments around cryptocurrencies,” said Wells Fargo CEO Charles Scharf in a statement.
"We created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions," Acting Comptroller Michael Hsu said.
The rule would have prohibited U.S. banks from denying services based on ideological factors.
Rep. Rashida Tlaib, Rep. Stephen Lynch and Rep. Jesus Chuy Garcia have introduced a bill that would require stablecoin issuers to secure bank charters and either obtain FDIC insurance or maintain full reserves to operate in the U.S.
Brian Brooks left Coinbase to lead the U.S. Office of the Comptroller of the Currency last month.
Arizona's fintech program has added a controversial startup using stablecoins to evade federal regulations
A research paper from China's banking regulator suggests the country should let ICOs operate legally under a financial regulatory framework.
At Consensus 2016, expert panelists took turns discussing the future regulatory climate for digital currencies like bitcoin.