A proposed OCC rule would stop banks from using political criteria in lending. But with depoliticized funding vehicles now available, it's not necessary, says our columnist.
The head of the House Financial Services Committee wants President-elect Biden to to rescind guidance by the OCC that national banks may hold stablecoin reserves as a service to bank customers.
Brooks hinted at a flurry of crypto clarity actions in the next 6 weeks that could drive more institutions into the asset class.
Call it the CPR for Operation Choke Point.
Congressional Democrats blasted the OCC and Acting Comptroller Brooks for spending time on crypto during a pandemic.
If granted, the charter would replace the blockchain-based lender's hodgepodge of state licenses with a single nationwide regulator.
The OCC's July ruling that allowed banks to provide custody spurred the newfound interest, Brooks said.
For some, the OCC's recent stablecoin guidance, while helpful, raises as many issues as it clarifies.
The U.S. OCC has published fresh guidance, officially clarifying national banks can provide services to stablecoin issuers in the U.S.
U.S. Senate Banking Committee Chairman Mike Crapo asked to know more about the OCC's potential crypto guidance, but encouraged clear regulation.
Acting Comptroller of Currency (and former Coinbase exec) Brian Brooks is spearheading the move to let payment firms operate as banks across state lines.
The Office of the Comptroller of the Currency has been evaluating the cryptocurrency space for years, well before it publicly announced banks could provide services in the field last month.
Nationally regulated banks want the OCC to clarify just how and when they can provide cryptocurrency services, hinting traditional financial institutions are paying close attention to the space.
Regulatory approval doesn't mean banks are about to begin providing crypto custody, but it is accelerating a conversation about financial institutions safeguarding bitcoin.
Visa said crypto is part of "the future of money," members of the U.S. Senate think the dollar should go digital and OCC will allow banks to custody crypto.