Category: OCC

Crypto custodian Anchorage nabs national bank charter from OCC

Crypto custodian Anchorage nabs national bank charter from OCC

Anchorage has won the race to become the first federally chartered digital asset bank by obtaining a national bank charter from the Office of the Comptroller of the Currency (OCC). The institutional crypto custodian is now on even firmer footing with its designation as a “Qualified Custodian” under the Securities and Exchange Commission’s (SEC) requirements. […]

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Fiat Freeway: The OCC addresses the use of Stablecoins for Payment Activities

Fiat Freeway: The OCC addresses the use of Stablecoins for Payment Activities

Quick Take ‘Fiat Freeway’ is a weekly column providing the latest updates on central bank digital currencies (CBDCs) and stablecoins.  This week’s column examines the most recent interpretive letter on digital assets from the U.S. Office of the Comptroller of the Currency’s (OCC). This research piece is available to members of The Block Genesis. You […]

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Brian Brooks says ‘antiquated rules’ need updates for a future of DeFi and software-based banks

Brian Brooks says ‘antiquated rules’ need updates for a future of DeFi and software-based banks

Acting Comptroller of the Currency Brian Brooks believes regulators need to re-think banking regulations in light of the emergence of decentralized finance (DeFi) applications and use cases. A time in which some banks are entirely composed of software is on the horizon, according to Brooks, and regulators will need to adjust to that reality. Brooks […]

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ShapeShift Removes KYC Requirements Amid Growing Regulatory Clampdowns

ShapeShift, a popular crypto trading platfrom today announced that they are doing away with all kinds of KYC requirements on their platform starting today in an official blog. Erik Voorhees, the CEO of the platform who has tweeted a cryptic message yesterday responded to the tweet about their decision to remove all KYC needs to […]

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Top US Banking Regulator: Banks Are Authorized to Use Public Blockchains and Stablecoins for Payment Activities

Top US Banking Regulator: Banks Are Authorized to Use Public Blockchains and Stablecoins for Payment Activities

The top banking regulator in the U.S. has announced that national banks and savings associations in the country can use public blockchains and stablecoins for payment activities. Experts say this is good for bitcoin and its importance should not be understated. Banks Can Use Public Blockchains and Stablecoins The Office of the Comptroller of the […]

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OCC Greenlights the Use of Stablecoin by Federal Banks

The Office of the Comptroller of the Currency (“OCC”), the largest regulator of federal banks in the US on Monday published Interpretive Letter 1174, which marks the beginning of a new era for the American Banking systems. The letter declares that the banks may incorporate the use of emerging fintech technology such as independent node […]

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US regulator: Federally chartered banks can facilitate stablecoin payments, issue their own

US regulator: Federally chartered banks can facilitate stablecoin payments, issue their own

National banks and federal savings associations can use public blockchains and stablecoins for settlement, The Office of the Comptroller of the Currency (OCC) said in an interpretive letter published late Monday. The letter indicates that banks and savings associations can now run crypto nodes and utilize associated stablecoins for “permissible payment activities.” This means banks […]

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Biden Administration May Roll Back Some Crypto Regulations, Top Banking Regulator Warns

Biden Administration May Roll Back Some Crypto Regulations, Top Banking Regulator Warns

The top U.S. banking regulator is concerned that the Biden administration may roll back some cryptocurrency regulations aimed at protecting consumers. This includes allowing national banks to custody crypto assets put in place during the Trump administration. Biden Administration Could Change US Crypto Regulations Acting Comptroller of the Currency, Brian Brooks, shared several concerns regarding […]

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OCC chief economist pens working paper defending the issuance of charters to fintech, stablecoin firms

OCC chief economist pens working paper defending the issuance of charters to fintech, stablecoin firms

A working paper by the Office of the Comptroller of the Currency’s (OCC) top economist explores the implications of chartering stablecoin banks — and why doing so may provide some regulatory benefits. The paper by Charles Calomiris —entitled “Chartering the FinTech Future” — covers both so-called stable value coin banks as well as the broader fintech […]

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