Tag: OCC

BitGo onboards former NYDFS and BitLicense regulator as COO

BitGo onboards former NYDFS and BitLicense regulator as COO

Crypto custody firm BitGo has added a New York Department of Financial Services (NYDFS) veteran as its chief operating officer. The firm announced Tuesday it has onboarded former BitLicense compliance head Cassandra Lentchner. Lentchner previously oversaw the BitLicense framework during her time with the NYDFS. She solidified the licensing framework before focusing on areas of […]

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Acting OCC chief has begun a staff review of crypto-related actions

Acting OCC chief has begun a staff review of crypto-related actions

Under former comptroller Brian Brooks, the Office of the Comptroller of the Currency (OCC) made considerable strides related to cryptocurrency regulation. Now, Acting Comptroller of the Currency Michael Hsu is requesting a staff review of those actions. “My broader concern is that these initiatives were not done in full coordination with all stakeholders,” said Hsu […]

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Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it’s already making a play to gate-crash the institutional custody space. Just days after its licensing, the firm announced the close of a $53 million Series B round for its parent firm, PolySign. Cowen Digital Asset Investment Company […]

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What do the Fed’s draft standards for vetting ‘novel institutions’ mean for crypto banks?

What do the Fed’s draft standards for vetting ‘novel institutions’ mean for crypto banks?

Earlier this month, the U.S. Federal Reserve put out a set of proposed new standards for appraising “novel institutions” that want access to the Fed’s payments and accounts services. For now, the guidance is just a proposal and has not yet taken effect. It will be available for public comment for 60 days, at which […]

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Federal Reserve official set to lead U.S. banking regulator: reports

Treasury Secretary Janet Yellen is reportedly set to name a Federal Reserve official to take over at the U.S. Office of the Comptroller of the Currency on an acting basis, according to reports from the Wall Street Journal and Politico.  Yellen has reportedly tapped Michael Hsu, who currently serves as an assistant director at the […]

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US Bank will launch crypto custody, pending compliance tests

Per an April 27 blog post, U.S. Bank is finalizing cryptocurrency custody services. The actual announcement says that the new services are contingent upon the selection of a sub-custodian to contract under U.S. Bank. Christine Waldron, Chief Global Strategy Officer for Global Fund Services at U.S. Bank, told The Block “We have made the selection. […]

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OCC Grants Crypto Firm Paxos ‘Conditional Approval’ for US Bank Charter

The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary […]

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Paxos becomes latest crypto company to score OCC approval for a bank charter

Crypto firm Paxos has received conditional approval for a bank charter from the U.S. Office of the Comptroller of the Currency (OCC), giving it the green light to split its operations between two entities: one regulated on a national level and one maintaining its current regulatory structure. Paxos isn’t the first crypto firm to receive […]

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Former Comptroller of the Currency Brian Brooks to Lead Binance’s US Trading Platform

A former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks has been appointed the CEO of crypto exchange Binance.us. Brooks will lead the exchange on May 1st and replace the company’s current lead, Catherine Coley. Binance has hired an individual with ties to Washington, as the company’s American trading […]

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