The banking industry struck back at a White House report that banning stablecoin yield wouldn’t harm banks, saying it asked the wrong question and thus got the wrong answer. On April 8, the White House Council of Economic Advisors argued that banning yield — interest — on stablecoins would do little to help banks, especially community banks, and could instead deprive consumers of better returns. In an April 13 reply in the American Banking Association’s Banking Journal, the ABA’s chief economist, Sayee Srinivasan, and vice president for banking and economic research, Yikai Wang, said that the main “policy concern is not whether prohibiting yield on payment stablecoins would help bank…
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CipherTrace: Bankers worried by inability to detect crypto payments
With growing legal and regulatory attention on anti-money-laundering laws, the blockchain intelligence firm found 80% of bankers fear sanction violations
The IRS, FBI and other U.S. law enforcement agencies may be trumpeting their success in breaking up everything from child porn rings to al-Qaeda funders, but bankers are not so confident in their ability to even detect crypto-related transactions.
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Crypto firms may not remain banking pariahs forever
Senate, Federal Reserve express interest in crypto banking regulations; financial institutions’ patents say they are also interested
When it comes to getting a bank account, cryptocurrency and blockchain firms are being treated like marijuana sellers. That may not be a bad thing.
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JP Morgan Chase & Co. CEO Jamie Dimon showing how he'd wring the neck of any one caught trading bitcoin on one of his trading desks. (via Wikipedia).Government will control cryptos, says CEO of bank bailed out by government
Did JP Morgan Chase & Co. CEO Jamie Dimon really have a change of heart when it comes to bitcoin?
Just four months ago, Dimon called bitcoin a “fraud” and threatened to fire any of his traders caught trading the cryptocurrency on the company’s dime. “Someone is going to get killed,” he warned. Dimon even went so far to mock his own child, saying at CNBC’s Delivering Alpha conference, “My daughter bought bitcoin, it went up and now she thinks she’s a genius.” Since then, bitcoin has more than quadrupled, a return so lucrative that most traders would gladly go short their souls and take a punch in the jaw from their CEO as he escorted them out the door if they could get a glimpse of it. Thus, Jamie…
