• OCC banks cannot discriminate crypto
    Cryptocurrencies,  Politics,  Regulation

    Treasury Dept says banks cannot discriminate against industries like crypto

    Acting Comptroller of the Currency Brian Brooks, a former Coinbase executive, issued another ruling aiding cryptocurrency companies

    Targeting one of the cryptocurrencies biggest complaints, the Office of the Comptroller of the Currency proposed a rule on Nov. 20 that would require banks to “provide access to services, capital, and credit based on the risk assessment of individual customers, rather than broad-based decisions affecting whole categories or classes of customers.”

  • SEC questions Wyoming custody
    Regulation,  United States

    SEC taking dim view of Wyoming’s claim it can authorize crypto custody

    The Securities and Exchange Commission is seeking comments on Wyoming’s recent No-Action Letter authorizing state-chartered trust companies to custody traditional and digital assets

    The Wyoming letter asserts that the state-chartered trust companies are allowed to be “qualified custodians” for digital assets. In response, the SEC’s Division of Investment Management published its own staff statement highlighting that the Wyoming letter made clear that it “expressly states that the letter ‘should not be construed to represent the views of the SEC or any other regulatory agency.’”

  • Figure Technologies bank charter
    Technology

    Another crypto bank? Blockchain lender Figure Technologies applies for a bank charter

    The firm believes that a bank charter will allow it to simplify its compliance efforts and help it serve more customers

    According to a Nov. 6 announcement, Figure Technologies applied for a national bank charter from the Office of the United States Comptroller of the Currency (OCC). The firm said in its announcement that the national bank charter would allow it to offer the same set of products and services throughout the U.S. Furthermore, its compliance efforts mean it would have to keep the requirements of only one regulator in mind, reducing costs and risks.

  • FinCEN bank warning crypto
    Cryptocurrencies,  Politics,  Regulation

    FinCEN’s mixed message on banks and crypto

    Financial Crimes Enforcement Network Director Kenneth Blanco’s warning that banks can expect tough questions about cryptocurrencies comes in the wake of other Treasury Department rulings encouraging custody service for crypto and stablecoins

    Taken together, the encouraging letter from acting Comptroller of the Currency Brian Brooks and stark warning from Financial Crimes Enforcement Network Director Kenneth Blanco present a very mixed message to banks and other financial institutions. Both agencies are part of the U.S. Treasury Department.

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