• 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.

  • OCC lead crypto innovation
    Cryptocurrencies,  Regulation

    Senate banking chair: U.S. should lead in crypto innovations

    Sen. Mike Crapo took note of former Coinbase lawyer Brian Brooks’ activity at the Office of the Comptroller of the Currency in moving to create “clear rules of the road” for the crypto industry

    Brian Brooks, who left his position as chief legal officer of cryptocurrency exchange Coinbase to take up the reins at the Office of the Comptroller of the Currency, has been active in helping the industry make nice with banks that have long avoided it.

  • Brian Brooks OCC crypto custody
    Regulation

    U.S. banks can now custody crypto

    From the Office of the Comptroller of the Currency, former Coinbase exec Brian Brooks made clear yesterday that banks can legally take custody of customers’ cryptocurrency holdings

    After less than two months in government service, former Coinbase chief legal officer Brian Brooks came through for the cryptocurrency industry in a big way.