Altcoins News
By Sakamoto Nashi
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Banking Groups Call for Greater Scrutiny. In a formal letter to the Office of the Comptroller of the Currency (OCC), a coalition of major…
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Are Crypto Custody Services Truly Fiduciary?. A major issue raised by the banking groups revolves around the nature of crypto firms’ business…
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Transparency, Public Oversight, and Regulatory Integrity. The banking groups have also raised alarms about the broader implications of chartering crypto…
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Ripple and Circle’s Strategic Goals. Both Ripple and Circle have been actively expanding their institutional presence.
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What’s at Stake for the U.S. Financial System?. The outcome of this debate could have far-reaching consequences.
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A Call for Regulatory Patience. Ultimately, the message from the banking associations is clear: not all financial innovation…
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Ripple and Circle, two prominent digital asset companies, are encountering growing resistance from U.S. banking associations over their efforts to obtain national banking licenses.
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At the center of this debate is a proposed shift that would allow crypto-native companies to operate under national trust charters—essentially granting them authority to conduct…
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In a formal letter to the Office of the Comptroller of the Currency (OCC), a coalition of major banking organizations—including the American Bankers Association (ABA) and the…
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The banking groups argue that the information released to the public so far is insufficient for stakeholders to make informed judgments about the risks these companies pose.
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According to the letter, “The limited disclosure provided makes it difficult to determine whether these companies meet the regulatory standards required of trust banks.
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The OCC has previously stated that digital custody alone does not meet the fiduciary threshold.
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“This shift could open the floodgates for tech-based financial companies to operate under relaxed standards, undermining the purpose of fiduciary trust banks,” one industry…
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The banking groups have also raised alarms about the broader implications of chartering crypto firms without thorough public engagement.
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“There must be a clear and comprehensive regulatory framework if firms outside the traditional financial system are to gain banking privileges,” the ABA and ICBA wrote in their…
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