OCC’s Support for Crypto continues, as its Authorized Banks to Utilize Stablecoins and Blockchains
Despite having many antagonists, cryptocurrency does also have few of its friends in the financial system, and OCC is leading the charts by taking actions that will prove beneficial in providing the crypto market a safe and suitable environment.
On Monday, Jan 4, 2021, the U.S Office of the comptroller of the Currency (OCC) issued a press release in which they revealed the decision, allowing Federal chartered banks and thrifts to use stable coins and blockchains for making transactions and performing banking functions. The OCC defined guidelines, through an interpretive letter, that are relatively more friendly and amiable for Federal banks and thrifts to participate in the stablecoins and blockchain network.
Further, OCC authorized national banks and federal saving associations to participate in the independent node verification network. The letter is issued to address all the legal ambiguities related to the integration of
blockchain as validator nodes in the federal banking institutions as the letter stated:
“Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with these products.”
The press release also suggested OCC’s intentions to support and incentivize stablecoin-based financial infrastructure as it stated:
“The President’s Working Group on Financial Markets recently articulated a strong framework for ushering in an era of stablecoin-based financial infrastructure, identifying important risks while allowing those risks to be managed in a technology-agnostic way “
The letter is the continuation of the organization’s previous acts that benefited the digital market environment. When earlier in Nov 2020 rumours concerning the crypto regulations and the ban of Bitcoin were circulating in the industry, Brian Brooks responded to the rumors and assured that they are focused on coming up with the right regulations that should not kill Bitcoin and formulating the framework to curtail illicit activities involving digital assets.
Nevertheless, there is apparent disunion among the state regulatory organizations with on the one side we have SEC and on the other we have OCC. So, It will be interesting to see which one succeeds.
The Role of Artificial Intelligence in Crypto Trading
90% of Business Leaders Believe Crypto to Have Significant Impact on the Business, Ripple Reports
XRP Records Inflows While Investment in Crypto Goes Down by $232 Million
Lawyer John E. Deaton Says XRP Holders were Always Right as He Posts a Key Footnote
10 Best Crypto Auto Trading Platforms : Reviewed for 2023
Recent Press Release
5 Easy Loans to Get Approved For
Easy-to-approve loans are usually available within minutes or hours of your application. Unlike traditional banks and other lending institutions, lenders...
Maximizing Passive Income with NFT Investments and Cloud Mining
NFTproX is an innovative platform for buying and selling NFTs (Non-Fungible Tokens), which utilizes blockchain technology to provide investors with...
Easy Cloud Mining Passive Income with Gbitcoins
With the rise in the wide adaptability of cryptocurrencies, there is an emerging need to generate ways to earn from...
Top 15 Ways to Invest in Cryptocurrency
Investors invest in cryptocurrency because they think that as a particular cryptocurrency’s value increases, so will demand it. You can...
Stay on Top of Your Crypto Game with Live Coin Watch Mobile App
After a successful launch of its popular iOS app, Live Coin Watch is thrilled to unveil its mobile app for...