The OCC will allow chartered banks to use stable-coins.
On Wednesday night, the collective value of all cryptocurrencies exceeded $1T (with a frickin T). And on Thursday, Bitcoin’s most prominent currency reached $40k – 2x its price since a month ago. while these are great milestones for the industry…
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they may not even be the most important of the week. the office of the currency controller (OCC) -a banking regulatory office within the Treasury Department has issued guidelines saying that banks can approve some technology. specifically, chartered banks can deploy stablecoins, which are more… Stable than other crypts because they are connected to other assets. the OCC has been very advanced in payments… . ..
From a former serial base executive, Brian Brooks took over the office in May 2020. according to Forbes, Brooks has previously / issued a guide that allowed banks to guard cryptocurrencies – created a special letter of payment for fintech companies a DC lawyer said the OCC was also ahead of the internet banking package, and the last Guide (also known as the interpretative letter) It will help make crypto more mainstream.
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what does this really mean? Jeremy Allaire… The CEO of the blockchain payment initiation circle, says the OCC movement is important because / allows banks to treat blockchain as other payment infrastructures (e., SWIFT, ACH) allows banks to use decentralized and faster settlement technology creates a path for the United States to create their own digital currency (also known as USDC) Furtner,
Forbes notes that there is a great opportunity to improve the speed of cross-border transactions if US banks deploy the blockchain. changes are going too fast for some in November, 6 members of Congress criticized the OCC for moving « unilaterally » in crypto regulation. OCC itself recognizes that banks must expand « compliance programs » to deal with any transaction linked to the blockchain
. Meanwhile, another US office With the Treasury Department, the financial crime suppression Network (FinCEN), released stricter standards on data collection for the digital wall. encryption is moving fast, but there are still some obstacles to clearing up to the next billion (with a frickin T) in market value is created.
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