The Office of the comptroller, a Treasury Department unit that helps to supervise National Banks and Federal Savings has sent out letters over the past few months.
These letters were sent with an aim to ease banks minds about digital currencies and help them to understand the anti-money laundering laws etc that are already in place. Currently banks are viewing Cryptocurrency as more of a risk then a reward or opportunity. This absolutely must change.
Prior Chief Legal Officer at COINBASE Global, Brian Brooks had a few things to say about the situation such as “We’re trying to demystify crypto,” & “Bank regulators haven’t spoken to what we think is safe and what we think isn’t safe,”
Also recently, the OCC has clarified its position on cryptocurrency issues.
In July, the OCC released a letter saying that national banks and federal savings associations are authorized to provide Cryptocurrency custody for customers, including holding unique encoded keys associated with digital currencies.
Of course they later clarified that this suggestion was for STABLE coins only, traditional type coins related to fiat currency.
Within the conversation there was much debate about the illegal use of Cryptocurrency and surprisingly Mr. Brooks suggest that more criminals are using the traditional system over Cryptocurrency when it comes to illicit activities.
Lots more in the article, it's a good read, thought we would share as this is some positive news for Crypto :)
Happy Coining.
BlueSkyCrypto,
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