The Currency Observer Office (OCC) has issued new guidelines, allowing national banks and federal savings societies to provide encryption nursery services and stablecoin without prior regulatory approval.
It represents a major development for the encrypted currency sector, after calls to end restricted banking practices such as suffocation 2.0.
OCC wipes the way for banks and encryption
The latest directives, explanatory message 1183, Confirm Banks can participate in these activities under current banking laws. This cancels the previous condition for obtaining non -supervision before follow -up.
The new guidance represents a major transformation in the regulatory policy, which simplifies the banking process to integrate digital assets into its services. However, Occ confirmed that although the approval requirements have been raised, banks must maintain strong controls for risk management that resemble those required for traditional banking operations.
“OCC expects that banks will have the same powerful controls for risk management to support new banking activities as they do with traditional activities,” said Rodney Hood, the currency financial observer.
He added that this decision reduces the barriers of banks that seek to be encryptive activities. It represents a major development after the legal recovery and the decline against the unfair regulations of executives in this field, such as Brian Armstrong.
Recently, Coinbase CEO filed a lawsuit against FDIC (Federal Deposit Insurance Company) to try to cut ties between the banking and encryption services sectors.
The main players in the encryption industry, including CERCle Jeremy ALLAIRE, have enthusiastically welcomed the OCC Declaration.
“Let’s go! Banks using USDC. Soon to Blockchain near you. We are excited to connect the current financial system of the new online financial system. Circle Mint is open to work.” Express Allaire.
Meanwhile, others, such as Marti’s encryption analyst, highlighted the economic impact of the decision. he He said Teacher will allow us to work as a place on public networks, Custom Crypto for customers, and keep Stablecoin.
Likewise, the famous coding analyst Scott Milker, also known as a wolf wolf, Be praised the OCC reaffirming that encryption activities are completely permitted in the American Federal Banking system.
It should be noted that the Bank of America recently adhered to launch Stablecoin if new American regulations allow.
Perhaps, with the latest organizational penetration, BOA can follow this commitment, after others like Ripple in the Stablecoin Market.
CEO CUSTODIA Bank says it is not necessarily a green light
Despite the widespread excitement, some industry experts urged caution. The founder of Pank Pank and CEO of Caitlin Long noted that although OCC’s guidelines are a positive step, the broader organizational obstacles still exist.
“I hope that is the case, but we have not yet – is this the reason. There are accurate differences for organizing American banks,” they are books.
CUSTODIA Executive Officer indicated that CRYPTO’s anti -federal and FDIC guidelines are still valid. She said this still creates obstacles for banks that want to adopt full digital asset services.
“Amid all the joy about OCC news, the suffocation process did not end 2.0 until: 1. Make up.
It was too late, in early 2023, CUSTODIA was rejected a major account, allowing it to access liquidity facilities at the Federal Reserve. Accordingly, its position is that the Federal Reserve and FDIC were more harmful to OCC banking services.
Bin Al -Baz, a founding member of the Hashki Group, presented a more optimistic perspective. I suggest that the OCC decision can pressure the Federal Reserve and FDIC to shower.
“In a more optimistic note, OCC can help as a first goalkeeper to help pay later alignment instructions from FDIC and FED. The presence of one institution to the front is better than nothing,” Baz OPINED.
However, it is a positive development in the right direction, but it may take some time for banks to embrace these changes completely.
Disintegration
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