The US Currency Observer Office (OCC) has alleviated its position on how banks deal with encryption just hours after US President Donald Trump pledged to close the CokkePoint 2.0 – the long campaign that restricts the arrival of encryption companies to banking services.
She said on March 7 on March 7: “The custodian of the encrypted assets, some of the activities of Stablecoin, and the participation in the independent node verification networks such as the book of the distributable professor is permitted for national banks and federal societies.” statement.
New OCC directions “reduce the burden” on banks
OCC was confirmed in a document entitled An explanatory message 1183 The financial institutions that were supervised by OCC no longer need to “not supervise” to interact with the activities related to encryption.
Rodney said. Hood, the currency businessman: “Today’s work will reduce the burden on banks to engage in encryption activities and ensure that these banking activities are constantly dealt with through OCC.”
source: Alexander War
The agency said it made the decision because SCET employees now have a better understanding of encryption and want to back down from its previous strict rules “to encourage responsible innovation and enhance transparency.”
While the industry welcomed the last message to OCC, the founder of Pank Custodia and CEO CAITLIN Long He said In the publication of March 7 × this process, the “process” did not end so that “the US Federal Reserve and the Federal Deposit Insurance Corporation also canceled” Crapeto control instructions “.
source: Anchorage Digital
This comes just hours after Trump told a room full of CEOs for encryption at the Crypto Summit at the White House on March 7 as “ending the CostkePoint 2.0”.
“Some people really suffered, it was ridiculous they were doing. In the end, they came, but they came for wrong reasons, only because they wanted the voices.”
ChokePoint 2.0 “strong armed banks”
The CokkePoint 2.0 widespread the industry in multiple countries and was a large pain point for industry defense groups during the 2024 United States elections.
Trump said: “They are the strong armed banks in closing encryption companies and businessmen who effectively prevent funds from stock exchanges, and they have weapons the government against the entire industry,” Trump said.
“But I also know this feeling, maybe better than you; all of this will leave soon.”
Many encryption companies turned into Stablecoins to finance their operations after losing their business accounts in traditional banking institutions during the Debanking process.
Related to: Lessons learned in the 2.0 Planette process of Congress
On January 16, Senator Senata Cenatia Lomes sent a letter to FDIC, claiming that the informants had informed it that the agency had destroyed documents related to the CokePoint 2.0 operation.
At that time, she said: “If you or your employees have been revealed, they have destroyed materials or sought to obstruct supervision jobs in the Senate, I will do quick criminal cases to the US Department of Justice.”
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