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Senator Warren Aims to Change Rules on Crypto Offerings from Banks - India Blogger

Senator Elizabeth Warren (D-Mass.) is broadcast a letter Bloomberg News reported on August 4 that among his Senate aides, who would withdraw legal guidance for banks holding and trading cryptocurrencies.




The letter reportedly calls on the Office of the Comptroller of the Currency (OCC) to work with the Federal Reserve (Fed) and the Federal Deposit Insurance Corp (FDIC) to work with some consumer-focused Trump-era regulations on crypto custodial services. can be changed. the vision.

Citing an aide to the senator, a member of the Senate Banking Committee, Bloomberg reported that the senator is collecting signatures from his aides before the final version is sent to the OCC.

According to Bloomberg, details known from the letter suggest that Warren is concerned that the OCC has failed to properly address the risks associated with crypto-related banking activities.

The letter reportedly contained a series of questions for the OCC, including naming regulated banks currently offering crypto-related services and the estimated total amount of those activities.

Acting Controller Responded,

When asked about the issue, the OCC’s acting controller, Michael Soo, said he had not received any letters, although it would be an interesting topic to answer, Bloomberg reported.

During an interview at the Philadelphia Federal Reserve’s sixth annual fintech conference on Thursday, Michael responded by saying:

“I am a very strong believer that anything that comes into the banking system in crypto has to be secure, sound and fair, and we are going to do what is needed in a sustainable, sustainable, robust way. I think we are going to do enough. Good job. A whole bunch of stuff just happened, and the banking system is in pretty good shape, knock on wood. I think that’s part of the action we’ve taken.”

US stance on banks offering crypto custodial services

In the final year of the Trump administration, the OCC Established Bloomberg reported that a national bank can provide cryptocurrency custody services on behalf of customers and provide acceptable banking services to any legitimate business they choose, including cryptocurrency businesses, as long as they manage the risks effectively. and comply with applicable law.

The Biden administration reportedly clarified this rule when the new acting controller of HSU explained that a bank requires a supervisory office’s written notification of non-objection.

Banks interested in offering crypto custody were also obliged to demonstrate their willingness to conduct these activities safely by putting in place an appropriate risk management system.



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