OCC

mark_able_jones_

There's a more happening than just the infrastructure bill. SEC. FDIC. DOJ. OCC. White House. IRS. House Fin Serv Committee. Beyer Bill in the House. NIC. FBI. ....all making some strong anti-crypto moves. A more likely plan. Expose tether as a fraud. Collapse market. People will practically be begging for regs. Beyer Bill and regulatory proposals are already waiting in the wings.

Tajo990

They ain't down with the OCC, yeah you know me

Sonicthoughts

The OCC is very powerful in controlling bank licenses. They can tell all banks to stop any interaction with Bitcoin as if it were a terrorist org. A monitary revolution is near certain. Bitcoin is looking strong to play a central role. Let's pray that this is a peaceful revolution. It will happen fairly quickly and depend more on how the globe looks at Bitcoin than the US. if there are many safe havens, the us will not have a chance to fight it. Remember, this is our revolution. Don't depend on others to make this happen.

hateschoolfml

The Federal Reserve, FDIC, and OCC have released their crypto policy roadmap for 2022 covering: - stablecoin issuance - crypto collateralized loans - balance sheet holdings The fact they say “crypto asset” means this is all about bitcoin and none of us have enough. Whether we like it or not, banks are coming. https://twitter.com/dylanleclair_/status/1463212991399276547?s=21

cosmomax

It was a theoretical proposition in an academic research paper that asked how we could reduce the number of (involuntarily) unbanked individuals. It's an extreme proposition, but it's also NOT what she is proposing to do as OCC.

mark_able_jones_

I get along with other crypto buyers just fine. I see cryptos as technologies, and I think equating them to physical substances is misleading. Right now, crypto looks so much like the dot-com bubble. Remember? Every internet company was awesome because it was an internet company. We're in a similar manic phase with crypto. The problem with Bitcoin is simply that it's slow and inefficient, and there's no way to fix it. AOL dial-up was dominant in the 1990s. Netscape communicator was once dominant. Internet Explorer was once dominant. VHS became laser disk became DVD became blue-ray became streaming. Consider, say, the broader uptake of crypto adoption. Will new users care that crypto is decentralized? Nope. Will they care that it's fast and efficient and easy to use? Yep. Bitcoin as digital gold? It's not. It's blockbuster video. Imagine it's this time in 2022. Eth 2.0 has been released. It can both hold value and instantly transfer that value. Gas feels are gone. Mining has been replaced with staking. Sharding allows for Eth to process 100,000 transactions per second. Meanwhile Bitcoin will not finalize transactions for 10 minutes. It will process 7 transactions per second. And it will require an insane amount of hardware and energy to accomplish this goal. Ever hear of an ESG rating? All the gov will have to do is equate Bitcoin to energy use, then use the ESG rating to deny grants and subsidies. That's if companies are even allowed to hold crypto--the new head of the OCC sees a lot of problems. Plus, Dems have already have a full crypto regulatory package waiting in the wings (see Beyer's bill). And if you read the SEC stance on the VanEck ETF, the SEC is not exactly turning cartwheels for Bitcoin. [https://www.sec.gov/rules/sro/cboebzx/2021/34-93559.pdf](https://www.sec.gov/rules/sro/cboebzx/2021/34-93559.pdf) ​ >Moreover, BZX does not sufficiently contest the presence of possible sources of fraud and manipulation in the bitcoin spot market generally that the Commission has raised in previous orders, which have included (1) “wash” trading, (2) persons with a dominant position in bitcoin manipulating bitcoin pricing, (3) hacking of the bitcoin network and trading platforms, (4) malicious control of the bitcoin network, (5) trading based on material, non-public information, including the dissemination of false and misleading information, (6) manipulative activity involving the purported “stablecoin” Tether (USDT), and (7) fraud and manipulation at bitcoin trading platforms. While I don't think the SEC will make Bitcoin a security, it's clear the gov sees some obvious problems with Bitcoin. And, frankly, they are valid concerns. Note that Tether mention. The SEC all but calls it a fraud. Tether is half of crypto's trading volume. Expect Gov movement on stablecoins. [https://home.treasury.gov/news/press-releases/jy0456](https://home.treasury.gov/news/press-releases/jy0456) Also, don't forget that the DOJ is investigating Tether for fraud. [https://www.cnbc.com/2021/07/26/doj-reportedly-probes-crypto-company-tether-for-possible-bank-fraud.html](https://www.cnbc.com/2021/07/26/doj-reportedly-probes-crypto-company-tether-for-possible-bank-fraud.html) Gee, I wonder if they will [find anything amiss.](https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal) Where am I wrong?

lavazzalove

"President Biden has nominated Saule Omarova, a law professor at Cornell University, to be the next head of the Office of the Comptroller of the Currency (OCC), which is responsible for regulating the assets held by more than 1,000 banks."

Set1Less

Unfortunately, big ass hammer coming down on a lot of crypto In a week or so, the 3 banking regulators Fed, Trasury and OCC are set to release another crackdown report on crypto These fucks dont give a shit about the disrepair the state of the economy is right now, soaring gas prices and inflation, but have set all their targets towards crypto. Crypto bad, crypto bad, this crypto bad, that bad.. thats all you are hearing from the regulatory agencies. Gear up bois, we have to fight these fuckers

JackfruitPleasant333

$OCC

Akn3laps

I would imagine...yes...if you can’t beat em, join em. Even better, for banks at least, developing a blockchain for your institution would carry a heavy weight in the security and customer retention columns when people realize what kind of future cryptocurrency really suggests. Let’s hope Omarova doesn’t head the OCC (doubts based on her Cornell law paper on “Democratizing Money”), banks can say goodbye to not just customers but control all together because this isn’t just a revolution of currency or technology it is an evolution of thought and ascension of the spirit in a world more connected and fires thinking than ever.

JackfruitPleasant333

Dont forget $OCC

-Falsch-

I'm not really understanding your logic, I invested $110 into SHIB and it's now $772. An increase of 602%. IF I had invested into BTC it would be $138.81. An increase of 26%. Market Cap is calculated by multiplying the number of coins by the price of each coin. So..... The only part that I agree with is that retail investment will continue to deteriorate. Institutional support will likely lead to Government oversight/regulations by the SEC and the OCC. Its inevitable. Since WWII, the US dollar has been the world's reserve currency and they are not going to lose control to BTC. Janet Yellen is salivating to create rules and regulations today. Again, inevitable. They can decide to tax you to hell and back or outright ban it. (China's done that a couple of times.) And you can thank Barry Silbert for initiating the downfall of BTC. When he shorted Doge, he unwittingly set in motion the mass creation frenzy of Altcoins. This has diluted investment into Doge, the main reason it continues to struggle. But the best part is that it also has diluted investment into BTC. Irony, at its best. At some point ETH will overtake BTC, just like SHIB has overtaken DOGE in volume. For those of you investing, do your due diligence and research thoroughly. This is a long game, good luck and good fortunes.

Rain6637

OCC said stable owns counted as reserves and they're CEO of coinbase now. But I have a feeling they'll update that to count CBDC only.

BrakumOne

I tell you this much. i bought some OCC a while back. Now its held hostage because the fee to transfer it to eth or something because fees are ridiculous so i rather wait until eth 2.0. Often the fee is more than what i have which is like 180$ and the fee sometimes is over 200$

Fair_Still6667

Jelena McWilliams, Chair of the Federal Deposit Insurance Corporation (FDIC), said banks should be allowed into the space while appropriately mitigating risk. “If we don’t bring this activity inside the banks, it is going to develop outside of the banks. \[Then\] the federal regulators won’t be able to regulate it.” Though it hasn’t been confirmed as the same initiative, Federal Reserve Vice Chair of Supervision Randal Quarles revealed in May that his organization, along with the FDIC and the Office of the Comptroller of the Currency (OCC), were on a “sprint” to regulate crypto. While speaking at the Money 20/20 conference in Las Vegas, McWilliams said her role in the initiative was primarily focused on how banks interact with the industry. “My goal in this interagency group is to basically provide a path for banks to be able to act as a custodian of these assets, use crypto assets, digital assets as some form of collateral… At some point in time, we’re going to tackle how and under what circumstances banks can hold them on their balance sheet.” McWilliams also said that the easiest issue to tackle would be laying out a roadmap for letting banks take custody of digital assets, but acknowledged that the volatility in crypto poses difficulties. “The issue there is… valuation of these assets and the fluctuation in their value that can be almost on a daily basis… You have to decide what kind of capital and liquidity treatment to allocate to such balance sheet holdings.”

coinfeeds-bot

tldr; The Federal Deposit Insurance Corporation (FDIC) is developing a cryptocurrency roadmap for banks. It will likely include rules around holding crypto in custody, using cryptocurrency for loan collateral, and holding cryptocurrencies on balance sheets as an investment. The FDIC’s plans are part of a larger “sprint” that aims to build a joint framework with the Federal Reserve and the OCC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

lord_fishsticks

I think the charter aspect is where things get tricky. Already we are seeing calls from Senate Banking to have the OCC reassess charters given to Anchorage, Paxos, and Protego. The OCC and other regulators are notoriously slow at approving de novo charters and have favored M&A as opposed to de novos over the past 10+ years. I think you will see existing banks getting involved. I am also hearing that several large bank payment processors and other Fintechs are looking to add purchasing and trading of crypto and stable coins, as well as issuing of bank issued coins

the_far_yard

Saved you a click: 1. FDIC is 1/3 leading US Bank Regulators. The other 2 are Federal Reserve (FED), and the Office of the Comptroller of the Currency (OCC). 2. FDIC are exploring the possibilities of client trading, collateral for loans, or being held in their balance sheets. 3. Recognition that the development will still happen outside of the banks' purview, leading to federal regulators to not be able to regulate it if banks are not involved soon.

Academic-Daikon-8662

WASHINGTON—President Biden plans to nominate a law professor who has criticized Wall Street banks to oversee some of the largest U.S. lenders, people familiar with the matter said. Mr. Biden is expected to tap Saule Omarova, a Cornell University law professor, to become the Comptroller of the Currency, which oversees national banks including JPMorgan Chase & Co. and Bank of America. A formal announcement could come this week, the people said. A White House spokeswoman declined to comment. Ms. Omarova didn’t respond to a request for comment. Bloomberg News reported earlier on the expected nomination. The OCC is an independent bureau of the Treasury Department. It oversees about 1,200 banks with total assets of $14 trillion, some two-thirds of the total in the U.S. banking system, making it one of the most powerful regulators alongside the Fed and the Federal Deposit Insurance Corp. The powerful Comptroller of the Currency has a seat on the board of the FDIC as well as on the Financial Stability Oversight Council, a panel of senior regulators charged with detecting risks to the financial system. The bulk of the job revolves around supervising the day-to-day operations of the world’s largest banks. A native of Kazakhstan, if confirmed Ms. Omarova would be the first woman to serve as the full-time comptroller to run the 3,500-strong agency since Abraham Lincoln signed it into law in 1863. She would likely work to help fulfill Mr. Biden’s campaign push to expand access to banking services in underserved communities. As part of that effort, she would help lead a planned overhaul of the rules for the Community Reinvestment Act, a decades-old law governing hundreds of billions of dollars in lending and investment in low-income areas. On Twitter, Ms. Omarova criticized this summer’s end to temporary restrictions on big bank share buybacks and dividends after the banks performed well in annual stress tests. In a separate tweet, she criticized a news report on acquisitions by JPMorgan. “Does the world need JPMorgan to grow bigger or more powerful? Just wondering,” she wrote. In academic writing, Ms. Omarova has called for a shift of consumer banking deposits from private firms to the Federal Reserve and called to “effectively end banking as we know it.” The same 2020 paper endorsed steps to “radically redefine the role of a central bank as the ultimate public platform for generating, modulating, and allocating financial resources in a democratic economy—the People’s Ledger.” The pick is expected to be cheered by progressive Democrats who support her criticism of banking and is likely to meet opposition from Republicans and industry groups. A Republican Senate aide said GOP lawmakers are concerned that her views are “far to the left of anyone we’ve seen in the regulatory space.” The Biden administration has struggled to find a comptroller nominee who would be embraced by its Democratic allies on Capitol Hill. Earlier this year, the White House abandoned a former Obama-era Treasury official it had eyed for the post after he drew opposition from progressive Democrats. Several other people were considered for the role but never nominated.

roadydick

Look into projects in the Cardano ecosystem: AGIX, SDAO, OCC

coinfeeds-bot

tldr; The New York National Bank’s controller Michael Hsu has been assessing the OCC's situation on crypto since he got to work in May, he said freely. The OCC has considered at least one charter request from a crypto bank that received initial approval before Hsu arrived. Any permitted activity in the banking business of one company may be undertaken *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; The US Office of the Comptroller of the Currency (OCC) has reportedly determined that banks are legally allowed to trade cryptocurrencies on behalf of clients, in what could be a major breakthrough for the digital assets. Michael Hsu, the current acting head of the national bank regulator, has been reviewing the OCC’s stance on crypto since he took office in May, he has said publicly. The decision could open the door to a whole range of lucrative activities by banks in the virtual currency market. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Internet_Bigshot

A top regulator quietly determined during the final days of the Trump presidency that banks are legally allowed to trade cryptocurrencies on behalf of clients, in what could be a major breakthrough for the digital assets, according to people familiar with the matter. The decision by staff at the Office of the Comptroller of the Currency — which has never been made public — could open the door to a whole range of lucrative activities by banks in the red-hot virtual currency market by allowing them to briefly hold crypto assets on their own books to facilitate trades. It also serves as a window into the type of internal documents at financial regulatory agencies that shape policy behind the scenes. “Cryptoassets have grown exponentially over the last several years,” financial industry groups recently told global central banks in a letter arguing for lower capital requirements to hold crypto. Banks' limited access to them "is neither desirable nor sustainable,” they said. A formal move to green-light crypto trading by banks would probably be met with resistance by advocates of tough financial rules. The value of cryptoassets can shift dramatically — Bitcoin is up about 400 percent from last year — making it potentially risky for both banks and depositors to trade in them. Michael Hsu, the current acting head of the national bank regulator, has been reviewing the OCC’s stance on crypto since he took office in May, he has said publicly. But the internal legal decision by the chief counsel’s office already played a role in the consideration of at least one charter application from a crypto bank that received preliminary approval before Hsu arrived, sources say. The OCC declined to comment for this story. The crypto market, envisioned as an alternative to traditional finance, has soared in size and popularity, leading to interest from banks in meeting client demand in buying and selling the assets. They have been waiting for additional guidance from regulators. In January, the OCC chief counsel’s office determined that banks are legally permitted to hold crypto momentarily to trade for their customers, once they’ve lined up a buyer or seller on the other side of the transaction, the people familiar with the matter said. This determination was later part of deliberations for preliminary charter approval given to crypto trust bank Paxos, they said, though the firm doesn’t currently hold crypto in its own account. “That is not something we’ve considered doing nor have the ability to as based on our supervisory agreements with the OCC,” Paxos spokesperson Rebecca McClain said in a statement. “We definitely do not hold crypto on balance sheet to facilitate trades and cannot do that as a regulated entity.” Paxos, which can have custody of crypto owned by clients, is overseen by the New York Department of Financial Services. Any activity that is permissible within the business of banking for one firm could be done by other banks as well. Next steps on both the overall policy on crypto trading by banks, and on final approval for Paxos, are pending. The revelations provide insight into the legacy of former acting Comptroller of the Currency Brian Brooks, who bookended his tenure with stints as an executive at two top crypto firms and during his time in office took several sweeping actions to allow banks and the upstart virtual currency industry to become more intertwined. That included his push to provide national charters to companies engaged in payments. The legal decision itself has several nuanced implications. It was never issued as an “interpretive letter,” a type of formal reading of the law from agency lawyers that holds weight as policy. Still, the standard for overturning an internal decision like the one on crypto at the OCC would be higher than if no previous legal opinion had been given, and the memo could hold weight in court, according to legal experts. Under Brooks’ watch, the agency did issue an interpretive letter allowing banks to process payments on a blockchain, a ledger for cryptocurrency transactions, which could also build the legal foundation for crypto trading activities by banks. Still, the OCC would have to separately make a decision as to whether crypto trading could be done by banks in a way that wouldn’t threaten the health of those firms, which would give the agency room to limit this activity. Bao Nguyen, a partner at law firm Skadden, Arps who recently left the OCC, would not comment on any specific actions by the agency but said as a general matter, the policy decisions are more complex than the legal ones surrounding crypto, given that banks can already trade other assets for clients. “What is the risk, what is the nature and magnitude of that risk, and can we regulate it?” he said. “Those are not legal questions. Those are all hard policy questions that regulators are struggling with.”

freesoup2

Go OCC!