Key Highlights: Sen. Elizabeth Warren challenged at least nine crypto trust-charter approvals by the Office of the Comptroller of the Currency. Warren requested approval applications, legal analyses and communications involving OCC officials, the White House and the Trump family. Sen. Richard Blumenthal sought records from Binance, Tether and two Trump-linked ventures, setting a Jan. 4, ...
Key Highlights: The Office of the Comptroller of the Currency (OCC) has granted Coinbase a full trust bank charter, upgrading its conditional status. The Coinbase National Trust enables federally regulated custodial and payments services, operating without taking deposits or extending loans. The milestone comes amid a broader federal regulatory push under the GENIUS Act, alongside ...
Key Highlights Senator Elizabeth Warren is positioned to potentially lead the Senate Banking Committee, bringing expanded investigative tools, resources, and subpoena authority. Anticipated focal areas include heightened scrutiny of large banking institutions, private equity firms, consumer lenders, and digital asset companies. Financial policy analysts anticipate early inquiries could examine regulatory decisions, including the Office of ...
Key Highlights: The Office of the Comptroller of the Currency (OCC) finalized its stablecoin framework under the $GENIUS Act, dropping a rigid presumption on linked reward structures in favor of a case-by-case factual assessment. Regulators rejected a de minimis safe harbor and confirmed that statutory yield prohibitions apply universally to both retail and institutional holders ...
Key Highlights: Payments infrastructure company Rain has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank. If granted approval, the proposed entity will offer fiduciary custody for digital assets and U.S. dollars, manage reserves for permitted stablecoin issuers, and issue USD-backed stablecoins without functioning as ...
Key Highlights: The Independent Community Bankers of America is suing the Office of the Comptroller of the Currency over national trust charters for crypto firms. The OCC has received 40 applications for new bank charters in roughly 18 months, including 23 tied to digital assets. The dispute could influence how US federal trust charters apply ...
Key Highlights The ICBA is challenging crypto companies’ pursuit of national trust charters as an entry point into U.S. banking and payments. ICBA President and CEO Rebeca Romero Rainey said the charter does not provide the same obligations as a traditional federal bank charter. The OCC has continued granting trust charters to crypto firms, which ...