U.S. Bankers Demand More Transparency from Crypto Firms
Main Idea
U.S. bankers are demanding more transparency from crypto firms like Ripple and Circle regarding their bank license applications, citing concerns over potential risks to the financial system.
Key Points
1. The American Bankers Association and several banks sent a joint letter to the OCC, emphasizing the need for transparency in crypto firms' operations to address trust issues.
2. The letter calls for delays in processing applications from Circle, Fidelity Digital Assets, and Ripple to allow for public review and scrutiny.
3. The GENIUS Act, which provides a framework for issuing payment stablecoins, is expected to increase the number of license applications from crypto companies.
4. The OCC's decisions on these applications will set precedents for future crypto-related banking operations.
5. Crypto-focused attorney Logan Payne noted that the GENIUS Act allows companies to operate more broadly without needing state-level approvals.
Description
The American Bankers Association seeks delays in crypto firms' national bank license applications. Lack of clarity in business models raises concerns about public oversight and regulatory shifts. Continue Reading: U.S. Bankers Demand More Transparency from Crypto Firms The post U.S. Bankers Demand More Transparency from Crypto Firms appeared first on COINTURK NEWS .
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