OCC grants crypto firms bank charters and finalizes stablecoin rules
The latest in this situation
- OCC rules prohibit Circle from paying interest on stablecoins, despite low traditional bank yields.
- The OCC finalized stablecoin rules for issuers, driving crypto equity buying and boosting Circle's USDC circulation.
- OCC moves from proposing rules to actively regulating stablecoin issuers under the GENIUS Act.
- OCC finalized the GENIUS Act implementation rule, which Scott Bessent praised.
- OCC grants crypto firms national trust charters; Gensler's token rules fail.
How it started
OCC Grants National Trust Charters to Crypto Firms Amid Legal Challenges
What happened
The Office of the Comptroller of the Currency granted national trust bank charters to several crypto firms, including Circle, Coinbase, and Crypto.com. The OCC also finalized stablecoin rules for issuers and proposed rules under the GENIUS Act. However, a community bank group is suing the OCC, claiming the agency exceeded its authority by allowing these crypto firms to obtain national trust bank charters.
From cointelegraph.com, yahoo.com
Why it matters
The regulatory approvals for digital asset firms to provide banking, custody, and payments services are increasing the choices available to fund managers. This policy shift has drawn criticism from Elizabeth Warren, who argued the approvals may violate banking laws and pose systemic threats to the U.S. banking system.
From funds-europe.com, yahoo.com
Who's involved
- Office of the Comptroller of the CurrencyAmerican federal government organization that granted the national trust bank charters and finalized stablecoin rules.
- CirclePeer-to-peer payments technology company that received a national trust bank charter from the OCC.
- CoinbaseAmerican company that operates a cryptocurrency exchange platform and received a national trust bank charter.
- RippleCreator and developer of the Ripple payment protocol, which received a national trust bank charter.
- Elizabeth WarrenAmerican politician who criticized the OCC's charter approvals, arguing they may violate banking laws.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- CircleSpeculative
Circle might increase its revenue by offering banking, custody, and payments services to fund managers.
- CoinbaseSpeculative
Coinbase might increase its revenue by offering banking, custody, and payments services to fund managers.
- RippleSpeculative
Ripple might increase its revenue by offering banking, custody, and payments services to fund managers.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Crypto firms may increase competition for SoFi's customersCrypto firms may increase competition for SoFi's customersPossible
- OCC chartering of crypto firms challenges SEC's regulatory authorityOCC chartering of crypto firms challenges SEC's regulatory authorityPossible
- New crypto charters may force FDIC to adjust financial stability oversightNew crypto charters may force FDIC to adjust financial stability oversightPossible
- New OCC charters may increase competition for JPMorgan ChaseNew OCC charters may increase competition for JPMorgan ChasePossible
How it developed
Newest first. Tap a step to see who reported it.- The OCC finalized stablecoin rules for issuers, driving crypto equity buying and boosting Circle's USDC circulation.Sub-event
OCC grants crypto firms national trust charters; Gensler's token rules fail.1 source
- The Office of the Comptroller of the Currency is proposing rules to govern stablecoin issuers under the GENIUS Act.Sub-event
OCC grants regulatory approvals to digital asset firms.1 source
- Circle, Coinbase, and Crypto.com received US charter approvals, while Wise plans a new charter application.Sub-event
- US regulators rejected Wise Group plc's application for a national trust bank charter.Sub-event
- Circle is seeking approval from the Office of the Comptroller of the Currency to establish a national trust bank.Sub-event
OCC actions regarding bank charters for crypto firms, involving Elizabeth Warren, Circle, and Coinbase.1 source
Show 1 earlier step
- Multiple crypto firms, including Ripple and Circle, applied to the OCC seeking a bank charter.
Keep exploring
The entities involved
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Office of the Comptroller of the Currency
American federal government organization
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Elizabeth Warren
American politician (born 1949)
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Circle
peer-to-peer payments technology company
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Coinbase
American company that operates a cryptocurrency exchange platform
Related events
- Pending U.S. crypto legislation involving Coinbase.
- The crypto market is experiencing a rally, boosting related stocks as major firms like BlackRock remain involved in Bitcoin funds under SEC oversight.
- Coinbase created the organization Stand With Crypto in 2023.
- The SEC seat filling process is under debate as CoinDesk reports on new crypto legislation, with Elizabeth Warren active on the Banking Committee.
- Coinbase awaits clearer rules from the SEC as Chair Paul Atkins pushes innovation exemptions for tokenized assets, with Nasdaq building supporting platforms.
Coverage
Newest first; wire copies grouped- cointelegraph.com
- funds-europe.com
- yahoo.com
- cointelegraph.com
- Yahoo FinanceEveryone wants to be a bank now. Banks aren’t happy about it. A lot of companies that are not in the banking business are suddenly applying for new US banking charters, from automakers General Motors
- Unknown outlet