In a world where everything seems to be spinning faster than a Russian troika in winter, here’s a tidbit that might just blow your mind—or at least make you scratch your head in confusion. Fifteen cryptocurrency and fintech companies in the United States have decided they’ve had enough of the middlemen (aka the traditional banks). Instead, they’ve lined up to beg, plead, or perhaps sweet-talk the Office of the Comptroller of the Currency (OCC) for their very own trust charters. Why, you ask? Well, it turns out the crypto-friendly Trump administration made it rather fashionable to flirt with financial liberation.
Now, some of these crypto giants, like Circle and BitGo, are doing what all big players do—trying to blend into the boring, conventional financial world. But others? Oh, they’re taking a more rebellious route, seeking to bypass those pesky banks entirely. They are aiming for the exclusive world of federally regulated depository institutions, where only the select few roam. Because who needs banks when you have the OCC to pave the way? 🙄
What’s This OCC Process All About? Don’t Ask Me, Ask the Bureaucrats! 🧐
In case you’ve been living under a rock or just don’t care about crypto (lucky you), here’s the lowdown: No cryptocurrency firm has yet managed to grab a Master Account from the OCC. Yes, even the likes of Custodia Bank, with all its grand plans, has yet to succeed. Meanwhile, the White House is sitting comfortably on an executive order that could soon require the Fed to consider crypto-native companies. So, there’s hope for the dreamers, right? 🎉
Speaking of dreamers, Brian Brooks, the crypto-loving former acting Comptroller, was the one who approved the first-ever crypto trust charter for Anchorage and even gave Paxos the green light in 2021. Will Jonathan Gould follow in Brooks’ footsteps as the new head of the OCC? We’ll see. Of course, the OCC is staying tight-lipped about it, because why wouldn’t they? 😏
Meanwhile, traditional institutions like Bank of America are hanging tight to their old-school ways, giving their full support to the Federal Reserve. The two-tier banking system? Oh, it’s getting a little nervous, opening its doors just a crack to the risky disruption of financial systems. Oh, what a time to be alive! 🥳
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2025-04-23 23:51