(Bloomberg) -Coinbase Global Inc. clearly clarifies his position to US Bank regulations to clear the way for banking to provide custody and trading services to cryptocurrencies and to clear the way to partner with Coinbase. Or urge you to fix it.
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In a letter that Bloomberg sent to the Current Secretary’s office, the Federal Governor’s Committee and the Federal Deposit Insurance Company urged the OCC to the OCC to withdraw the interpretation of Coinbase to the largest encryption exchange in the United States. I did it. Banks are imposing a de facto application process for new banking activities that effectively hinder the entry into the digital asset market. He also asked the Fed and FDIC to confirm that state banks in jurisdiction could provide and outsourced both custody and execution services.
Another letter from the three law firms held by Coinbase has approved the existing federal law and regulations that banks already provide cryptocurrency services and are involved with third -party service providers such as Coinbase. I claimed that there was. Coin bass said that bank regulations need to be confirmed. OCC and FDIC representatives refused to comment, but the Fed representatives did not return the comments.
“It’s important to clarify that regulatory authorities can provide customers with third -party providers in cooperation with third -party providers,” said Faryar Shirzad, COINBASE’s highest insurance officer. Coinbase provides custody to most of the US Spot Bitcoin and Ether Exchange-Traded Funds, which debuted last year.
Until recently, banks have become a retention pattern for providing encryption services for scrutinizing regulations. For example, between March 2022 and May 2023, FDIC issued a letter to a specific financial institution under the director, paused, expanded, planned, or added, and added. I asked for information.
Promotion from coin bass is that banks provide digital asset services are rapidly declining under President Donald Trump’s new administration. Trump has appointed the Chief of the Federal Agency, which is friendly to encrypted, and issued a presidential decree supporting the digital asset industry. Other important movements were abolished, known as SAB 121. This is a guidance from the Securities and Exchange Commission, and it has been unrealistic that banks will be responsible for all management assets in the balance sheet.
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