Many American banking societies have pushed against the issuance of a banking license for encryption custody companies, noting the need for general inputs in such a change in industry policy, among other reasons. This development comes at a time when the cryptocurrency industry continues to obtain more appreciation in the United States after a wave of encouraging policies signed by US President Donald Trump.
Cheapped costume, not credit duty, does not guarantee the bank’s condition: American banks
On July 17, five banking societies including the American Banking Association (ABA) presented the Bankers Association for Consumers (CBA), the National Bureau of Banqueers (NBA), American credit federations, and independent community banking (ICBA) Joint To the Currency Observer Office (OCC) to the Currency Financial Office (OCC) on the severe audit of modern requests to the National Trust by nursery companies for many encryption companies.
In particular, the message refers to the requests for the National Digital TR Co, Fedellity Digital Assets, NA and First National Currency Bank, NA and Ripple National TRANK, which all seeks to obtain approval from OCC to work as a national bank.
According to the message of the concerned banking societies, there is a lack of sufficient general information about these requests and their intended actions, which would support their claims for a bank license. These American banks explain that the information circulating about the need about these applications prevents the appropriate general audit needed to express a careful general comment.
Therefore, they are pushing to issue more information about business plans for these encryption companies with the expansion of the final dates for public discussion.
Moreover, these associations stipulate that the nursery services do not qualify as a credit responsibility granted by the National Bank Charter according to the current OCC regulations. They explain that granting a bank license for such work will lead to a major change in OCC policy that also requires a general review period.
However, the association emphasizes the need to restrict a plan to seek the National Bank of Institutions that have credit duty only, saying that approval of these requests by encryption companies leads to a large policy, operational effects, and commercial effects on the American banking industry.
Reading the statement:
If the applicants are successfully able to establish themselves as a patriotic -notes that do not provide credit services, but instead they provide traditional banking services such as payments, then, as expected in 2021, 15 other companies that will follow, and provide the risk of materials to the American banking and financial system
Overview of the encryption market
At the time of writing this report, the total coding market value is 3.82 trillion dollars after a decrease of 1.03 % last day. The first cryptocurrency, Bitcoin, maintains an unparalleled domination with a 61.1 % market share. However, the last decrease in prices is associated with the explosion of Altcoin’s supplies indicates that this hegemony may fade in the future, with potential cards.
Distinctive photo of Pexels, tradingView graph
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