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US Senators Ask Bank Regulator To Rescind Crypto Guidance — Here’s Why It’s Not A Big Deal

Four US Senators are trying to make crypto suck again. Here’s why it’s not a big deal.  Covered: US Senators Ask Bank Regulator What This Means For Crypto US Senators Ask Bank Regulator Four US senators asked the office of the comptroller to rescind interpretive letters that set out guidance to banks for how they::Listen

Four US Senators are trying to make crypto suck again. Here’s why it’s not a big deal. 

Covered:

  • US Senators Ask Bank Regulator
  • What This Means For Crypto

US Senators Ask Bank Regulator

Four US senators asked the office of the comptroller to rescind interpretive letters that set out guidance to banks for how they can incorporate crypto into their institutions. The letters were first published when Brian Brooks (formerly of Coinbase, now CEO of Bitfury) was the comptroller of the US.

“In light of recent turmoil in the crypto market, however, we are concerned that the OCC’s actions on crypto may have exposed the banking system to unnecessary risk, and ask that you withdraw existing interpretive letters that have permitted banks to engage in certain crypto-related activities,” the Senators said in a joint statement.

The letters assured banks that they could provide custody services, create payments with stablecoins, and bank with issuers of stablecoins.

The four senators involved include three Democrats (Elizabeth Warren, Richard Durbin, and Sheldon White) and one independent (Bernie Sanders) — though, Bernie Sanders has run for president twice as a Democrat.

The Senators are intent on finding out how exposed banks are to crypto. The open letter asks that while the bank industry divulges to what extent they are involved that the guidance provided in the letters to stop. In other words, they want banks to stop doing business as usual until they clear up how exposed they really are.

What This Means For Crypto

Headlines like these always seem to come out when things are going well again — getting serious deja vu to August 2021 with the infrastructure bill stuff.

Though, this isn’t anything to fret about. It’s highly unlikely that anything like this gets any traction whatsoever. Why? The US government, regardless of who is in office, loves big business. Why they love big business is up to you and how cynical you are. And crypto is big business now. Sam Bankman-Fried has made sure the Senate knows that too.

Beyond that, it’s not just the crypto industry that gets to throw its weight around here.  The idea that banks, which have for decades, if not for a century, have done whatever they wanted in the US, would just suddenly not get to do something because some grandstanding senators said something is, quite frankly, misguided.

So, it’s safe to say you can chalk this up to pre-midterm grandstanding. It’s just an easy headline, and an even easier win in the arena of PR for these four.

Recommended: Progressive Democrat Morgan Harper Thinks Bitcoin Can Eliminate Banks

The post US Senators Ask Bank Regulator To Rescind Crypto Guidance — Here’s Why It’s Not A Big Deal appeared first on CryptosRus.

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