The proposed rule could ensure fair access to banking services to "legal but disfavored" companies & industries.
A new Notice of Proposed Rulemaking by the United States Office of the Comptroller of the Currency (OCC) on Friday could ensure fair access to banking services to 'legal but disfavored' companies that have previously struggled to build working relationships with banks.
According to Marco Santori, Chief Legal Officer at cryptocurrency Exchange Kraken, these include “customers like the oil & gas biz, independent ATM operators and of course... crypto companies.”
“Crypto OGs know the single greatest impediment to widespread adoption has been and continues to be the lack of access to banking services,” Santori wrote. “In its early days, Bitcoin was caught up in Operation Chokepoint, and crypto more broadly is still caught up today.”
'Operation Chokepoint' is reportedly an Obama-era program that placed strained on the relationships from these 'legal but disfavored' industries.
The Association of Credit and Collection Professionals, which could also stand to benefit from the proposed rule, reported that during Operation Chokepoint, “the Federal Deposit Insurance Corporation and U.S. Department of Justice (DOJ) reportedly applied pressure to financial institutions to cut off financial services to certain licensed, legally operating industries.”
Marco Santori: “This Proposed Rule Reads like a Basic Bill of Rights for Bank Customers.”
However, it seems that the era of strained relationships between crypto and banks may soon be drawing to a close.
Santori said that “this proposed rule reads like a basic bill of rights for bank customers - one that you'd be shocked to hear didn't already exist.”
The proposed rule says that in order "to provide fair access to financial services", a bank will "make each financial service it offers available to all persons... served, on proportionally equal terms,” and “will not deny any person a financial service... except [as] justified by such person's quantified and documented failure to meet quantitative, impartial risk-based standards established in advance."
The new proposed rule will only apply to large banks, which Santori says “is quite sensible if you think about who the culprits are, and the relative costs of compliance.” He also pointed out that the proposed rule “doesn't demand that banks enter lines of business for which they aren't prepared.”
The OCC Seems to Be Taking a Favorable Stance on Crytpo
In July, the OCC published an open letter that made it clear that banks can provide cryptocurrency custody services.CoinDesk reported that in the letter, Senior Deputy Comptroller and Senior Counsel, Jonathan Gould “wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients.”
A new Notice of Proposed Rulemaking by the United States Office of the Comptroller of the Currency (OCC) on Friday could ensure fair access to banking services to 'legal but disfavored' companies that have previously struggled to build working relationships with banks.
According to Marco Santori, Chief Legal Officer at cryptocurrency Exchange Kraken, these include “customers like the oil & gas biz, independent ATM operators and of course... crypto companies.”
“Crypto OGs know the single greatest impediment to widespread adoption has been and continues to be the lack of access to banking services,” Santori wrote. “In its early days, Bitcoin was caught up in Operation Chokepoint, and crypto more broadly is still caught up today.”
'Operation Chokepoint' is reportedly an Obama-era program that placed strained on the relationships from these 'legal but disfavored' industries.
The Association of Credit and Collection Professionals, which could also stand to benefit from the proposed rule, reported that during Operation Chokepoint, “the Federal Deposit Insurance Corporation and U.S. Department of Justice (DOJ) reportedly applied pressure to financial institutions to cut off financial services to certain licensed, legally operating industries.”
Marco Santori: “This Proposed Rule Reads like a Basic Bill of Rights for Bank Customers.”
However, it seems that the era of strained relationships between crypto and banks may soon be drawing to a close.
Santori said that “this proposed rule reads like a basic bill of rights for bank customers - one that you'd be shocked to hear didn't already exist.”
The proposed rule says that in order "to provide fair access to financial services", a bank will "make each financial service it offers available to all persons... served, on proportionally equal terms,” and “will not deny any person a financial service... except [as] justified by such person's quantified and documented failure to meet quantitative, impartial risk-based standards established in advance."
The new proposed rule will only apply to large banks, which Santori says “is quite sensible if you think about who the culprits are, and the relative costs of compliance.” He also pointed out that the proposed rule “doesn't demand that banks enter lines of business for which they aren't prepared.”
The OCC Seems to Be Taking a Favorable Stance on Crytpo
In July, the OCC published an open letter that made it clear that banks can provide cryptocurrency custody services.CoinDesk reported that in the letter, Senior Deputy Comptroller and Senior Counsel, Jonathan Gould “wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Crypto Mining Company Argo Reduced Losses by 85% in 2023
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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