tldr; Major U.S. banks and their lobby groups are preparing to sue the Office of the Comptroller of the Currency (OCC) over trust-charter approvals for crypto firms. Banks argue these charters allow crypto companies to offer bank-like services, such as custody and payments, without adhering to the same regulatory burdens as traditional banks. This legal battle reflects a broader fight over control of financial infrastructure, with banks seeking to limit competition from crypto firms. The outcome could significantly impact the future of crypto and banking regulations.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
ThreeTonChonker on
Fuck Wall Street. Jane Street too. They’re just pulling up ladders to stop anyone from getting a share of the pie. Fucking vampires.
ArtVandelayTheAssMan on
So the banks don’t want other companies to also become banks by issuing stable coins backed by US treasuries? Shocker lol
Bluejumprabbit on
This was always going to happen. Banks spent years lobbying to keep crypto at arm’s length and now that crypto firms are getting direct access to payment rails, they’re running to the courts.
waysoftheroad on
Fuck the banks. They need to innovate or be put out of business. Give customers some of the interest or face mass exodus of customers.
WinstonChurshill on
Free markets fuck the old banks
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tldr; Major U.S. banks and their lobby groups are preparing to sue the Office of the Comptroller of the Currency (OCC) over trust-charter approvals for crypto firms. Banks argue these charters allow crypto companies to offer bank-like services, such as custody and payments, without adhering to the same regulatory burdens as traditional banks. This legal battle reflects a broader fight over control of financial infrastructure, with banks seeking to limit competition from crypto firms. The outcome could significantly impact the future of crypto and banking regulations.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Fuck Wall Street. Jane Street too. They’re just pulling up ladders to stop anyone from getting a share of the pie. Fucking vampires.
So the banks don’t want other companies to also become banks by issuing stable coins backed by US treasuries? Shocker lol
This was always going to happen. Banks spent years lobbying to keep crypto at arm’s length and now that crypto firms are getting direct access to payment rails, they’re running to the courts.
Fuck the banks. They need to innovate or be put out of business. Give customers some of the interest or face mass exodus of customers.
Free markets fuck the old banks