In an American Banker op-ed today, ABA President and CEO Rob Nichols urged the Federal Reserve to “take a very careful look” at the risks posed by nontraditional financial firms including cryptocurrency companies looking to gain access to the payments system.
The Federal Reserve is “looking very carefully” at whether and how it might issue a digital dollar, Fed Chairman Jerome Powell told members of Congress today.
From offering bitcoin rewards checking to meeting the unique credit needs of gig workers and sole practitioners, Quontic Bank depends on innovative ideas and execution.
The OCC today granted conditional approval for the conversion of the South Dakota-chartered Anchorage Trust Company to become Anchorage Digital Bank.
In an interpretive letter yesterday, the OCC verified that national banks and federal savings associations may use independent node verification networks, or INVNs, and stablecoins, to engage in and facilitate payment activities.
With criminals increasingly turning to virtual currencies to move illicit funds, the Financial Crimes Enforcement Network last week proposed new requirements for certain transactions involving convertible virtual currency or digital assets with legal tender status.
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.
The OCC is continuing its efforts, working with other agencies, to facilitate banks’ ability to engage with digital currencies, Acting Comptroller Brian Brooks said during a press event this morning.
In an interpretive letter, the OCC gave institutions under its supervision the greenlight to hold deposits that serve as reserves for “stablecoins.”
Will the OCC’s clarification that U.S. banks can hold a cryptocurrency’s unique cryptographic keys turn out to be the onramp into a new revenue stream?