banks

Rep. Waters calls on Biden to reverse policies that let banks custody cryptocurrencies and stablecoin reserves

Basel Committee proposes strict capital requirements for banks with bitcoin exposure

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The Basel Committee for Banking Supervision, the global standards body for bank regulation, published a consultation on Thursday that, if ultimately put into effect, would impose strict capital requirements for banks that have exposure to bitcoin and other cryptocurrencies. It’s a notable release, given that major banks around the world pursue custodial services in response …

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'Very unlikely' that central banks will hold Bitcoin in near future

‘Very unlikely’ that central banks will hold Bitcoin in near future

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European Central Bank president Christine Lagarde doesn’t think central banks will hold bitcoin anytime soon. During a conference call with The Economist, European Central Bank president Christine Lagarde said: “It’s very unlikely — I would say it’s out of the question” that central banks make such a move, according to a report by Business Insider.  …

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FinCEN Encourages Banks to Share Customer Data With Each Other- CoinDesk

FinCEN Encourages Banks to Share Customer Data With Each Other- CoinDesk

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A U.S. agency that fights financial crime is encouraging financial institutions, ranging from banks to cryptocurrency exchanges, to share customer information with one another to catch wrongdoers. The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, issued a fact sheet Thursday spelling out that the 2001 Patriot Act gives institutions wide latitude …

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Rep. Waters calls on Biden to reverse policies that let banks custody cryptocurrencies and stablecoin reserves

Rep. Waters calls on Biden to reverse policies that let banks custody cryptocurrencies and stablecoin reserves

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Congresswoman Maxine Waters has released a wide array of recommended policy changes and approaches to president-elect Joe Biden — a list that includes the rescinding of guidance from the Office of the Comptroller of the Currency focused on banks, cryptocurrencies and stablecoins.  In September, the OCC said that federally chartered banks can hold reserve funds …

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BoE deputy guv: banks must adjust to changes from CBDCs

BoE deputy guv: banks must adjust to changes from CBDCs

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The Bank of England’s deputy governor Jon Cunliffe reportedly said that England’s central bank was not going to ensure that mainstream banking business would remain relevant or not when future digital currencies launch. Cunliffe said in a report: Our job is not to protect bank business models. Banks will have to adjust.  Our job is …

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Kraken Shows How Crypto Companies and Banks Are Evolving Together

Kraken Shows How Crypto Companies and Banks Are Evolving Together

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Some say that meaningful change happens gradually. Others insist it erupts unexpectedly. This week, we saw that both are true.  Earlier this week, the Wyoming Banking Board voted to approve the application from San Francisco-based crypto exchange Kraken for a Special Purpose Depositary Institution (SPDI) banking charter. Yes, one of the crypto industry’s oldest exchanges …

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Banks Won't Rush to Hold Crypto – But OCC's Regulatory Approval Makes It Harder to Ignore

Banks Won’t Rush to Hold Crypto – But OCC’s Regulatory Approval Makes It Harder to Ignore

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The Office of the Comptroller of the Currency (OCC), a federal banking regulator in the U.S., is rapidly expanding crypto awareness on Capitol Hill. The OCC published an interpretive letter Wednesday announcing that in its view, nationally chartered banks are able to provide custody services for cryptocurrencies, a move that the industry widely praised as …

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Industry startups cheer the OCC’s crypto custody move, but don’t bet on big banks jumping into bitcoin just yet

Industry startups cheer the OCC’s crypto custody move, but don’t bet on big banks jumping into bitcoin just yet

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Quick Take The U.S. Office of the Comptroller of the Currency has opened the door for banks under its regulatory remit to offer crypto custody services. Industry startups cheered the move and pointed to potential business opportunities for the sector. Experts say the real beneficiaries will be small and medium banks — big banks not …

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Italian Banks Are Ready to Trial a Digital Euro

Italian Banks Are Ready to Trial a Digital Euro

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The Italian Banking Association (ABI) announced Thursday that its banks are willing to pilot a digital euro.   The group shared 10 considerations for a digital euro in Thursday’s announcement, starting with, “Monetary stability and full compliance with the European regulatory framework must be preserved as a matter of priority.”  The group prioritized the need for …

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