Crypto industry poised for clash with government over crackdown

The FDIC — which along with the Fed and the Office of the Comptroller of the Currency is warning banks not to allow crypto’s risks to migrate over to the financial system — declinedcomment. A spokesperson for the OCC, a national regulator, said it did not supervise Silvergate, Silicon Valley Bank or Signature. The Fed did not respond to a request for comment.

As the SEC cracks down, bank regulators have put lenders on notice about crypto — prompting some experts to offer blunt assessments of their intentions. Even executives at the since-failed Signature Bank said last year that they planned to slash the concentration of crypto-linked deposits to under 20 percent. Others like Metropolitan Commercial Bank“We see a lot of smoke,” Blockchain Association CEO Kristin Smith said. “We’re not sure where the fire is, but we want to figure that out.”

“This is bank regulators doing their jobs, and it just so happens that right now the regulators have identified risks with crypto customers,” said Phillips, who is now a financial regulation consultant. Crypto firms “are clearly trying to get the banking agencies to back off by calling it something that it’s not.”

“The only explanation is they just wanted to send a message that banks should not be heavily or marginally involved in crypto,” he told POLITICO.

politico's GOP bias has always been clear but it wasnt always a detriment to its coverage. but the bald faced facts are such contradiction to P's coverage of crypto it has become laughable just running straight PR horse manure and quotes from industry lobbied GOP lackeys

Cyptocurrency = Cryptocrookery.

If true, this is a good thing. Let the scammers and pump and dumpers rug each other. Don’t let it have any on/off ramps to banks.

The Crypto’s ready for action

Or most of it is just a big assed Ponzi scheme with zero real life use case.

Good riddance

Trump with the blessing of the banks and Republicans deregulated the banks. 16 banks failed while Cheeto was in office but let us blame Biden.

I mean, why can't they just welcome ponzi schemes that have transferred hundreds of billions of dollars from investors to criminal enterprises, in the largest financial scam in history?

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Analysis: Coinbase, SEC on collision course for 'existential' clash over crypto industryCoinbase debuted on the U.S. stock market on April 14, 2021 - the same day U.S. senators confirmed Gary Gensler to lead the Securities and Exchange Commission (SEC), the country's top markets regulator. Is there a date set? Also I feel like the digital asset side has been literally screaming for a clear path to compliance. The gov should’ve done this shit back in 2017. FTX would’ve never happened like it did if it wasn’t pushed offshore… Everything but original Bitcoin...now only using BSV trading ticker, is a security. CoinBase will lose this and thats why insiders dumped their stock on the public:
Источник: Reuters - 🏆 2. / 97 Прочитайте больше »