Authorities claim that the individual established a counterfeit website modeled after the widely recognized NFT marketplace, with the intention of fraudulently acquiring digital art collectibles from unsuspecting victims.
National banks and federal savings associations (FSAs) that want to offer cryptocurrency must go through rigorous vetting processes.
According to Alex Fowler and Patrick Murck of Transparent Systems, the issuers of stablecoins like Tether and USDC constitute a new rentier class that is sapping value from the DeFi system.
The Office of the Comptroller of the Currency (OCC) today published a letter confirming that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in certain cryptocurrency, distributed ledger, and stablecoin activities.
In its Interpretive Letter #1170 issued on July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued a legal interpretation affirming that federally chartered banks and thrifts (collectively “national banks”) may now provide cryptocustodial services for crypto assets.
Responding to this, the OCC has explained that the authority is moving forward to the national banks for providing crypto custody services in both capacities (fiduciary and nonfiduciary). The OCC also has stated that these kinds of activities should be performed in strict compliance with applicable federal, state and other laws.
With the issuance of OCC Interpretative Letter 1170, cryptocurrency has obtained access to the banking world. No matter what a bank’s risk appetite for crypto is, bank management must remain informed of what is happening in the crypto world.
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