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.
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.
The OCC letter has given permission to traditional banks to access the crypto custody market. This step will definitely make crypto custody services more widely available, more reliable and of course, cost-effective. All these features are welcome to the new wave of investors in cryptocurrency.
In the end, the OCC interpretative letter has clarified that all the guidance and conclusions applying to national banks are also applied equally to the federal savings institutions.
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