Regulatory pioneer Anchorage was the first cryptocurrency company to see the charter issued by the US National Banking Regulatory Agency.
According to an announcement issued by the Office of the Inspector General of Currency on Wednesday, Anchorage will be conditionally authorized to operate as a trust institution nationwide. This is the first time the charter is part of the concept of a “Crypto Repots Charter” dating back to the Obama era, but it has been accelerated under the leadership of Acting Auditor General Brian Brooks, the book formerly owned by the Coinbase legal team. member.
According to the announcement, Anchorage’s contract renewal regulations will depend on unique requirements:
“As a mandatory condition of approval, the company signed an operating agreement that stipulates capital and liquidity requirements and OCC’s risk management expectations.”
The actual agreement between Anchorage and OCC points to one point that has been at the center of the debate around the Crypto Repots Charter. In other words, the new bank category will not hold deposits: “Banks must not engage in activities that would make them a “bank” as defined in Article 2(c) of the Bank Holding Company Act.”
This is a controversial point. What is a bank? With the advent of online banking, especially the technical security provided by encryption technology, Brooks believes that the future belongs to more Custom financial services. When Narrower described his vision earlier today, he used more tailor-made products according to personal needs, but still needed to obtain national authorization.
In the same interview, Oval CEO Simone Naimi asked Brooks when he can expect the first crypto bank charter in such a country. Brooks checked his watch and seemed to be joking at the time.
So far, this registration has been performed on a state-by-state basis, but encryption has not been performed until recently. Last summer, Wyoming authorized Kraken As the first cryptocurrency domestic bank In the United States.
However, state regulators expressed concern about OCC’s efforts to promote franchised non-deposit institutions. Threaten their authority.
The OCC representative declined to comment on whether he expected more cryptocurrency bank charters during Brooks’ last few days as the acting auditor general.