Caitlin Long, CEO of Custodia Bank, says that the US Government’s war against crypto is not over just because a top US regulator recently loosened its position.
Last week the Office of the Comptroller of the Currency announced that US banks could proceed with various crypto services including custody and stablecoins.
Rodney E. Hood said acting Comptroller for the Currency.
I will continue to work diligently to ensure regulations are effective and not excessive, while maintaining a strong federal banking system. While maintaining the strength of a federal banking system .”, I will work to make sure that regulations are not overly burdensome and effective.
Long claims that Operation Choke Point 2.0, a covert US government agenda to suppress the crypto-industry, is not over until two more US regulators change their negative stance towards digital assets.
A Freedom of Information Act request made by Coinbase, the cryptocurrency exchange in December last year, found that the Federal Deposit Insurance Corporation had asked banks to block crypto-related services in dozens of cases.
Long calls on the Fed to give Custodia, a leading digital asset custodian bank, a master bank account. This is a direct bank account held by financial institutions with the Federal Reserve.
Long Says,
Operation Choke Point 2 (OCP 2) isn’t finished until 1. Fed and FDIC should also rescind the anti-crypto guidelines that are still in place (Fed & FDIC have been far more harmful to crypto banking than OCC).
2. Custodia Bank maintains a Fed Master Account.
Context: Banks that were regulated by the FDIC and Fed, but not OCC, wanted to offer crypto services. OCC’s decision is positive and has implications for the two other agencies. However, FDIC/Fed anti-crypto guidelines are still in place.
Recently, the House Committee on Oversight and Government Reform requested that the FDIC provide access to documents without redactions to help investigate claims that banks are deliberately debanking crypto-industry.
The FDIC did not respond to the formal request.
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Caitlin L. Long, CEO of Custodia Bank, says that Operation Choke Point 2 is not over despite OCC relaxing crypto rules.
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