OCC and the FDIC have finally nailed down the rules: going forward, when bank regulators want to make trouble, they must come up with concrete financial risk or evidence of wrongdoing—no more making accusations out of thin air.
On the surface, this looks like easing up for banks, but in reality it’s a knife for the crypto industry. Bank compliance costs go down, and custody and fiat on/off-ramp businesses—these are the areas now bold enough to make a move. The news didn’t seem to move the big pie much, but it’s simmering slowly; once banks truly open the entrance, the money will naturally come.
Don’t expect it to take off tomorrow—first, watch which bank dares to be the first to eat the crab.
On the surface, this looks like easing up for banks, but in reality it’s a knife for the crypto industry. Bank compliance costs go down, and custody and fiat on/off-ramp businesses—these are the areas now bold enough to make a move. The news didn’t seem to move the big pie much, but it’s simmering slowly; once banks truly open the entrance, the money will naturally come.
Don’t expect it to take off tomorrow—first, watch which bank dares to be the first to eat the crab.
