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Coinbase Urges US Regulators For Crypto Banking Clarity
The post Coinbase Urges US Regulators For Crypto Banking Clarity appeared on BitcoinEthereumNews.com. Recent reports claim that Coinbase is seeking clarity on the status of banking services related to crypto. In a letter, the exchange allegedly urged US regulators to confirm whether banks can offer services to crypto businesses. This move comes before the US Congress hearing regarding “Operation Chokepoint 2.0,” where the crypto exchange’s CLO will testify alongside other industry figures. Coinbase Seeks Clarity On Crypto Banking Barriers On Tuesday, Bloomberg reported that crypto exchange Coinbase had sent a letter to the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corp (FDIC), asking the agencies to clarify the crypto banking status. In the letter, seen by the news media outlet, the exchange urged the OCC to withdraw an interpretive letter that “imposes a de facto application process for novel bank activities” and prevents the financial entities from entering the crypto market, according to Coinbase. The exchange also asked the Fed and the FDIC to confirm if state-chartered banks can provide and outsource custody and execution services related to cryptocurrencies. The report also highlighted a letter from three law firms retained by Coinbase. The letter argues that the existing federal laws and regulations already authorize banks to provide crypto services and engage with third-party service providers like the crypto exchange. Nonetheless, Coinbase allegedly stated that banking regulators must confirm it. The exchange’s CPO, Faryar Shirzad, argued in an interview, “It’s important for regulators to make clear that banks can work with third-party providers in providing trading and exchange services to their customers.” “At Coinbase, we are very much of the view that we need a comprehensive ecosystem to support the crypto economy,” Shirzad stated, adding, “That’s why we’ve been so active on bank issues, even though they involved regulatory fixes that helped…
The post Coinbase Urges US Regulators For Crypto Banking Clarity appeared on BitcoinEthereumNews.com.
Recent reports claim that Coinbase is seeking clarity on the status of banking services related to crypto. In a letter, the exchange allegedly urged US regulators to confirm whether banks can offer services to crypto businesses. This move comes before the US Congress hearing regarding “Operation Chokepoint 2.0,” where the crypto exchange’s CLO will testify alongside other industry figures. Coinbase Seeks Clarity On Crypto Banking Barriers On Tuesday, Bloomberg reported that crypto exchange Coinbase had sent a letter to the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corp (FDIC), asking the agencies to clarify the crypto banking status. In the letter, seen by the news media outlet, the exchange urged the OCC to withdraw an interpretive letter that “imposes a de facto application process for novel bank activities” and prevents the financial entities from entering the crypto market, according to Coinbase. The exchange also asked the Fed and the FDIC to confirm if state-chartered banks can provide and outsource custody and execution services related to cryptocurrencies. The report also highlighted a letter from three law firms retained by Coinbase. The letter argues that the existing federal laws and regulations already authorize banks to provide crypto services and engage with third-party service providers like the crypto exchange. Nonetheless, Coinbase allegedly stated that banking regulators must confirm it. The exchange’s CPO, Faryar Shirzad, argued in an interview, “It’s important for regulators to make clear that banks can work with third-party providers in providing trading and exchange services to their customers.” “At Coinbase, we are very much of the view that we need a comprehensive ecosystem to support the crypto economy,” Shirzad stated, adding, “That’s why we’ve been so active on bank issues, even though they involved regulatory fixes that helped…
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