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Thursday

21 January 2021

House Financial Services Chair to Biden: Repeal OCC Crypto Rules - Decrypt

House Financial Services Chair to Biden: Repeal OCC Crypto Rules - Decrypt


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House Financial Services Chair to Biden: Repeal OCC Crypto Rules.

In a letter to President-elect Biden today, the chairwoman stated, “Your appointed officials at the Office of the Comptroller of the Currency (OCC) must also not assume, as their predecessors have, that a law Congress passed over 150 years ago somehow gives them authority to provide a national bank charter to non-bank fintech or payment companies.”.

The act, which has since been updated, established the OCC as an independent Treasury office that provides charters to and regulates national banks; the act helped modernize the United State’s banking system.

Under Obama appointee Thomas Curry, who served as comptroller from April 2012 to May 2017, the OCCbegan accepting applicationsfor fintech national bank charters.

The OCC has additionallyproposed rule changesthat would prevent national banks from discriminating against money services businesses, such as crypto firms, but also oil and gas companies.In her letter, Rep.

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