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24 November 2020

US Treasury Office Wants to Ban Discrimination Against Crypto Firms - Decrypt

US Treasury Office Wants to Ban Discrimination Against Crypto Firms - Decrypt

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The Office of the Comptroller of the Currency (OCC), a US Treasury office led by former Coinbase executive Brian Brooks, today proposed regulatory changes that would give cryptocurrency businesses more access to banking services.

The proposed rule change would limit national banks’ ability to deny financial services services to money services businesses such as cryptocurrency firms—or any other category of business—unless they fail to meet certain quantitative, risk-based criteria.

“Consistent with the Dodd–Frank Act’s mandate of fair access to financial services and since at least 2014, the OCC has repeatedly stated that while banks are not obligated to offer any particular financial service to their customers, they must make the services they do offer available to all customers except to the extent that risk factors particular to an individualcustomer dictate otherwise.”.

The new rule, signed by Brooks, states that OCC-covered banks shall “make each financial service it offers available to all persons in the geographic market.” Moreover, it can’t deny a financial service in order to prevent competitors such as, say, money services businesses

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