Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Freedom Bunker
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

US Regulator Rescinds Biden’s Blocks, Says Banks Can Engage In Some Crypto Activities

% of readers think this story is Fact. Add your two cents.


US Regulator Rescinds Biden’s Blocks, Says Banks Can Engage In Some Crypto Activities

Authored by Zachary Stieber via The Epoch Times,

A U.S. regulator said on March 7 that banks can engage in some activities related to cryptocurrencies.

The Office of the Comptroller of the Currency (OCC) clarified in a statement that the permitted activities include keeping hold of crypto assets and maintaining reserves for stablecoins, a class of crypto that features prices tied to other assets.

The OCC said it was rescinding a 2021 policy that set limits on when banks could hold crypto, including the requirement that banks must show they have controls in place to ensure they conduct the activity in a “safe and sound manner.”

“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” Acting Comptroller of the Currency Rodney E. Hood said in a statement. 

Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology. I will continue to work diligently to ensure regulations are effective and not excessive, while maintaining a strong federal banking system.”

The OCC previously issued a series of letters outlining its stance on crypto-related services.

In July 2020, the office said that banks could provide banking services to any lawful business, including crypto firms. In October 2020, the office said that banks can hold reserves from stablecoin issuers. In January 2021, the office said that banks could utilize technologies such as stablecoins to perform permitted functions, such as payment activities.

Later in 2021, though, the OCC said that banks could not engage in crypto-related activities until they notified its supervisory office that it intended to engage in the activities and had received approval from supervisors. The OCC also said that supervisors, before issuing approval, had to evaluate the bank’s systems and make sure the bank could safely engage in such activities.

That’s the position that the OCC has now reversed.

The OCC also said it was withdrawing from joint statements issued on crypto risks to banks, including a 2023 statement with the Federal Reserve and the Federal Deposit Insurance Corporation that said volatility in the crypto space meant there were key risks associated with the sector.

Crypto, including bitcoin, can serve as digital investments and payment methods. Bitcoin, with a limited supply of 21 million coins, also functions as a store of value similar to gold.

President Donald Trump has championed crypto and recently signed an order establishing a bitcoin reserve. The president told reporters that the foundation of the reserve will be the bitcoin seized from criminals.

Tyler Durden Mon, 03/10/2025 – 15:00


Source: https://freedombunker.com/2025/03/10/us-regulator-rescinds-bidens-blocks-says-banks-can-engage-in-some-crypto-activities/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.