TLDR Breakdown
- OCC says National Trust Charter is a pathway for crypto banks in an interview with Forbes.
- Forbes interviews the Comptroller of the Currency, Brian Brooks.
- The interview with Forbes revealed that the National Trust Charter is out and accessible as planned.
OCC says National Trust Charter is a pathway for crypto banks
OCC says National Trust Charter is a pathway for crypto banks in an interview with Forbes. Forbes interviews the Comptroller of the Currency, Brian Brooks.
The OCC interview today with Forbes revealed that the National Trust Charter is out and accessible as planned. Already, some firms hope to use the National Trust Charter.
The Comptroller believed that companies involved in payments should have their federal charter. Right now, there are three ways payment companies can access a charter.
The first way to access a charter is to apply for a non-depository national bank charter in New York. The New York option is open and ready for businesses.
The second route for companies is via applying for and buying a depository institution. The third option is the National Trust Bank charter, where companies can switch from being a trust company to join the charter.
Companies like Anchorage, Coinbase Custody, Gemini are currently trust companies. Mr. Brooks is known for being an avid supporter of crypto, and this has made him both popular to some and unpopular to others.
Mr. Brooks has caused people within state regulators and Capitol Hill to question his motives. His stance on crypto has paved the way for institutions and banks to engage with crypto.
Mr. Brooks believes responding the way he did to the changing landscape has enabled banks to survive. The acting Comptroller is patiently waiting to determine if the US president will re-instate him for a further five years in office.
The acting Comptroller believes that his performance with his time so far will be enough for the president to choose whether or not to re-instate him.
