Modern reports claim that Coinbase seeks clarity on the state of CRYPTO banking services. In a speech, it was claimed that the stock exchange urged the American organizers to confirm whether banks could provide services to the encryption companies. The move comes before the US Congress session regarding the “CokkePoint 2.0”, where the Clo Clo from Crypto Exchange will see alongside other industry characters.
Coinbase searches for clarity on banking checkpoints
On Tuesday, Bloomberg I mentioned Crypto Excination Coinbase sent a letter to the Currency Financial Office (OCC), the Federal Reserve Council, the Federal Deposit Insurance Company (FDIC), and asked the agencies to clarify the banking position of the encryption.
In the letter, which was seen by the media outlet, the Stock Exchange urged the clouds an explanatory letter “imposing an actual request for new banking activities” and prevents financial entities from entering the encryption market, according to Coinbase.
The stock market also asked the Federal Reserve and FDIC to confirm whether the state -refundable banks can provide and external custody and implementation services related to encrypted currencies.
The report also highlighted a letter from three law firms kept by Coinbase. The message argues that current federal laws and regulations already allow banks to provide encryption services and interact with third -party service providers such as exchange exchange.
However, Coinbase claims that bank regulators must confirm this. “It is important for organizers to make it clear that banks can work with third -party service providers in providing trading and exchange services to their customers.”
“In Coinbase, we are very opinion that we need a comprehensive environmental system to support the encryption economy,” Sherzad said, adding, “That is why we were very active in bank issues, although it included organizational reforms that helped banks. In our opinion. It is useful to be a wide participation in the encryption economy.
American banks “hanging” with encryption activities
American financial institutions participated in the markets traded in Bitcoin exchange (ETFS) through their arms for trading and wealth while refraining from allowing customers to use encryption assets in retail transactions.
And his FDIC It is said Messages issued between March 2022 and May 2023 have been issued requesting some financial institutions to stop planned or continuous activities related to encryption while searching for additional information.
As a result, American banks were in a “contract pattern” with regard to providing encryption services. Brian Moinhan, CEO of Bank of America recently, stated that the American banking industry will embrace digital asset payments if organizers allow this.
At the World Economic Forum in Davos, Switzerland, CEO confirmed that banks “will come strongly” in encryption when the regulations are clear. Moinhan has argued that the banking industry approach to digital assets can change with the friendly management of the new industry, adding that the financial giant is ready to enter the sector, as they have “hundreds of patents on Blockchain already” and “knowing how to enter a field.”
Payment comes from Coinbase where the new friendly management of encryption comes with important moves to end the BIDEN management campaign on the sector and create better and more clear regulations.
On Wednesday, Clo Paul Grewal from Coinbase will address the alleged process CokePoint 2.0 as a major witness to the US House of Representatives Committee to hear the Republicans for Financial Services.
CLO will see alongside Mara Holdings Fred Thiel, CEO of WSPN Austin Campbell, CEO of Anchorage Digital Nathan McCauley.
Bitcoin trades at $98,801 in the one-week chart. Source: BTCUSDT on TradingView
Distinctive photo of Unsplash.com, Chart from Tradingview.com
