OCC: Banks Can Engage in Crypto Business With Regulatory Approval

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Today’s Cryptocurrency Headline 

The Office of the Comptroller of the Currency (OCC) said banks could engage in crypto businesses with regulatory approval. Banks should notify regulators before launching crypto services. The OCC sought to clarify some explanatory letters issued during the Trump administration. The new OCC rules clarify several letters sent during the tenure of former Commissioner Brian Brooks, saying banks should not engage in these activities until they receive written notice of no objection from the Office of the Comptroller of the Currency. If banks hope to provide services catering for cryptocurrency transactions, they must apply for regulatory approval and prove that they can conduct their activities in a safe and robust manner, in accordance to the OCC.

BingX’s Bitcoin Chart

Source: TradingView& BingX

The recent drop in Bitcoin and other cryptocurrencies may have something to do with the strength of the dollar. Nonetheless, the launch of Bitcoin futures ETFs has pushed cryptocurrencies into traditional financial circles. Because of this, more & more users are adopting on a large scale. Overall, strong investors continue to focus on bullish targets in the crypto market despite the intermittent periods of correction. If BTC price can’t recover the important $60,000 level in the near term, it could still hit support at $52,000.

 

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