Federal regulators in the U.S. appear to be coordinating on a strategy to ring-fence crypto from the wider banking sector, experts say. cheyenneligon and jesseahamilton report
Crypto can’t become what many of its proponents want it to be without banks, but U.S. regulators are circling the wagons around the banking system they oversee. That barrier is only getting wider as the Federal Reserve and other agencies turn away crypto firms trying to link with the traditional financial system.
Paxos and Protego both received conditional approval to convert into a nationally chartered trust bank in early 2021, but the final status of their applications has hung in the balance longer than the allowed 18-month deadline.the rumors were untrue, and a source with knowledge at Paxos also confirmed with CoinDesk that Paxos had not been asked by the OCC to withdraw its application, nor had the application been denied.
But 2022 was a poisoned pill that may knock digital assets down for a long time. A general response from U.S. regulators to step back from 2022’s mayhem of gigantic hacks, bad ideas, laundered money, manipulated prices and gross fraud is beginning to harden into policy. Whether the administration's momentum will be checked by eventual legislation that makes allowances for crypto innovations, he said,"My gut is that Congress will win."“Agencies have been pretty open about the fact that they are coordinating and working together on crypto and digital-assets issues,” said Grant Butler, a Boston-based partner at law firm K&L Gates.
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