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Banking Lobby Urges OCC (U.S. national bank regulator) to Address Risks of Crypto Firm Charters Without Deposit Insurance

According to a brief notice, an industry group asked the Office of the Comptroller of the Currency (U.S. national bank regulator) to clarify safeguards for crypto (blockchain-based assets) companies seeking charters that do not include deposit insurance.

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Terms & Concepts
  • OCC: The Office of the Comptroller of the Currency, the U.S. regulator that oversees national banks and federal savings associations.
  • Blockchain: A distributed ledger that records transactions across a network of computers, enabling tamper-resistant, verifiable data sharing.
  • Bank charter: A legal authorization allowing a firm to operate as a bank or trust institution under specified regulatory oversight.