Is this good or bad for the cryptocurrency market?
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OCC speaks out! Will cryptocurrency institutions finally achieve equality with bank licenses?
Today I saw the statement from the OCC director, and I couldn't help but clap my hands: this is the long-awaited moment of 'recognition' that the crypto community has been waiting for several years! Gould said that cryptocurrency companies applying for federal bank licenses should be treated equally to traditional institutions. This sounds simple, but in reality, it opens a door for the cryptocurrency industry into the traditional financial system.
We in the crypto circle all understand that in the past, it was incredibly difficult for crypto institutions to touch bank licenses, it was like the 'difficult road to Shu'—the regulators always used 'risk' as a shield, implementing double standards. Now, the OCC has directly stated that digital asset custody is not a new thing; electronic business has been around for decades, and the banking system has completely evolved from telegraphs to blockchain. This statement hits the nail on the head.
What's even more crucial is that this year the OCC has received 14 bank applications related to digital assets, which is almost equal to the total of the past four years. What does this data mean? It shows that cryptocurrency institutions are no longer satisfied with 'marginal play' but want to formally squeeze into the core of finance. Just like Circle applying for a national trust bank license and Erebor Bank aiming at services for crypto enterprises, both capital and institutions are rushing to get ahead.
Are some worried that regulation can't keep up? Gould also mentioned that the existing framework can cover it. In fact, in recent years, U.S. regulation has been loosening; the Federal Reserve has withdrawn its crypto guidelines, and banks like SoFi have started providing crypto trading services. This statement from the OCC is equivalent to giving banks and crypto institutions a sense of reassurance, and it is highly likely that more traditional financial players will enter the market in the future.
For our crypto circle, this is not only a regulatory benefit but also a signal of the industry's mainstreaming. Platform coins like BNB might also benefit from the entry of traditional finance, ushering in more application scenarios. However, it still needs to be reminded that the realization of benefits takes time; the short-term market may be volatile, but in the long term, the era of 'regular troops' in the crypto industry is truly about to arrive! $POWR
