PANews February 12 News, according to Cointelegraph, the American Bankers Association (ABA) has urged the Office of the Comptroller of the Currency (OCC) to slow down the approval of national trust bank licenses for crypto and stablecoin companies until the regulatory framework of the GENIUS Act is fully clarified. ABA warned that current applicants still face unresolved federal and state regulatory obligations, and that digital asset trust banks without deposit insurance pose risks such as customer asset segregation and conflicts of interest. The association also reminded that such licenses could be used to circumvent SEC or CFTC regulations. ABA called on the OCC to increase transparency regarding capital and operational standards and to prohibit non-bank entities from using the word “bank” in their names to reduce consumer confusion risks.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Senator Cynthia Lummis Pushes CLARITY Act Markup After Easter Break
Senator Cynthia Lummis announced that the Senate Banking Committee will advance the CLARITY Act after Easter. Key issues like stablecoin yield and DeFi regulations have been resolved, aiming for passage by year-end despite legislative delays.
CryptoFrontNews1h ago
Senators Strike Stablecoin Deal, CLARITY Act Moves Forward
Lawmakers have reached a bipartisan agreement to resolve the stablecoin yield dispute, a key roadblock for crypto legislation. The deal, involving Senators Tillis and Alsobrooks, aims to balance innovation and banking stability while moving the CLARITY Act forward. Further industry review is needed before finalizing details.
CryptoFrontNews1h ago
Certain CEX CEO: The CLARITY Act could provide regulatory certainty if passed by Congress
Gate News reports that on March 21, a CEX Chief Executive Officer Vlad Tenev posted on X stating that the industry is at an important inflection point in its development. He pointed out that if Congress passes the CLARITY Act, the industry will finally obtain the regulatory certainty it has long advocated for. He believes that the current key controversy lies in determining whether customers should earn yield from the stablecoins they hold.
GateNews4h ago
UK Regulator Shuts Down Crypto Exchange Zedxion, Accuses It of Processing Approximately $1 Billion in Funds for Iran
UK regulators have shut down cryptocurrency exchange Zedxion, accusing it of processing approximately $1 billion in funds for Iran's Islamic Revolutionary Guard Corps, in violation of international sanctions. This action follows sanctions imposed by the United States and European Union against Zedxion, reflecting a global trend of increasingly stringent regulation of cryptocurrency exchanges.
GateNews7h ago
South Korea's National Tax Service Plans to Complete Selection of Virtual Asset Custodian Service Providers in the First Half of the Year
Gate News - On March 21, South Korea's National Tax Service plans to complete the selection of virtual asset custodian service providers in the first half of this year. This initiative stems from a virtual asset theft incident that occurred last month, when the National Tax Service accidentally leaked mnemonic phrase information while announcing the results of an on-site investigation, resulting in the seized virtual assets being stolen twice.
GateNews8h ago
U.S. House Committee on Financial Services will hold a tokenization hearing on March 26
Gate News, on March 21st, crypto journalist Eleanor Terrett posted on the X platform stating that the U.S. House Committee on Financial Services plans to hold a hearing on tokenization on March 26th at 10:00 AM (Eastern Time). Blockchain Association CEO Summer Mersinger will attend as an invited witness.
GateNews9h ago
