Bypass Banks via the OCC!
As per the latest reports, at least 15 cryptocurrency and fintech companies in the United States of America (USA) have pending applications for their respective trust charters with the Office of the Comptroller of the Currency (OCC). The surge is witnessed because of the crypto-friendly Trump administration.
While big shorts such as Circle and BitGo are looking to streamline operations with the help of integrating the traditional financial systems, some are pursuing OCC trust charters as a strategic path.
Reportedly, with the OCC process, crypto firms could skip the traditional banks and operate with the kind of financial infrastructure normally reserved for federally regulated depository institutions.
