Hot Topics

Advertisement

Advertisement

How a federal payments license could encourage Cryptocurrency adoption

 
How a federal payments license could encourage Cryptocurrency adoption
Breaking News / Crypto Market
  • The former chief legal officer of Coinbase, Brian Brooks has just recently attempted to encourage the consolidation of licensing regulations for payments companies on a federal level in the United States.
  • With all of this in mind, federal licensing for payment companies that don’t accept deposits, could push more people to Cryptocurrency and therefore increase adoption. 

The former chief legal officer of Coinbase, Brian Brooks has just recently attempted to encourage the consolidation of licensing regulations for payments companies on a federal level in the United States.

With all of this in mind, federal licensing for payment companies that don’t accept deposits could push more people to Cryptocurrency and therefore increase adoption. 

Even with this potentially exciting news, many analysts have predicted that several states in the US will actually go against this federal licensing. This would be in regards to an ongoing dispute over the Office of the Comptroller of the Currency’s (OCC) fintech charter with the New York Department of Financial Services.

Recently speaking in an interview with Law360, Crowell & Moring partner Michelle Gitlitz said:

"It would surprise me if the same thing didn't happen again. I don't see why a regulatory institution like the New York Department of Financial Services would take a different position with respect to a payment charter than they did with the fintech charter."

President of the Conference of State Bank Supervisors, John Ryan published a statement last month noting The opposition to federal payment licensing and accusing the OCC of this regarding the statue limits of its authority. The letter expressing his opinions on the matter said of the following:

“The OCC’s proposed payments charter is no different than the fintech charter already rejected in federal court and subject to a nationwide order preventing the OCC from accepting applications from a company that does not take deposits.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

You can share this post!

Advertisement