$ 24,364.53
$ 1,949.33
$ 1.00
$ 0.57256
$ 0.380768
$ 0.999864

U.S. Senator Elizabeth Warren Seeks To Part Ways Between Cryptocurrency and Wall Street.

Ron Fetahu

Senator Elizabeth Warren of the United States maintains her position against cryptocurrencies by making yet another attempt to limit the participation of Wall Street in the cryptocurrency industry. 

Elizabeth Warren is urging her fellow committee members and senators to endorse a letter that will be sent to the Office of the Comptroller of the Currency (OCC) requesting that crypto facilities be removed from the offerings of financial institutions.

Elizabeth Warren Wants to End Banks’ Support for Cryptocurrencies

Elizabeth Warren, a member of the United States Senate Banking Committee, has urged her colleagues to sign a letter requesting that the OCC rescind guidelines that encourage banks to offer cryptocurrency services such as cryptocurrency custody. 

The committee is of the opinion that the crypto guideline facilitates the entry of Wall Street banks into the cryptocurrency sector, which in turn increases the dangers for the financial system.

Inside the letter, it is suggested that the OCC collaborate with the Federal Reserve and the FDIC to develop an alternate method for dealing with cryptocurrencies “that appropriately safeguards customers and the security and integrity of the financial system.”

The true outcome of the letter will be delivered to Michael Hsu, who is serving as Acting Comptroller of the OCC. An OCC official referenced recent remarks made by Michael Hsu about worries over the rising involvement of financial institutions in cryptocurrency when responding to a request for comment. This demonstrates that OCC Michael Hsu is interested in revising the cryptocurrency advice for banks.

Hsu has issued a request for enhanced attention with respect to the crypto contagion that might affect the conventional financial sector. The recent instability in the cryptocurrency market led investors to lose billions of dollars, which has prompted politicians and authorities to strengthen their inspection of services connected to cryptocurrencies.

According to the letter, the earlier instructions and legislation provided by the OCC are inadequate to safeguard the banking sector from the recent instability in cryptocurrency markets. In order to protect financial institutions from being exposed to cryptocurrency, it recommends that crypto guidelines be altered or eliminated.

Also read:

Related News

Ethereum Has Just Completed Its Last Test Run Before the Most Crucial Crypto Event

The last practice run for Ethereum’s long-awaited update, which has been touted as one of the most significant events in the history of cryptocurrencies, was just completed.  The so-called proof-of-work technique has been used for mining Ethereum since the cryptocurrency was launched about a decade ago. It needs an excessive amount of energy as well as the solving of difficult mathematical problems by an enormous number of competing machines. The

Read More »

More trouble for Coinbase as the US Supreme Court rejects its appeal

The SEC is investigating Coinbase, the largest cryptocurrency exchange in the US, for allegedly listing securities on its platform. The Supreme Court’s denial of the exchange’s plea has caused yet another major problem. According to Bloomberg, the US Supreme Court rejected Coinbase’s request to submit its user disagreement to arbitration right now. It was said that the court’s request for the justices to intervene in the case was rejected. The

Read More »

Hodlnaut Has Become the Latest Crypto Lender Platform to Block Withdrawals

The cryptocurrency lending platform Hodlnaut, which is headquartered in Singapore, has halted withdrawals, token swaps, and deposits, blaming “current market circumstances.” This makes Hodlnaut the latest in a series of cryptocurrency companies to go out of business since May. According to the notice made on Monday, the business also stated that it will revoke its registration with the Monetary Authority of Singapore (MAS) to provide digital token payment services. According

Read More »

My Coins

$ 24,364.530.63%
$ 1,949.331.9%
$ 0.572561.67%
$ 1.000%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]