Trump's OCC moves to stop banks from denying legal crypto businesses access to services

Jonathan Gould, head of the OCC, said on Wednesday that the agency plans to shut down what he called a “two-tiered system” where banks are pressured to avoid working with legal crypto ￰0￱ at a CoinDesk event in Washington, Jonathan said many of these firms are operating well within the law and should not be blocked from basic financial services just because they’re in crypto. “I view a lot of what crypto represents, as well as using the technology and processes underlying it, as being inherent to financial intermediation services,” he ￰1￱ made it clear that the OCC won’t keep letting banks discriminate against crypto activity that’s ￰2￱ his words: “We’re going to take a step back to see if we’re going to work much more closely with those who are interested in doing these ￰3￱ we’re going to chart a path to ensure you can do it in a safe and sound ￰4￱ is our obligation as supervisors and regulators when you’re engaged in legally permissible activities.” OCC pulls plug on debanking after Trump demands crypto access Jonathan’s remarks came just days after the OCC took direct action to stop debanking, the practice of cutting off financial services to people or companies based on political views or ￰5￱ this case, crypto companies were often the ￰6￱ say some bank examiners pushed lenders to stop doing business with crypto-linked ￰7￱ some consumer groups argue the problem hasn’t been as widespread as it’s made out to be.

Still, the OCC made its position clear: if it’s legal, it’s ￰8￱ said that if banks want to try something new, like getting involved in crypto, they’ll need the right setup to handle it. “Those firms must ensure sure they have the infrastructure necessary to support it,” he ￰9￱ admitted that some risks come with crypto technology, and those need to be addressed ￰10￱ he added, “I don’t see innovation as inconsistent with safety and soundness on its face.” Donald Trump’s role in this can’t be ￰11￱ his campaign, he promised to make the ￰12￱ “crypto capital of the planet.” Since then, he’s signed executive orders supporting crypto and passed a law regulating ￰13￱ the same time, his family deepened their business ties to the ￰14￱ donors flood Trump with millions as Senate backs his stablecoin law Trump’s 2024 campaign got serious backing from crypto’s biggest ￰15￱ Musk gave $239 million to America ￰16￱ Andreessen and Ben Horowitz each donated $2.5 million to Right for ￰17￱ Winklevoss twins, Tyler and Cameron, chipped in $1 million each to Trump’s ￰18￱ was above the legal limit, so they were refunded the extra.

Also, over $135 million was spent, mostly through the Fairshake PAC, to support Congressional candidates who backed Trump’s crypto ￰19￱ of them ￰20￱ in August, Tyler and Cameron donated another $21 million in Bitcoin to the Digital Freedom Fund PAC to help Trump expand his crypto agenda while in ￰21￱ getting back in the White House, Trump has been pushing policies that could benefit his own crypto ￰22￱ the Senate passed the stablecoin bill he supported, Senator Elizabeth Warren said the law would “supercharge the value of Donald Trump’s corruption,” accusing him of setting policy that could boost his family’s gains. Don’t just read crypto ￰23￱ ￰24￱ to our newsletter.

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