• Skip to main content
  • Skip to primary sidebar

Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

  • Tokenomics is not Economics – Digital CX -The Digital Transformation
  • Resume / CV – Michael Noel
  • Contact Us
  • Featured
You are here: Home / Blockchain / The U.S. government’s regulatory strategy towards crypto firms

Feb 11 2023

The U.S. government’s regulatory strategy towards crypto firms

According to Nic Carter, co-founder of venture firm Castle Island and crypto intelligence firm Coin Metrics, the alleged strategy involves isolating the traditional financial system from the cryptocurrency market by relying on “multiple agencies to discourage banks from dealing with crypto firms.” The goal of this strategy is to lead crypto businesses to become “completely unbanked.” This strategy is aimed at isolating the traditional financial system from the cryptocurrency market.

“Regulators intimidate and blackmail bank leadership behind the scenes, and then they produce public “advice” underlining that banks are still free to hold cryptocurrencies or serve cryptocurrency customers. In point of fact, they are not at all free to act in this manner in any way.

A joint statement was issued on January 3 by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency warning about the risks of banks engaging in crypto and encouraging them to refrain from doing so due to “safety and soundness” concerns. This event is among other recent regulatory developments. In the same month, Binance made the announcement that it will no longer execute any U.S. currency transactions that were less than $100,000 owing to a new policy implemented by Signature Bank.

Signature Bank made the announcement in December 2022 that it intended to restrict the number of cryptocurrency services it offered, refund clients’ monies, and cancel their accounts. Due to liquidity concerns caused by the bear market and the collapse of FTX, the bank is said to have borrowed almost $10 billion from the United States Federal Home Loan Bank System in the last quarter of 2022.

“Banks are reconsidering whether or not it is worthwhile to continue providing these services in light of the potential risks.”

According to comments made by the CEO of Coinbase, Brian Armstrong, on Twitter, another focus for United States authorities seems to be the prohibition of crypto staking services for retail consumers. Staking is a method that enables investors in cryptocurrencies to place their digital assets under the control of a smart contract in return for incentives and passive income.

The methods used by the authorities in the United States are not novel. Operation Choke Point was a regulatory program that was implemented by the federal government in 2013 and targeted a range of “high-risk” sectors in addition to increasing the level of oversight of financial institutions that provide services to these types of companies.

Influences on crypto companies

[mailpoet_form id="1"]

The U.S. government's regulatory strategy towards crypto firms Republished from Source https://blockchain.news/news/the-us.-governments-regulatory-strategy-towards-crypto-firms via https://blockchain.news/RSS/

Written by bizbuildermike · Categorized: Blockchain · Tagged: blockchain

Primary Sidebar

https://youtu.be/Qvad1CQ9WOM

Blockchain Weekly Rebooted –

During the Blockchain Spring 2016 to 2020 I hosted Blockchain Weekly. Each week I interviewed someone who was doing interesting things in the blockchain space. At one time we had 29k subscribers and we were consistently getting over 15k views a week on the channel. All of that went away during the lockdown, including the Gmail address that controlled that channel. Recently, I found some of the original videos on some old hard drives. So I’m reposting a few of the relevant ones while I am starting to shoot new Blockchain Weekly Episodes to be aired 1st quarter 2023. Please subscribe to bless the You Tube Algorithm, and allow me to let you know about any updates! Our Sponsor – https://BlockchainConsultants.io

The Utah State Legislature has approved a new law, the Utah Decentralized Autonomous Organizations Act, providing legal recognition and limited liability to decentralized autonomous organizations (DAOs). This legislation, also known as the “Utah LLDs,” was passed after the combined efforts of the Digital Innovation Taskforce and the Utah Blockchain Legislature. The Utah DAO Act defines […]

Search Here

Market Insights

  • FTX Founder Allegedly Sought Federal Regulation Before Collapse
  • DeFi Hack Linked to North Korea
  • US Banking Crisis Fuels Regulation Debate
  • HSBC approves multi-million-pound bonuses for Silicon Valley Bank UK staff
  • Swiss regulators consider UBS takeover of Credit Suisse to prevent collapse
  • Mid-Size Banks Ask for Deposit Insurance Extension
  • Former Coinbase CTO Bets $1 Million on Bitcoin Reaching $1 Million in 90 Days
  • Binance Responds to U.S. Senators Letter, Excludes Financial Data
  • Crypto Entrepreneur Bail Package Revised
  • DeFi Hacker Returns $5.4M to Euler Finance

Tags

Advanced materials (1) AI (259) andrewchen (4) Biz Builder Mike (28) Blockchain (834) Crowd Funding (69) crowdfundinsider (2) entrepreneur (969) eonetwork (43) Front Page Featured (33) MIT AI (89) startupmindset (146) Technology (676) virtual reality (1) youngupstarts (100)
  • Twitter
  • Facebook
  • About Us
  • LinkedIn
  • ANTI-SPAM POLICY
  • Google+
  • API Terms and Conditions
  • RSS
  • Archive Page
  • Biz Builder Mike is all about New World Marketing
  • Cryptocurrency Exchange
  • Digital Millennium Copyright Act (DMCA) Notice
  • DMCA Safe Harbor Explained: Why Your Website Needs a DMCA/Copyright Policy
  • Marketing? Well, how hard can that be?
  • Michael Noel
  • Michael Noel CBP
  • Noels Law of decentralization

Copyright © 2023 · Altitude Pro on Genesis Framework · WordPress · Log in