29.07.2021

Crypto News

Insider information in the world of cryptocurrencies.

Maxine Waters called on Joe Biden to ban banks from storing collateral for stablecoins

Maxine Waters called on Joe Biden to ban banks from storing collateral for stablecoins

Maxine Waters, known for her dislike of cryptocurrencies, called on Joe Biden to ban banks from storing digital assets and collateral for stablecoins.

Maxine Waters, Chair of the House Financial Services Committee, has issued a set of recommendations for changing cryptocurrency policy, including repealing the rules of the Office of the Comptroller of the Currency (OCC), which allow banks to provide custodial services for digital assets and stablecoin collateral.

In September, the OCC allowed financial institutions to provide asset storage services that are backed by stable cryptocurrencies, and in July, banks were allowed to store digital assets. Waters suggests revoking both permits. The document does not provide a rational explanation for these bans, but it criticizes the OCC policy and indirectly suggests changing the leadership.

Recall that last month, the Office of the Comptroller of the Currency of the United States proposed regulatory changes that will expand cryptocurrency companies ‘ access to banking services. The increased attention and friendly attitude of the department to the cryptocurrency industry even caused criticism of the OCC from a group of congressmen.