tldr; Major U.S. banks and their lobby groups are preparing to sue the Office of the Comptroller of the Currency (OCC) over trust-charter approvals for crypto firms. Banks argue these charters allow crypto companies to offer bank-like services, such as custody and payments, without adhering to the same regulatory burdens as traditional banks. This legal battle reflects a broader fight over control of financial infrastructure, with banks seeking to limit competition from crypto firms. The outcome could significantly impact the future of crypto and banking regulations.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
ThreeTonChonker on
Fuck Wall Street. Jane Street too. They’re just pulling up ladders to stop anyone from getting a share of the pie. Fucking vampires.
ArtVandelayTheAssMan on
So the banks don’t want other companies to also become banks by issuing stable coins backed by US treasuries? Shocker lol
Bluejumprabbit on
This was always going to happen. Banks spent years lobbying to keep crypto at arm’s length and now that crypto firms are getting direct access to payment rails, they’re running to the courts.
waysoftheroad on
Fuck the banks. They need to innovate or be put out of business. Give customers some of the interest or face mass exodus of customers.
WinstonChurshill on
Free markets fuck the old banks
Blacknesium on
Wall Street banks need to offer 15-30 percent savings rates and allow us to take our money whenever we want to.
GPThought on
traditional banks mad that crypto lets people be their own bank. shocking
Atmacrush on
First they came for staking, and now they are after lending.
Pot calling the kettle black.
Available_Win5204 on
This right here. You’re watching the next massive wealth transfer happen. All of the clueless Gen Z and Gen A’s in this thread crying about things they don’t understand in the slightest. When this stuff inevitably collapses it will be their money that vaporizes, leaving them complaining about how unfair the system is.
Not a single comment in here saying “maybe there’s a reason?” Just endless “greedy banker” comments. Have fun working at Wendy’s for the rest of your lives.
DegTrader on
Banks calling crypto firms “shadow banks” is some top tier irony. These are the same guys that needed a massive government bailout because their own books were a mess in 2008. Now they are crying to the same government because someone else wants to play with their toys. First they ignore you then they laugh at you then they sue you.
Hamzehaq7 on
lol this is wild… it’s like they’re more worried about their own profits than actually regulating the space. tbh, the whole “shadow bank” thing is just their way of saying they wanna keep the crypto market under their control. and with inflation like 3.2% in India, you know they’re feeling the heat to innovate. kinda makes you wonder what the endgame is here for banks, right?
12 Comments
tldr; Major U.S. banks and their lobby groups are preparing to sue the Office of the Comptroller of the Currency (OCC) over trust-charter approvals for crypto firms. Banks argue these charters allow crypto companies to offer bank-like services, such as custody and payments, without adhering to the same regulatory burdens as traditional banks. This legal battle reflects a broader fight over control of financial infrastructure, with banks seeking to limit competition from crypto firms. The outcome could significantly impact the future of crypto and banking regulations.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Fuck Wall Street. Jane Street too. They’re just pulling up ladders to stop anyone from getting a share of the pie. Fucking vampires.
So the banks don’t want other companies to also become banks by issuing stable coins backed by US treasuries? Shocker lol
This was always going to happen. Banks spent years lobbying to keep crypto at arm’s length and now that crypto firms are getting direct access to payment rails, they’re running to the courts.
Fuck the banks. They need to innovate or be put out of business. Give customers some of the interest or face mass exodus of customers.
Free markets fuck the old banks
Wall Street banks need to offer 15-30 percent savings rates and allow us to take our money whenever we want to.
traditional banks mad that crypto lets people be their own bank. shocking
First they came for staking, and now they are after lending.
Pot calling the kettle black.
This right here. You’re watching the next massive wealth transfer happen. All of the clueless Gen Z and Gen A’s in this thread crying about things they don’t understand in the slightest. When this stuff inevitably collapses it will be their money that vaporizes, leaving them complaining about how unfair the system is.
Not a single comment in here saying “maybe there’s a reason?” Just endless “greedy banker” comments. Have fun working at Wendy’s for the rest of your lives.
Banks calling crypto firms “shadow banks” is some top tier irony. These are the same guys that needed a massive government bailout because their own books were a mess in 2008. Now they are crying to the same government because someone else wants to play with their toys. First they ignore you then they laugh at you then they sue you.
lol this is wild… it’s like they’re more worried about their own profits than actually regulating the space. tbh, the whole “shadow bank” thing is just their way of saying they wanna keep the crypto market under their control. and with inflation like 3.2% in India, you know they’re feeling the heat to innovate. kinda makes you wonder what the endgame is here for banks, right?