PANews February 12 News, according to Cointelegraph, the American Bankers Association (ABA) has urged the Office of the Comptroller of the Currency (OCC) to slow down the approval of national trust bank licenses for crypto and stablecoin companies until the regulatory framework of the GENIUS Act is fully clarified. ABA warned that current applicants still face unresolved federal and state regulatory obligations, and that digital asset trust banks without deposit insurance pose risks such as customer asset segregation and conflicts of interest. The association also reminded that such licenses could be used to circumvent SEC or CFTC regulations. ABA called on the OCC to increase transparency regarding capital and operational standards and to prohibit non-bank entities from using the word “bank” in their names to reduce consumer confusion risks.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Cryptocurrency Tax Roundtable Rescheduled for Today Due to Blizzard Delay
Gate News reports that on March 16, the cryptocurrency tax roundtable meeting previously postponed due to snowfall last month has been rescheduled for today at 4 p.m. Eastern Time. The event will be jointly hosted by Senator Steve Daines, Senator Cynthia Lummis, and Representative Mike Carey. Despite tornado weather hitting Washington D.C. today, the event is currently scheduled to proceed as planned.
GateNews29m ago
U.S. Stablecoin Yield Regulation Negotiations Near Consensus, Proposal Would Ban Idle Balance Yields but Permit Trading Rewards
At the DC Blockchain Summit in Washington, the crypto and banking industries reached a consensus on stablecoin yield regulation, favoring a ban on idle balance yields while allowing transaction-based rewards. Senators Thom Tillis and Angela Alsobrooks were key drivers, and if an agreement is reached, it would accelerate resolution of DeFi and token classification disputes.
GateNews1h ago
Crypto regulation clarified as Japan 10-year claim checked
Did FSA propose a 10-year prison term for unregistered cryptocurrency sales? No
There is no credible evidence that Japan’s Financial Services Agency proposed a 10-year prison term for unregistered cryptocurrency sales. Public materials do not show any draft, notice, or Diet bill to that
CoincuInsights1h ago
SEC and CFTC Join Forces to Create a Unified Crypto Regulatory Framework
The SEC and CFTC are collaborating to regulate cryptocurrency, enhancing coordination and communication. A memorandum outlines joint efforts to clarify digital asset definitions and update regulatory frameworks, signaling significant changes in oversight.
TheNewsCrypto1h ago
Australian Senate Supports Crypto Management Bill, Requires Platforms to Obtain Financial License
An Australian Senate committee recommends passing the *Corporations Amendment (Digital Assets Framework) Bill 2025*, requiring digital asset platforms to obtain financial licenses for operation. The bill aims to enhance the legal framework for digital assets and user protection as part of broader regulatory efforts.
TapChiBitcoin2h ago
Japan's Financial Services Agency Proposes Increasing Maximum Prison Sentence to 10 Years for Unregistered Cryptocurrency Sales
Japan's Financial Services Agency plans to strengthen regulation of unregistered cryptocurrency operators by transferring relevant provisions from the Funds Settlement Act to the Financial Instruments and Exchange Act, while increasing criminal penalties and strengthening investor protection.
GateNews2h ago
