Alberts Quoted in Crowdfund Insider: OCC's New Guidance is a "Game-Changer"
Jeffrey Alberts, partner and co-chair of Financial Institutions Group and head of the White Collar Defense & Investigations practice, spoke to Crowdfund Insider about a recent letter from the Office of the Comptroller of the Currency (OCC) on the use of stablecoins by national banks and federal savings associations. According to Crowdfund Insider:
“The OCC’s new interpretive guidance is a game-changer both for banks and for cryptocurrency companies. First, it expands what many considered to fall within the permissible business of banking. This is likely to have implications not just for the use of cryptocurrencies but also other financial innovations. Second, it will permit U.S. banks, which have lagged behind international competitors in financial innovation, to take the lead in offering cutting-edge services to consumers. Third, it will permit cryptocurrency companies to take advantage of the well-developed compliance programs at regulated banks. It has proven challenging for cryptocurrency companies to build compliance programs from scratch. This guidance will allow many of these cryptocurrency companies to let banks handle compliance, much as Fintech payments companies do”
Read the article in full through the below link.
