Crypto Banking Finally Coming To US

in LeoFinance4 years ago (edited)

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Crypto Banking Finally Coming To US

Many in the US have an interest in conducting business in crypto and have long wished to perform transaction through US banks. The problem has been that banks faced significant hurtles in seeking approval from authorities and gaining the appropriate licenses.

Recently, progress towards opening the US banking sector to crypto assets seems to be gaining momentum. Not long ago J.P. Morgan-Chase announced that it would start offering services for digital assets, setting a renewed interest in having US financial institutions enter into a poteentialy lucrative market.

Wyoming Leading The Charge

Former Wall Street veteran Caitlin Long, together with the Avanti Financial Group, is seeking a special purpose depository institution (SPDI) charter with the Wyoming state banking authority which, as she states, is meant to fill the gap between security tokens and US law.

As noted in a Coindesk article:

“Wyoming is integrating digital assets into the U.S. banking system for the first time,” said Chris Land, general counsel at the state’s banking division. “The first applications that go through the process literally have to be perfect because many of the top financial industry officials in the country will be following the process. Perfection, like art, takes time.”

If all goes according to plan, Wyoming may well serve as the blueprint for other US states to enact legislation authorizing crypto banking transactions.

References

https://www.coindesk.com/blockchain-pioneer-caitlin-long-to-build-crypto-bank-in-wyoming

https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/

https://avantibank.com/

https://wyofi.com/wyoming-banking-commission-releases-draft-regulations-for-bank-custody-of-digital-assets/

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Thats sound stupid :-) I am not a cryptoexpert but I know that crypto is the future. so anyway thanks for this content ...