Senator Warren takes aim at changing rules on crypto offerings from banks #TOGRP7
Senator Elizabeth Warren (D-Mass.) is circulating a letter among her Senate colleagues that would withdraw legal guidance for banks holding and trading cryptocurrencies, Bloomberg News reported Aug. 4. The letter reportedly calls the Office of the Comptroller of the Currency (OCC) to work with the Federal Reserve (Fed) and the Federal Deposit Insurance Corp.
Citing to an aide for the senator, a member of the Senate Banking Committee, Bloomberg reported that the senator is gathering signatures from her colleagues before the final version is sent to the OCC. Known details from the letter show that Warren is concerned that the OCC has failed to properly address the risks associated with crypto-related banking activities, according to Bloomberg. The letter reportedly has a series of questions for the OCC, including naming the regulated banks currently offering crypto-related services. #TOGRP7