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Senate Banking Committee chair seeks answers on stablecoins from Centre, Paxos and more

In November 23 letters seen by The Block, Senator Sherrod Brown is calling on stablecoin operators to open up about their processes. The letter to Circle’s Jeremy Allaire reads: “Consumers’ increased use of stablecoins, and their importance in effecting transactions in digital assets, underscores the need for greater understanding of the basic operation, and limitations, of USDC.” Brown sent similar letters to Coinbase, Gemini, Paxos, TrustToken, Binance.US and Centre. Notably, he did not write to Tether, which issues the largest …

OCC affirms Brooks-era permissions for banks to handle crypto — sort of

advertisement In an interpretive letter publicized on November 23, the Office of the Comptroller of the Currency tenuously maintained a series of greenlights that had come out of the previous administration. Last year, the OCC under then-Acting Comptroller Brian Brooks authorized federal banks to custody crypto, hold fiat reserves for stablecoin operators and operate cryptocurrency network nodes. Tuesday’s announcement said that those activities remain legal — as long as the bank engaging in them gets written authorization from its supervisory …

US banking regulators plan to publish crypto guidance throughout 2022

Federal bank regulators in the United States issued a statement Tuesday summarizing the results of their inter-agency sprint towards clearer crypto regulations. The regulators, comprised of the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation, have identified “a number of areas” they feel need to be publicly clarified, according to their joint statement. The stated plan is to issue additional communications on this front throughout 2022.  Today’s statement does not seek to …