"Spencer Bogart noted that the cryptocurrency industry has transitioned from a mindset of replacing the financial system to seeking integration with traditional banking. Over 20 companies are now pursuing OCC charters, including major players like Ripple and Coinbase."
"Bogart emphasized that crypto firms previously aimed to be bank-like without becoming banks due to regulatory burdens. However, the collapse of the sponsor bank model has led to a renewed interest in obtaining OCC charters for credibility and access to institutional capital."
The cryptocurrency industry is shifting from aiming to replace the financial system to integrating with it. Over 20 crypto companies, including Ripple and Coinbase, are pursuing OCC charters. This change is driven by stricter financial regulations and banks' reluctance to work with crypto firms. Previously, crypto companies wanted to avoid the burdens of being classified as banks, but the collapse of the sponsor bank model has prompted this new approach to gain credibility and access institutional capital.
Read at news.bitcoin.com
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