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The American congresswoman is concerned about the impact that the cryptocurrency industry could have on the country's banking system.
Elizabeth Warren nominateda new anti-cryptocurrency initiative, proposing a bill that would prohibit banks from providing services related to digital assets. Congressman proposes reducing Wall Street's involvement in cryptocurrency activities. To do this, Warren is calling on senators to sign a letter to the Office of the Comptroller of the Currency (OCC) requesting that banks be prohibited from offering services such as storing cryptocurrencies.
According to the authors of the initiative, unlimitedWall Street banks' access to the cryptocurrency market puts the country's entire banking system at great risk, since crypto assets are unstable and have little regulation.
Warren's letter calls on the OCC to cooperate withThe Federal Reserve System (Fed) and the Federal Deposit Insurance Corporation (FDIC) to develop an alternative approach to cryptocurrencies that will adequately protect consumers and promote the safety and soundness of the banking system:
“We are concerned that the OCC failedproperly address the shortcomings of previous advisory letters and the risks associated with banks dealing in cryptocurrencies. Moreover, the risks have recently become more serious.”
According to Warren, current regulations and rulesThe OCC is not enough to protect the financial system from cryptocurrency market volatility. The senator calls for changes and elimination of cryptocurrency banking guidelines to prevent banks from participating in the crypto industry. The document also requests information on the current number of regulated banks that provide cryptocurrency services, and also the total dollar value of services provided.
Earlier, the American congressman decided to ensure the reliability of application verification methods before being admitted to mobile application stores on Android and iOS.