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OCC Report Unveils the Dark Side of Finance in Cryptocurrency - OneSafe Blog
- The OCC report accuses several top banks of discriminatory practices against crypto firms in the name of financial crime prevention.
- The investigation traces back to a 2020 executive order instructing the OCC to review banks’ customer practices.
- Banks including JPMorgan Chase, Bank of America, and Wells Fargo faced heightened scrutiny over crypto-related clients.
- The OCC signaled regulatory changes by allowing banks to engage in riskless principal crypto transactions.
- Crypto firms may still face obstacles as regulators debate how to grant broader banking access.
- Analysts see the OCC move as potentially opening a path toward more integrated crypto banking.
- The article frames the era as ‘weaponized finance’ amid a volatile regulatory climate for crypto.
- The piece notes ongoing debates about debanking and the need for transparent banking access.
- Industry observers suggest crypto firms may explore fiat-crypto bridges or offshore options.
- Overall, the OCC findings foreshadow regulatory changes and ongoing debate over crypto access to banking.
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