US currency supervision office (OCC) announced that it has ended the bank inspections on the grounds of “reputation risk ılan which has long been causing controversy. This decision crypto currency After the increasing criticism of the exclusion of the sector from the financial system. OCC, future audits will focus on more transparent risk areas, he said. The Authority also announced that it will update all guidance and guidelines regarding the risk of reputation.
“Approval” signal from OCC to the crypto currency sector
This final decision of the OCC points to a significant change in his approach to the crypto currency sector. OCC’s Temporary Supervision Head Rodney E. Hood‘s statement said that the institution has never used the risk of reputation as a justification for inspection in every situation. Hood stressed that audits focus only on banks’ risk management processes.
The institution announced that it will remove the statements of “reputation ı from handbooks and guides. However bankThere will be no change in the obligations of management of risks. OCC, these changes will increase the public confidence in the audit process, he said. Crypto Money SectorThis decision, which followed the criticisms of “exclusion from the banking system ğı for a long time, was welcomed by the sector representatives.
Banking way is opening for crypto money companies
Many in the USA in recent years Crypto Money Company He is having great difficulties in opening and maintaining a bank account. Sector representatives argue that regulatory institutions keep crypto money companies out of the financial system with arbitrary applications. In this context, the justification for “reputation risk” came to the agenda.
Last week US Senate Banking CommitteeIn the case of federal regulatory institutions to control banks on the grounds of “risk of reputation”, a draft law was voted. The law passed the committee only with the support of the Republicans. Republican Senator, the architect of the bill Tim ScottIn the draft law, not only crypto currencies, but also “politically unwanted” groups are targeted for reputation risk practices.
Crypto Money Sector Such Applications “Operation Choke Point 2.0“This term is referred to as. US Department of Justice referring to the initiative. Donald Trump, who was elected President of the United States, promised to end such practices in the election campaign. Trump’s allegations that he could publish a new presidential decree on crypto currencies recently are on the agenda.
CUSTIDIA BANK CEO Caitlin LongOCC’nin reputation risk from being a justification of control said it supports. Long added that this concept was used with political motives and that it was turned into a tool to target some sectors.
What is OCC?
The OCC is an official regulatory institution that controls the activities of national banks and federal saving organizations in the USA. OCC, which operates under the Ministry of Treasury, aims to provide security and stability in the banking sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
