TheDinarian
News • Business • Investing & Finance
đŸ’„Acting Comptroller of the Currency Testimony Highlights Focus on Crypto Moving ForwardđŸ’„
November 17, 2022
post photo preview

The relationship between banks and crypto products will be under tighter scrutiny as all major financial regulators are focusing on digital assets, especially following the collapse of FTX.

OCC to Monitor Closely How Banks Integrate Crypto Products

The US Office of the Comptroller of the Currency (OCC), an independent bureau of the US Department of Treasury, will pay close attention to the relationship between banks and crypto products, according to a statement by OCC head Michael J. Hsu, who spoke before the Senate Banking Committee on November 15. However, the OCC admitted that the main focus would be on financial technology (fintech) generally, and crypto matters would come only afterward.

As per the OCC, fintech deserves special attention as retail banking is being conducted online. Bank-fintech partnerships have increased exponentially and become more complex, given that digitalization has touched upon online and mobile engagement, customer acquisition, big data, fraud detection, artificial intelligence (AI), and cloud management.

Michael J. Hsu said that the bureau had adjusted its bank information technology (BIT) examinations in response to these technological innovations to include assessments of ransomware, AI, cloud computing, and blockchain. On top of that, the OCC will work to make sure banks implement an effective risk management framework for fintech partnerships generally and, more specifically, digitalization.

On October 2022, the Acting Comptroller of the OCC announced the creation of a new division focused on fintech, which will be built on the agency’s Office of Innovation set in 2016. The new Office of Financial Technology, to be established early next year, will likely involve crypto matters as well. For Hsu, adapting to digitalization and crypto adoption is one of the main priorities. Previously, he released several statements discussing crypto risks, vulnerabilities and volatility of cryptocurrencies, standards for stablecoins, and the relationship between banks and crypto.

The OCC supervises and regulates over 1,000 banks in the US, whose sizes range from very small community banks to the largest. Together, OCC-supervised banks hold $15.2 trillion in assets, which accounts for 65% of all the assets held in commercial US banks.

The OCC permits banks to engage in cryptocurrency, blockchain, and stablecoin activities, but only after they demonstrate that they have adequate controls in place. In its ‘crypto risks’ statement released last month, the OCC said:

“The promises of programmability, composability, and tokenization are intriguing and could, in theory, help solve a range of problems in the financial system while unlocking significant efficiency and economic potential. But that promise cannot mask the lack of clarity on basic things like ownership, the ever-changing landscape of consensus mechanisms and technology, and the unabating volume of scams, hacks, and fraud.”

Interestingly, the arguments came in response to a presentation by FTX submitted in July to the Financial Stability Oversight Council (FSOC), which Hsu is also a member of, calling for the integration of crypto and traditional finance (TradeFi).

“Integrating an immature crypto industry with a mature TradFi system without guardrails and gates would be imprudent” the OCC head said.

Last week, FTX went bankrupt.

Major US Banks Gradually Join Crypto Trend

After the OCC green-lighted crypto activities last year, some US banks have already jumped on the crypto bandwagon.

Last month, Bank of New York Mellon, the oldest bank in the US, announced that it would enable select clients to hold and transfer Bitcoin and Ether through its platform. The bank created an enterprise Digital Assets Unit last year to build blockchain-related solutions. BNY Mellon is preparing to launch the industry’s first multi-asset platform that connects digital and traditional asset custody.

BNY Mellon CEO Robin Vince said:

“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets.”

This is an important milestone for TradeFi and its integration of crypto products.

Earlier this year, JPMorgan Chase & Co reportedly started to let all of its wealth management clients access cryptocurrency funds. Ironically, back in 2017, JPMorgan CEO Jamie Dimon said that those who buy Bitcoin were ‘stupid.’

In March, banking giant Goldman Sachs became the first major US bank to trade cryptocurrency over the counter (OTC) when it traded a Bitcoin-linked non-deliverable option with Galaxy Digital.

Despite these precedents, there is still much skepticism across traditional banks, especially after the collapse of FTX, Luna, and Celsius. Still, JPMorgan, Morgan Stanley, Goldman, and Citigroup have dedicated teams for crypto and blockchain.

Fed, SEC Impose Tight Crypto Custody Rules

The OCC enables US banks to engage in crypto activities after demonstrating adequate control, but the US Federal Reserve (Fed), and the Securities and Exchanges Commission (SEC) are also on track and may impose even tighter rules, especially related to crypto custody.

To begin with, the Fed requires all banks to notify it prior to engaging in crypto activities, according to a letter released in August. Even if cryptocurrencies are only 11th on the Fed’s list of potential risks, the central bank will likely become more concerned following the collapse of FTX.

Responding before the same Senate Banking Committee on November 15, Michael Barr, the Fed’s top financial regulatory official, expressed concerns about risks from the non-bank sector, including cryptocurrencies, for which the Fed and other regulators have poor visibility. He said:

“We’re concerned about the risks that we don’t know about in the non-bank sector. That includes obviously crypto activity, but more broadly risks in parts of the financial system where we don’t have good visibility, we don’t have good transparency, we don’t have good data. That can create risks that blow back to the financial system that we do regulate.”

Earlier this year, the SEC said that all public companies – including banks – that offer crypto custody treat crypto as liabilities instead of assets, considering the risk. Recently, people familiar with the matter told Reuters that the SEC decision made it too capital-intensive for banks to hold crypto, causing disruption of crypto projects.

US Representative Trey Hollingsworth stated:

“We’ve heard from a wide variety of stakeholders, banks among them, about how challenging this new staff accounting bulletin would be for them to be able to enter in to the space of custodying crypto assets. This edict came down without guidance, without input, without feedback, without conversation being had with industry.”

Link

community logo
Join the TheDinarian Community
To read more articles like this, sign up and join my community today
0
What else you may like

Videos
Podcasts
Posts
Articles
Trump just posted this about chemtrails 👀

“The enthusiasm for experiments that would pump pollutants into the high atmosphere has set off alarm bells here at the TRUMP EPA.”

00:02:52
The future of crypto = access, trust, transparency.

@evernorthxrp gives institutional + public investors simple, regulated, liquid exposure to XRP – and we’re compounding that value.

Watch below to learn how. đŸŽ„đŸ‘‡

OP: @Ashgoblue

00:01:32
Coinbase CEO Brian Armstrong on CNBC: Crypto Market Structure Bill is CLOSE to passing 👀
00:00:39
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚹 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

Keeping Windows 10 Alive for 6 More Years by Converting it to LTSC

Reddit Thread In Video:
https://www.reddit.com/r/Windows10LTSC/comments/xl1le6/convert_windows_10_into_an_ltsc_version/

✹Transients in the Palomar Observatory Sky Survey (POSS-I) may be associated with nuclear testing and reports of unidentified anomalous phenomena✹ Published: 20 October 2025

Transient star-like objects of unknown origin have been identified in the first Palomar Observatory Sky Survey (POSS-I) conducted prior to the first artificial satellite. We tested speculative hypotheses that some transients are related to nuclear weapons testing or unidentified anomalous phenomena (UAP) reports. A dataset comprising daily data (11/19/49—4/28/57) regarding identified transients, nuclear testing, and UAP reports was created (n = 2,718 days). Results revealed significant (p = .008) associations between nuclear testing and observed transients, with transients 45% more likely on dates within + /- 1 day of nuclear testing. For days on which at least one transient was identified, significant associations were noted between total number of transients and total number of independent UAP ...

FACT: This Is No Longer A Conspiracy FolksđŸ€”

✹New Underwater UFO Sightings and the Non-Human Tech the Government Is Hiding | U.S. Representative Tim Burchett✹

U.S. Representative Tim Burchett wants the government to tell the truth about UFOs, and stop insider trading in Congress. He hasn’t had much luck with either one.

post photo preview
New Human Force
Join this Now! YOU have what it takes!

They are in our solar system, and in our event-stream in this Eternal Now.

Officialdom is clueless.

They think we are going to be at WAR with the Aliens.

Officialdom is very stupid.

Aliens is here. It’s not WAR. It’s Contention.

There is a difference.

Officialdom is clueless, still living in the last Millennium.

Aliens is here.

The Field in which we contend is This Eternal Now.

ALL HUMANS LIVE HERE, and ONLY HERE, in this

ETERNAL NOW.

It’s a Field of potentials, of pending Manifestation, this continuous event-stream of karma in which we have always lived our body’s Life.

This Eternal Now has always been our body’s Field of Contention.

The Aliens is here, in our Eternal Now.

Our common, shared, reality that we all continuously co-create now has Aliens.

It’s getting very complex in here.

Officialdom is clueless. They see the Aliens. They are freaking out. They think you are children, when it is their small minds, trapped in a reality that is only grit, mud, and ‘random chance’ who are childish.

Officialdom is stupid. They will and are reacting badly. As is their way, they are trying to hide shit from you. Silly grit bound minds don’t realize you can see everything from within the Eternal Now. They have yet to grasp that what they perceive as this Matterium, filled with ‘matter’, is but a hardening of our previous (past) internal states of being.

WAR happens in the Matterium.

Contention occurs within this Eternal Now where Consciousness shapes the manifesting event-stream.

YOU know this to be fact. You are a co-creator.

Contention with Aliens is happening in this instant in this Eternal Now.

Officialdom ain’t doing shit. They are still stuck in trying to move matter around to affect unfolding circumstances. That’s redoing the mirror trying to affect the reflection. Dumb fucks
.

It’s up to US. To the New Humans. Those of us who live in this Eternal Now. Those of us who see that our body’s Lives (the Chain that cannot be broken) are expressions of the Ontology revealing itself to itself. It’s up to us guys.

We are not an Army. That’s a concept from the past, from before the emergence of the New Humans. We are a Force. A self-organizing collective with leadership resident in each, and every participant.

We are the New Human Force. By the time officialdom starts to speak about the Aliens in near-factual terms, we will already be engaging them in this Eternal Now.

By the time officialdom begins to move matter around (space ships & such) thinking it’s War, we will already be suffering casualties in this Eternal Now. That part is inevitable. It’s how we learn.

By the time officialdom realizes that some shit is going on in places and ways beyond its conception, we will already be pushing our dominance onto our partners in this First Contention, the Aliens. Nage cannot train without Uke.

Just as officialdom is scrambling to research the Ontology, this Eternal Now, and the event-stream, we will be settling terms with our new partners, the Aliens.

Come, join with us. It’s going to be a hellacious Contention.

We ARE the NEW HUMANS!

Together we are the Force that cannot be defeated.

Start YOUR training in this instance of this Eternal NOW.

Consume Neville Goddard videos as though all of human existence depended on YOUR mind and YOUR active, effective, imaginings!

It’s not a question of Mind over Matter as there is only Mind and it cares not for Matter. That’s residue.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below đŸ“Č
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto Donations👇
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
post photo preview
The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below đŸ“Č
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto Donations👇
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
post photo preview
US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below đŸ“Č
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals