Bankers seek to overturn OCC trust-bank rule
Bankers seek to overturn OCC trust-bank ruleStablecoin and payments plans face a broader legal challenge; existing approvals have not been overturned.
Community bankers are challenging the federal trust-bank route that crypto firms have used to build custody, stablecoin and payments businesses. Their lawsuit targets the OCC’s authority to grant those charters, putting the legal foundation for multiple business plans before a judge. Elsewhere, ESMA wants restrictions on non-compliant stablecoins to reach custody and transfers, which would affect holders even after trading stops. Binance will require Brazilian cross-border users to supply transfer details from November 1, before withdrawals proceed or some deposits become available. Top News
Bankers sue to overturn OCC trust-bank rule used by crypto firmsThe Independent Community Bankers of America filed suit on October 2, seeking to overturn the national trust-bank rule and Interpretive Letter 1176, according to American Banker’s reporting cited by CryptoSlate. ICBA counts 21 approved or conditionally approved trust banks, including 13 tied to crypto. Stablecoin issuance, payments and nonfiduciary custody face greater exposure than plain fiduciary custody; any effect on existing charters depends on the relief a judge grants. ESMA proposes ending EU custody and transfer services for non-compliant stablecoinsESMA’s September 30 submission would extend restrictions to licensed custody and transfers, affecting existing holders. It remains a proposal, with no implementation date or mechanism explaining how providers would return clients’ assets. Binance will hold some Brazil crypto deposits until users explain where the money came fromFrom November 1, Brazilian customers transferring crypto to or from nonresidents must declare purpose and counterparty type. Missing information can block withdrawals or leave deposits pending; transfers between Brazilian residents are unaffected. From Our Sponsor
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Elsewhere in CryptoHedge funds built a $1.2 trillion Treasury trade on money they have to keep borrowingSeptember 24 reports put Morgan Stanley’s estimate at $1.2 trillion; shrinking positions alone do not establish forced selling. Stablecoins may not drain banks of dollars but they can still make lending more expensiveIssuer-controlled deposits can cost banks more to retain, but the analysis does not establish an actual lending contraction. The same Fed rate hike can help stablecoins and hurt Bitcoin borrowersReserve income and floating-rate borrowing costs can rise together; existing fixed-rate debt does not automatically reprice. The Catalyst by CryptoSlateWhat’s moving crypto. Why it matters. What to watch next. CryptoSlate has covered crypto, markets, and decentralized technology since 2017. Read CryptoSlate · Tips, questions & corrections · Sponsor The Catalyst For information, not investment advice.
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