๐บ๐ธ Large crypto companies will be able to operate as trust banksโฆ
๐ The U.S. Monetary Controller's Office (OCC) announced that it had issued a conditional approval for the establishment of national trust banks - Paxos, Fidelity, Ripple, BitGo and Circle.
"The emergence of new players in the federal banking sector is beneficial for consumers, the banking industry and the economy," said Jonathan Gould, U.S. money controller.
โ Trust banks do not issue loans and do not issue credit cards, but are mainly engaged in the management of investment portfolios, inheritance, administration of pension funds, etc.
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