Scott Melker discusses Bastion’s conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
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But as you know, the regulators are moving on regardless of what happened with clarity. I told you last week about the SEC and CFTC with their new proposals. Well, the bank regulators are moving on too.
Stablecoin company for big business gets a conditional banking license. This is Bastion, which is a stable coin, uh, back-end infrastructure company. They have now been conditionally approved by the OCC
to become a National Trust Bank. I will not explain to you again that a National Trust Bank is not JP Morgan. They’re not taking deposits, they’re not doing lending, they’re not fractional reserve, but this gives them a narrow banking license that allows them to service stable coin companies. Sony Bank is one of the major ones that they work with.
And this is important because it is a result of the genius Act, which is law and has passed and actually is the worst version of all the things that the banks feared from Clarity.
But we talk about the OCC and the SCFTC moving on. Well, the OCC, which is a bank regulator alongside the FDIC, etc, and the Fed, of course, they are also moving on and starting to approve companies to participate in the crypto industry.
Maybe some of that is the reason that Bitcoin continues up in the face of bad news, why crypto, a lot of the alt coins are actually outperforming Bitcoin right now because
Clarity Act failing was priced in, and now all of the good news is coming from the regulators and beyond. So, yeah, I think from a technical perspective, Bitcoin bear market is over. I don’t really see the other technical argument. You can make emotional arguments, you can make fundamental arguments, but for me, right now, market’s looking exceptionally good.
