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Affichage des articles du août, 2020

OCC Wants to End Banks' Discrimination of Disfavored Businesses Including Crypto Companies

  The OCC is proposing a rule change that compels large U.S. banks to offer and provide fair access to financial services to anyone that wants them. The proposition seeks to clarify the obligation of large banks to provide fair access to financial services in a manner consistent with the Dodd-Frank Act’s mandate. Discrimination Against Disfavored Businesses The Dodd-Frank Act already recognizes a broad and longstanding anti-discrimination principle that individuals are entitled to be treated fairly by national banks. The  Office of the Comptroller of the Currency’s  (OCC) proposed rule change now seeks to end the persistent discrimination against “disfavored” businesses like crypto companies. The OCC action would have the force and effect of law and enable the agency to take supervisory or enforcement action, when appropriate. In a public  notice  on the proposed rule change, the OCC argues that “some large banks continue to employ category-based risk evaluation...

Crypto Retirement: US Investment Firm Launches Employer-Sponsored Bitcoin 401(k) Plan

  The U.S.-based company Digital Asset Investment Management (Daim) has announced the launch of a company-sponsored 401(k) retirement plan that allocates up to 10% in bitcoin. The plan is an ERISA compliant employer-sponsored 401(k) and assets are held in institutional-grade cold storage by leveraging the custodian Gemini Trust. During the last few years, investors have been able to leverage a digital currency retirement plan in the form of an IRA. For instance, the company  Bitcoinira  helps people invest in cryptocurrencies like  BTC ,  BCH ,  ETH , and  LTC  with the firm’s cryptocurrency-focused retirement funds. On Thursday, November 19, 2020, the Newport Beach California-based company  Digital Asset Investment Management  (Daim) revealed an ERISA compliant  employer-sponsored bitcoin 401(k) plan  that involves an allocation of  BTC . “From the moment we were approved by the State of California in June 2018, we’ve see...