Category: Office of the Comptroller of the Currency

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‘Midnight Massacre:’ SEC Crackdown on Crypto Staking Services Prompts Speculation of Further Enforcement Actions

On Feb. 9, 2023, the cryptocurrency community learned of the U.S. Securities and Exchange Commission’s (SEC) crackdown on staking services. The SEC fined Kraken, a cryptocurrency exchange, $30 million for offering an “unregistered offering” related to its U.S. staking service. Digital currency advocates are now debating what constitutes a yield product versus a noncustodial solution…
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Stablecoin issuer Paxos reportedly probed by New York regulators

While the exact reason for the investigation hasn’t been revealed, it has been reported that the New York regulator plans on upping its efforts to protect consumers this year. Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department…
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Biden to nominate anti-crypto and anti-big bank law professor to run the OCC

Omarova has stated she hopes to “end banking as we know it” but believes large financial firms can abuse the crypto market outside of regulators’ view. The Biden administration reportedly intends to nominate Kazakhstani-American attorney, academic and former policy advisor Saule Omarova to head the Office of the Comptroller of the Currency (OCC) — the…
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Market Predictions, Miner Fees Fluctuate, & China Moves Fast: Bad Crypto News of the Week

Check out this week’s Bad Crypto podcast. An eventful week for Bitcoin this week. It ended down nearly 5 percent but at one point, things were looking much worse. A collapse to $8,900 sparked talk of a three-month correction—which could be exacerbated by the expiration of more than 100,000 Bitcoin options next Friday.  So far…
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