Share this article
OCC Halts Fair Access Banking Rule
The rule would have prohibited U.S. banks from denying services based on ideological factors.
By Danny Nelson
Updated Sep 14, 2021, 11:02 a.m. Published Jan 28, 2021, 5:50 p.m.
The Office of the Comptroller of the Currency on Thursday put former acting Comptroller Brian Brooks' controversial "fair access" banking rule on hold pending a review by the new administration.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Brooks' so-called "fair access" rule sought to prohibit federally chartered banks from denying financial services such as lending to would-be clients on political or ideological grounds.
- While the rule never mentioned cryptocurrencies, it came as welcome news to businesses in the space, which have long struggled to obtain or keep bank accounts in the U.S.
- The OCC rushed to finalize the rule before the end of President Donald Trump's term, but it was never published in the Federal Register.
- Proponents have claimed the rule was a necessary check on politically motivated financial exclusion. Detractors have blasted the proposal for being far from fair.
- The next OCC head will review the rule once he or she is confirmed, OCC said in a statement.
Advertisement
OPINION: We Don’t Need the OCC’s ‘Political Discrimination’ Rule
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
