Figuring out the point at which decentralized finance began almost always ends up in a rhetorical debate. Some argue that Bitcoin’s (BTC) invention a decade ago marked the start of it, as the major cryptocurrency was the first peer-to-peer digital money and represents the conceptual core underpinning DeFi. Others say — and would be technically correct in doing so — that DeFi started back in December 2017, when Ethereum-based protocol MakerDAO was launched, followed by Compound Finance and Uniswap, released in September and November 2018, respectively. On the other hand, it wouldn’t be a stretch to say that DeFi’s true …

A group of leading U.S. financial regulators has released a new statement on stablecoins. One of the headlining topics of crypto regulation news this year, stablecoins were the main topic of a Dec. 23 statement the President’s Working Group on Financial Markets, or PWG. The PWG includes representation from the Treasury, the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. The group's stated opinions were hardly revolutionary, mostly saying that stablecoin issuers would need to abide by all the typical rules of the road in terms of financial law. The regulators say that stablecoins need …

The latter half of 2020 has seen record Bitcoin (BTC) prices and a number of key regulatory developments, such as the Office of the Comptroller of the Currency’s, or OCC’s, approval of crypto custody at national banks. Legal policy for the digital asset industry currently faces an uncertain future, however, as a number of government roles are set to change heading into 2020, according to former Coinbase exec and current acting leader of the OCC, Brain Brooks. “I can’t speak to the specific price movement, but I’ll tell you what I’m worried about,” Brooks told CNBC in a Friday interview, …

The crypto lobby seems to be cautiously optimistic about Biden's potential picks to lead the U.S.'s regulatory environment. That is, at least, according to a Thursday discussion hosted by TRM labs, featuring the executive directors of the Blockchain Association and Coin Center — respectively Kristin Smith and Jerry Brito. The pair got into a discussion of who they hope the Biden administration nominates to top regulatory agencies like the Securities and Exchange Commission, Commodity Futures Trading Commission and Office of the Comptroller of the Currency, given that Janet Yellen seems to be a shoe-in to get the top spot at …

Bitcoin (BTC) payments giant BitPay aims to form a national trust bank, based on its recent filing with the United States Office of the Comptroller of the Currency. “We confirm BitPay has filed an application with the United States Office of the Comptroller of the Currency (OCC) to establish BitPay National Trust Bank,” BitPay general counsel and chief compliance officer, Eden Doniger, told Cointelegraph. “A national trust bank is a limited purpose national bank that engages in trust activities.” A representative for the OCC told Cointelegraph that the office received BitPay's application on Dec. 7. With its limited operations, a …

Ryan Selkis, co-founder of data and research company Messari, recently released his 2021 crypto sector thesis, examining the state of the industry as well as forecasting what lies ahead. Selkis explains in this report that the U.S. government is one remaining adversary he feels BTC must win over. “The ‘final boss’ to beat is the state,” Selkis wrote in his report, released on Tuesday. “For the U.S., bitcoin presents a tool to undermine international sanctions, and 80% of mining capacity now sits behind enemy lines in China, Russia, and Iran,” he noted. “Will a Biden administration like BTC? TBD.” Bitcoin …

Brian Brooks, the head of the Office of the Comptroller of the Currency, said regulators are not looking to “kill” Bitcoin (BTC) but instead ensure its smooth integration into the financial system. In an interview with CNBC’s Squawk Box on Friday, Brooks said: “We're very focused on getting this right. We are very focused on not killing this, and it is equally important that we develop the networks behind Bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.” The Office of the Comptroller of the Currency is the bureau of the Treasury Department that …

The U.S. Treasury's Office of the Comptroller of the Currency is expanding an outreach program designed to provide access to minority depository institutions, or MDIs. Per a Thursday announcement shared with Cointelegraph, the OCC's Project REACh is expanding to include a pledge of large and mid-sized banks partnering with MDIs. The pledge requires the partner bank to expand investment and support for executive development at the MDI that it works with. MDIs are simply banks or credit unions that are majority-owned by ethnic or racial minorities. They are seen as critical to expanding financial inclusion to minority groups left out …