Michael Hsu, acting head of the U.S. OCC, acknowledges tokenization’s potential in transforming finance but expresses concerns over decentralized blockchains. He suggests that centrally operated, trusted blockchains can achieve security and scalability, emphasizing the importance of a legal framework to support tokenization and interoperability with existing financial systems.
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Figure Technologies Stumbles in Quest for Federal Bank Charter: A Tale of Regulatory Hurdles and Crypto Industry Prognosis
“Figure Technologies, after a challenging three-year process marked by regulatory scrutiny, has withdrawn its application to become a federally chartered bank in the U.S. The hindrance emerges amidst an uncertain banking landscape for digital asset companies and post the downfall of some related regional lenders.”