The letter from Coinbase reportedly requested the OCC to revoke an interpretive letter that establishes a de facto application process for innovative bank activities, thereby hindering banks from participating in the crypto asset market.

Besides, the US-based exchange appealed to the Fed and the FDIC to validate that state-chartered banks can offer and delegate crypto custody and execution.

In a separate letter, three law firms hired by Coinbase pointed out that existing federal laws authorize banks to offer crypto services and collaborate with third-party service providers like Coinbase. However, banking regulators need to affirm this, Coinbase reportedly stressed.

The role of US banks in catering to the crypto industry has long been a contentious topic. Some banks like BNY Mellon are progressing with plans to offer crypto custody services, but there have been reports that the FDIC has asked several US banks to halt their crypto activities.

In June 2024, Coinbase initiated lawsuits against the US Securities and Exchange Commission and the FDIC, accusing the agencies of a “coordinated attempt to cut off digital-asset firms from essential banking services.”

As the legal battle continues, the community is anticipatively waiting for positive changes in the US crypto landscape. Coinbase’s endeavor to secure banking support for crypto custody and execution signifies a significant development, particularly as the platform is the custodian for several US Bitcoin exchange-traded funds, which commenced trading last year.

The post Coinbase Calls on US Regulators to Lift Crypto Banking Restrictions appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Binance Outflows Surpass $2.2B! Crypto Community Cheers!

Despite the CFTC lawsuit, Binance’s outflows have been steadily increasing, reaching a whopping $2.2 billion. The community has been quick to react, with many seeing this as a sign of Binance’s strength and resilience in the face of adversity.

Binance has been able to maintain its position as the world’s largest cryptocurrency exchange, with a user base that continues to grow. The exchange’s ability to adapt to changing market conditions has been one of its biggest strengths, and this has been evident in its recent outflows.

CFTC Lawsuit Fails to Dampen Enthusiasm as Binance Goes Strong!

Despite the regulatory challenges, the crypto community remains optimistic about Binance’s future. The exchange has been able to weather the storm of regulatory challenges, and it continues to attract new users and partners.

Binance has been quick to adapt to regulatory changes, and it has implemented a number of measures to ensure compliance with local laws. The exchange’s willingness to work with regulators has been praised by many in the community, and this has helped to build trust in the platform.

Overall, the community remains confident in Binance’s ability to continue to thrive, even in the face of regulatory challenges. With the outflows continuing to rise, it is clear that Binance remains a top choice for cryptocurrency traders around the world.

Despite the CFTC lawsuit, Binance has continued to thrive, with outflows reaching $2.2 billion. The crypto community has been quick to cheer on the exchange, seeing its resilience and strength as a positive sign for the future. With Binance continuing to adapt to changing market conditions and regulatory challenges, it is clear that the exchange remains a top choice for cryptocurrency traders around the world.

The post Binance Outflows Reach $2.2B After CFTC Lawsuit – Crypto Community Reacts appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.