SoFi Receives Conditional US Regulatory Approval to Establish National Bank
The approval, if made final, opens the door for the new bank to custody cryptocurrencies.
Outgoing U.S. President Donald Trump has nominated Acting Comptroller Brian Brooks to a full term leading the bank regulator.
Congressional Democrats blasted the OCC and Acting Comptroller Brooks for spending time on crypto during a pandemic.
Call it the CPR for Operation Choke Point.
If granted, the charter would replace the blockchain-based lender's hodgepodge of state licenses with a single nationwide regulator.
The OCC's July ruling that allowed banks to provide custody spurred the newfound interest, Brooks said.