US OCC Wants END Banks Discrimination of disfavored Businesses; Cryptos included

The OCC is proposing a rule change that compels large U.S. banks to offer and provide fair access to financial services to anyone that wants them. The proposition seeks to clarify the obligation of large banks to provide fair access to financial services in a manner consistent with the Dodd-Frank Act’s mandate.

Let's break this down the US Legislation known as Dodd Frank Act already has antidiscrimination coverage. However, In a public notice on the proposed rule change, the OCC argues that “some large banks continue to employ category-based risk evaluations to deny customers access to financial services.” 

So, the OCC has said it wants banks to use the “principle of individual rather than category-based customer risk evaluation”  to overcome the banks continued use of categorizing risks.   The new OCC rule will also act to curb powerful lobby efforts which is necessary to move towards a more open society.  Seems Crypto's were caught up in myopic views of risk assessment, the new OCC rule allows for more granular review.

If my math is correct this is the OCC's fourth action favorable to Crypto's in the past few weeks.

Summary - Perhaps this is indication of a coming Thaw for Crypto's from America's Largest Monopoly the Banking Sector. Does that mean that Banks will allow you to purchase and trade Crypto's? Hmm, probably not but let's give them the benefit of the doubt.

Enjoy the Journey