by Matthew Russell Lee, Patreon Book Substack
SDNY/CHINATOWN, Sept 8 – The dubious nature of cross-border banking and crypto regulation is highlighted by Hong Kong-based Solowin Holdings bragging it is near buying a US bank charter - with nothing in it. See below.
Also on September 8, the Office of the Comptroller cryptically announced via Bulletin that "whether a bank has engaged in politicized or unlawful debanking is a factor the OCC may consider, on a case by case basis, in determining the bank’s CRA rating." So will the banks that turned away - or bad mouthed - crypto firms now be downgraded under CRA? List to follow.
On Solowin, chair Peter Lok said "this clean-charter opportunity would provide us with the ultimate strategic flexibility to innovate, scale our fiat-based services." That it, directly into FDIC-insured banking with little review, by buying an empty shell. This should and will be questioned.
This while Inner City Press' FOIA appeal to the Office of the Comptroller of the Currency about Circle's application, and the timely comments of Fair Finance Watch, are still pending - watch this site
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