It elicits alarm in Washington because DC has gotten so far away from the founding principals of liberty and limited government that they fear people having control of their own money and lives.
The NYT is - knowingly or not - carrying water for the controlling powers in DC and statists and authoritarians worldwide. Their policies such as perennial inflation, huge tax and regulatory burdens hurt the least well off the most, yet these same people attempt to claim the opposite.
Bitcoin is about freedom. You are free to use bitcoin, or not. Unlike the politicians around the world who have such terrible ideas they have to be imposed by force, not voluntary agreement.
Topic: [2021-09-05] Crypto's Rapid Move Into Banking Elicits Alarm in Washington (Read 46 times)
September 09, 2021, 10:48:27 AM
September 07, 2021, 07:06:54 AM
CEO of Avanti crypto bank Caitlin Long believes that the conclusions given in the New York Times article regarding digital assets and the DeFi sphere are not true, and also contains a number of inaccuracies and does not disclose the full picture of the market.
September 05, 2021, 12:39:14 PM
The boom in companies offering cryptocurrency loans and high-yield deposit accounts is disrupting the banking industry and leaving regulators scrambling to catch up.
BlockFi, a fast-growing financial start-up whose headquarters in Jersey City are across the Hudson River from Wall Street, aspires to be the JPMorgan Chase of cryptocurrency.
It offers credit cards, loans and interest-generating accounts. But rather than dealing primarily in dollars, BlockFi operates in the rapidly expanding world of digital currencies, one of a new generation of institutions effectively creating an alternative banking system on the frontiers of technology.
But to state and federal regulators and some members of Congress, the entry of crypto into banking is cause for alarm. The technology is disrupting the world of financial services so quickly and unpredictably that regulators are far behind, potentially leaving consumers and financial markets vulnerable.
https://www.nytimes.com/2021/09/05/us/politics/cryptocurrency-banking-regulation.html
BlockFi, a fast-growing financial start-up whose headquarters in Jersey City are across the Hudson River from Wall Street, aspires to be the JPMorgan Chase of cryptocurrency.
It offers credit cards, loans and interest-generating accounts. But rather than dealing primarily in dollars, BlockFi operates in the rapidly expanding world of digital currencies, one of a new generation of institutions effectively creating an alternative banking system on the frontiers of technology.
Quote
"We are just at the beginning of this story," said Flori Marquez, 30, a founder of BlockFi, which was created in 2017 and claims to have more than $10 billion in assets, 850 employees and more than 450,000 retail clients who can obtain loans in minutes, without credit checks.
But to state and federal regulators and some members of Congress, the entry of crypto into banking is cause for alarm. The technology is disrupting the world of financial services so quickly and unpredictably that regulators are far behind, potentially leaving consumers and financial markets vulnerable.
https://www.nytimes.com/2021/09/05/us/politics/cryptocurrency-banking-regulation.html
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