00:00Emily this idea where Brad is saying I'm willing to be regulated. Is he an outlier? Is the rest of the crypto universe thinking similar. A lot of the crypto companies have applied for these national trust charters and they don't necessarily come with the same regulatory oversight as like a full fledged banking charter. And that means there's some protections as well like they can't lend for example. But if they are granted Fedmaster accounts which is still a big point of a big huge if they would have access potentially to the federal payment rails.
00:29So like ACH Fedwire and then they could offer like a full suite of payment capabilities including those national payment rails in addition to stable coin rails. And they could do that without going through a partner bank. So what happens first a traditional financial institution becomes a crypto company or crypto fintech becomes a traditional financial institution. So the idea is that the crypto firms apply for these OCC national trust charters and then they apply for a Fedmaster account. Anchorage Digital Bank has already done this and then their application is pending. And then if they get the master account they could
00:59in theory have access to national payment rails like like Fedwire or ACH. So it seems like the sort of the startups the insurgents will become bank faster than banks become crypto firms.
01:09Yeah I mean that's kind of the question is sort of like who can get there first. Like there's sort of a melding or a coming together of crypto and traditional finance and traditional finance firms.
01:18You know if you're really big you've got all of this legacy technology from the core providers like FIS or Fiserv like getting that ship to move and integrate these new technologies is you know difficult but it's also difficult to be a tech forward firm that's moving into the traditional space.
01:32So they're kind of trying to bring these things together and that's what we're watching in real time.
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