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We talk to the experts after US Treasury s OCC blesses blockchains, digi-bucks Share Copy Feature The US Treasury Department s Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying how federally chartered banking groups can use cryptocurrency and associated technology to manage financial transactions. The letter endorses the use of independent node verification networks (INVN), such as blockchain distributed ledgers, and stablecoins – cryptocurrencies tied to fiat currencies, like Ethereum-based USD Coin (USDC) – as a means to settle customer transactions. Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with these products, said Acting Comptroller of the Currency Brian Brooks in a statement.

David yermackDiem libraJack dorseyJeremy allaireFacebook libraAndrew kiguelYork university school of lawUs treasury departmentElectronic frontier foundationUs treasury department office of the comptrollerYork university stern school of businessTreasury financial crimes enforcement network finBank licensing enforcementWillamette university college of lawFeature theActing comptroller