So 2 years ago I mentioned this on one of my Monster Maverick shows and how it was going to be a big deal:
https://www2.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-2.html
To be honest, it has taken longer than I thought it would.
This is the OCC saying banks are allowed to run nodes and issue stable coins against deposits.
What is the OCC?
The Office of the Comptroller of the Currency (OCC) is a federal agency that plays a critical role in the U.S. banking system. Founded in 1863, the OCC has a rich history of promoting a safe and sound national banking system, and it continues to play a vital role in ensuring the stability and stability of the U.S. financial system.
The OCC was created during the Civil War to provide a national charter to national banks, which would allow them to issue a uniform currency. The idea behind this was to create a stable and reliable national banking system that could support the growth of the U.S. economy. Over the years, the OCC's role has evolved and expanded to include a number of key responsibilities, including supervising national banks and thrifts, enforcing compliance with federal laws and regulations, and promoting financial stability.
Today, the OCC is an independent bureau within the U.S. Department of the Treasury, and it is responsible for supervising all national banks with total assets of $1 billion or more. This includes ensuring that these banks are operating in a safe and sound manner, that they are following all applicable laws and regulations, and that they are serving the needs of their customers. The OCC also works to promote innovation in the banking industry by providing guidance on new technologies and business practices.
The OCC is led by the Comptroller of the Currency, who is appointed by the President of the United States and confirmed by the Senate. The Comptroller is responsible for the overall management and direction of the OCC, and is also responsible for providing policy guidance to national banks.
In addition to its role in supervising national banks, the OCC is also responsible for enforcing federal laws and regulations that apply to these banks. This includes conducting regular examinations of banks to ensure they are in compliance with all applicable laws and regulations, and taking enforcement actions against banks that violate these laws and regulations. The OCC can also take action against individuals who violate federal laws and regulations, such as bank officers, directors, and employees.
Overall, the Office of the Comptroller of the Currency plays a critical role in ensuring the stability and safety of the U.S. financial system. By supervising national banks, enforcing federal laws and regulations, and promoting innovation, the OCC is working to protect the interests of the American people and to promote the growth of the U.S. economy.
Like the name says, they are attempting to control the currency.
Now we are seeing the SEC go after BUSD, and there will be more to follow.
So where does this leave us?
CBDCs - as administered by the banking system.
The Fed is not going to put the banking system out of business. The Fed is literally owned by its member banks.
What it is going to do is create the framework that allows the banking system to operate the CBDC system.
The currency regulator has said banks can run nodes and issue coins.
The SEC is calling everyone else an unregistered security and trying to shut them down.
The Fed has launching pilot projects looking at how to build CBDCs.
CBDCs will be here en masse in a couple years. The war on cash will intensify. All the controls that come with a CBDC will start to be built.
The only real question is what will you do about it?