Discover and read the best of Twitter Threads about #avit
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1/ THIS IS WHERE WE ALWAYS THOUGHT the #stablecoin regulatory direction would go, which is why @AvantiBT chose to get a bank charter. Anything that touches the USD financial system was always going to fall w/in the Fed's purview, directly or indirectly, esp once it became big.
2/ Plus it makes sense policy-wise. Nonbank #stablecoin issuers gum up the #repo mkt by siloing T-bills & other Level 1 high-quality liquid assets (the repo mkt already finds these assets too scarce). If stablecoin issuers are banks, tho, dormant Fed reserves can be used instead.
3/ Details on the above point are here👇. The v high velocity of #stablecoins comes from their superior tech vs trad payment systems, not from leverage. Traditionally, monetary velocity came from leverage. But thanks to stablecoins it no longer needs to.💪
cato.org/cato-journal/s…
cato.org/cato-journal/s…
1/ GAME ON! The @USOCC's announcement that it's following #Wyoming by allowing national banks to custody #digitalassets is GREAT news for #crypto! Long overdue & hopefully will help U.S. regain ground it lost to other developed world countries by dilly-dallying for so long. 
2/ Winners=customers & #crypto VCs. This will spur M&A boom as US banks acquire #digitalasset custodians. Most must sell bc:
a. trust co. charters now obsolete &
b. #BitLicense now obsolete 👏
bc @USOCC leapfrogged 'em. Custodians now MUST have a bank charter to be competitive.
a. trust co. charters now obsolete &
b. #BitLicense now obsolete 👏
bc @USOCC leapfrogged 'em. Custodians now MUST have a bank charter to be competitive.
3/ But @USOCC didn't leapfrog #Wyoming, bc we already offer a bank charter.🤠
What's the distinction? A bank license was **ALWAYS** the optimal US regulatory structure for crypto custodians--not a trust charter or #BitLicense. Bank charters are SO much better for #crypto custody
What's the distinction? A bank license was **ALWAYS** the optimal US regulatory structure for crypto custodians--not a trust charter or #BitLicense. Bank charters are SO much better for #crypto custody
