Thread by @BigWhiskey_10

Within that context, he alluded to differences in their approach compared to other banks (without mentioning names) so I think it’s safe to assume that the other banks applied to the Fed as “de novo’ banks.

$TEL #telcoin

SECOND - he alluded to important differences (aka improvements) that they made with the Financial Innovation Act in Nebraska compared to the first charter that was written in Wyoming.

$TEL #telcoin

Namely, the inclusion of rules requiring “segregated trust-based accounts that are off-balance-sheet”.

$TEL #telcoin

THIRD - he spoke about how closely the regulators examine companies - that they read through Twitter for example - and therefore, why it’s so important to keep a low profile and be humble about it.

$TEL #telcoin

We’ve seen the other crypto banks put out tweet storms and strongly worded interviews criticizing and even claiming corruption of the Fed. Two have ongoing litigation against the Fed.

$TEL #telcoin

So in other words, @telcoin:
a. Had the foresight to partner with an existing state-chartered member bank of the Fed (Battle Creek) to help build their credibility & trustworthiness.

$TEL #telcoin

b. They found the holes in the Wyoming charter legislation and wrote improvements into the Nebraska charter AND...

$TEL #telcoin

...they’re continually involved with regulators at both the State and Federal level helping them craft stronger legislation that will protect consumers and minimize systemic risk to the system.

$TEL #telcoin

https://twitter.com/TelcoinPaul/status/1623125917500583937?s=20

c. All the while, they have stayed low key and kept it classy throughout the Fed application process. They’ve gone so far underground, the #telfam community has resorted to attacks on the team & each other.

$TEL #telcoin

With all that said, the question now is will it be enough? When their application pops up on the Fed’s agenda for deliberation, will it be a swift denial or a conditional approval?

$TEL #telcoin

It’s important now to see the bigger picture here, #telfam. As Parker said, “it takes time and conscientious effort”. Government is slow and the level of detail required is extraordinary.

$TEL #telcoin

Without a doubt, it’s clear that @telcoin has played the long game and given themselves the BEST possible shot to become the FIRST Crypto Bank member of the Fed.

$TEL #telcoin

Shout-out to @steveocrypto_ , @andrew_pinch, @L1bertyLad, @turTEL_ and @TelfamChats for all they put up with to keep the community engaged. We see you and you are appreciated.

$TEL #telcoin