We could not have asked for a better news digest for our 50th Crypto News piece…what a week it has been and we loved every bit of it.
Kraken becomes first US Crypto Bank
Kraken has become the first US Crypto Bank opening the doors for others to follow. Kraken will operate its Crypto Bank under the name Kraken Financial. David Kinitsky, CEO of Kraken Financial said: “We’re thrilled to work in a state so aligned with our philosophy and values. Wyoming is a rare and shining example of how thoughtful regulation can drive innovation for FinTech companies.”
What a win-win for #crypto & Wyoming! As of **NOW** Kraken has a US bank charter—a 100% reserves-required, audit required (w/ #ProofOfReserves), custody via legal bailment, no #rehypothecation type of bank!? pic.twitter.com/BO9CG8Jqoc
— Caitlin Long ? (@CaitlinLong_) September 16, 2020
Crypto and FinTech no longer need state-by-state license in the US
“Money transmitters like Western Union, PayPal, and cryptocurrency firms will be able to more easily expand across the United States, after 48 state regulators agreed to a single set of supervisory rules that should reduce their compliance costs,” according to Reuters. This move is expected to expedite the expansion of crypto related services across the United States which was earlier plagued by broken and disparate regulations to operate crypto services.
Square launched Crypto Open Patent Alliance (COPA)
“Square is putting all of our crypto patents into a new non-profit org we’re calling the Crypto Open Patent Alliance, which will maintain a shared patent library to help the crypto community defend against patent aggressors and trolls,” Jack Dorsey tweeted marking the launch of https://open-patent.org/; Crypto is home for extremes. On one hand people like Craig Wright are hoarding 1000s of patents and on the other Jack Dorsey is opening their patents to public.
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