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Bitcoin Banks? U.S. Regulator Says Banks Might Soon Conduct Business Entirely in Crypto

Keith Noreika—a major U.S. regulator—just laid out his vision for how, one day, a new class of banks could arise in America that conduct business in cryptocurrencies like Bitcoin and Ethereum.

Noreika, who currently serves as the acting comptroller of the currency at the U.S. Treasury Department, is the definition of a big-wig in the U.S. finance world. He oversees all national banks in America.

Indeed, then, the fact that someone as prominent as Noreika is envisioning “Bitcoin Banks” means we might be seeing one of these banks sooner rather than later in America and beyond.

Giving at talk at the Federal Reserve Bank in Philadelphia on Thursday, Noreika laid out his vision for giving crypto companies specialized fintech charters, charters that would make starting a Bitcoin exchange, for example, extraordinarily easier in the U.S.

“I wouldn’t be adverse to those people coming in and talking to the [Office of the Comptroller of the Currency] about how a charter could make sense for them,” Noreika declared. “I don’t think it’s my position as a government official to ever say ‘no’ to anything, or any idea, of any American who wants to come in and petition the government for a benefit from the government.”

Noreika’s public and libertarian approach to crypto will have a major legitimizing effect on the industry as a whole.

With these fintech charters, crypto companies will be able to start easier than ever in America. That means established players on Wall Street will start entering and investing in the crypto space like never before.

This is an astoundingly bullish development. Noreika’s regulatory influence has the power to boost Bitcoin beyond $5,000 and Ethereum beyond $420 in the mid-term, easily.

TLDR: An important regulator at the U.S. Treasury Department says Bitcoin Banks are almost here, meaning crypto could soon rule the finance world and explode even further in price.

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William M. Peaster is a cryptocurrency journalist and copy-editor based out of El Paso, Texas. He's an avid fan of Ethereum, ERC-20 tokens, and smart contracts in general.


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