Cody Carbone is the Vice President of Policy at The Chamber of Digital Commerce.
In the rapidly evolving world of digital assets, the need for a fair and supportive banking environment has never been more pressing. After a string of market failures, the digital asset industry has been impacted by regulatory overreach reminiscent of the “,” where the Obama-era Department of Justice targeted banks suspected of working with industries they deemed unsavory.
and Steve Daines ), particularly Section 10. While crafted to dismantle barriers to financial services for marijuana businesses, the bill offers a beneficial opportunity for the digital asset industry. Subsections and of Section 10 further strengthen the case for fairness. Subsection establishes an extremely high bar for the use of reputation risk in requiring account closures. “Reputation risk” is the subjective term used by bank regulators to de-risk certain industries.
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