Charles Schwab’s Crypto Bank Dreams: Is the OCC Really Going to Let Them Play Banker?
The good folks over at EDX decided to make their application public on Wednesday, April 1st – and no, this is not an April Fool’s joke. Bloomberg was the first to break the news. The application, which is probably as dense as a university thesis, asks for full fiduciary powers under 12 U.S.C. § 92a, which is probably some legal mumbo jumbo that sounds important. In plain English, they want the ability to offer digital asset custody, asset management, and settlement services. All this for institutional clients. Oh, and they want to set up shop at 200 W. Madison, Suite 1450, Chicago, IL 60606. Fancy, huh?







