Regulation
Telcoin, Inc.’s Digital Asset Depository Charter hearing set for Dec 5th, 2024
- Telcoin aims to become the first regulated crypto bank and issuer of stablecoins.
- Telcoin’s Digital Asset Depository Charter hearing is set for December 5, 2024.
- Approval of Telcoin Bank’s charter is expected in early 2025 following the hearing.
Telcoin, Inc. is set to hold a pivotal hearing for its application to become the first regulated digital asset bank in the United States.
The hearing, scheduled for December 5, 2024, will be a critical step in the company’s effort to secure a Digital Asset Depository Charter under the Nebraska Financial Innovation Act (LB 1074, 2024). The public hearing will take place at 9:00 AM CST at the First Nebraska Administrative Building, located at 1526 K Street, Lincoln, Nebraska.
Telcoin’s application to become a FED-regulated bank
The Digital Asset Depository Charter application, filed with the Nebraska Department of Banking and Finance, has already made significant progress.
In September 2024, Telcoin received confirmation that its application to establish Telcoin Bank, a Digital Asset Bank, had been deemed complete. This marked a major milestone for the company, which has been working closely with key figures such as Congressman Mike Flood, who helped draft the Nebraska Financial Innovation Act back in 2021. Mike Flood, with Trump’s endorsement, won the US House seat representing Nebraska’s capital city and surrounding areas in the just concluded US elections.
The Nebraska Financial Innovation Act, part of the broader Nebraska Innovation Act, has been crucial in facilitating the state’s efforts to position itself as a leader in digital asset regulation.
If the Digital Asset Depository Charter application is approved, Telcoin Bank will become the first US-based digital asset bank and a global pioneer as the first regulated issuer of stablecoins, which the company refers to as “Digital Cash.”
Telcoin’s stablecoins will form the backbone for Telcoin’s remittance services and are designed to disrupt the $160 billion stablecoin market by offering a more usable and integrated form of cryptocurrency. The company is also positioning Digital Cash as a solution for mainstream global payments, making it easier to conduct direct merchant payments and enabling a seamless connection to decentralized finance (DeFi).
CEO Paul Neuner emphasized the importance of this development in Telcoin’s latest community update. He noted that the public hearing on December 5th is a major step toward Telcoin Bank’s official charter approval, which is expected in early 2025.
Telcoin aims to offer blockchain-based banking products
Telcoin’s goal is to offer blockchain-based banking products and services, including crypto staking, and to integrate digital assets into the global banking system.
Telcoin’s ambitions have attracted attention from mobile network operators (MNOs) and global fintech communities.
Recent events like Flyover Fintech, hosted by Congressman Mike Flood, highlighted Telcoin’s vision to become a cornerstone in the future of payments and mobile finance. Additionally, the company has successfully raised funds to support the development of Telcoin Bank, including a pre-series A fundraise that attracted significant investor interest.
The company’s global outreach and innovation in blockchain banking promise to reshape the financial services landscape in the coming years.
Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Barely a week after hinting at launching an algorithmic USD stablecoin, Sonic Labs is shuttering its plans. Sonic Labs co-founder Andre Cronje revealed that incoming stablecoin regulation in the US contributes to the change of stance.
Sonic Labs Makes U-Turn Over Algorithmic USD Stablecoin
In mid-March, Sonic Labs disclosed plans for a yield-generating algorithmic stablecoin for its blockchain. However, new developments in the US regulatory landscape are forcing the company to ditch its algorithmic stablecoin ambitions.
Sonic Labs co-founder Andre Cronje confirmed the change in direction via an X post following the release of the full draft of the STABLE Act by Congress for clearer oversight. According to the text, lawmakers are pushing for a two-year moratorium on algorithmic stablecoin, souring Sonic Labs plans.
Unlike mainstream stablecoins backed by fiat or other commodities, algorithmic stablecoins rely on smart contracts to maintain their peg. The 2022 implosion of Terra’s ecosystem following the de-pegging of its TerraUSD (UST) algorithmic stablecoin stunned regulators.
“We will no longer be releasing a USD-based algorithmic stablecoin,” said Cronje.
In a light-hearted note, community members teased potential strategies for Sonic Labs to sidestep incoming stablecoin regulation. Apart from the loophole of launching the algorithmic stablecoin before the regulation goes live, Cronje teased an algorithmic dirham that will be denominated in USD.
Industry Players Are Bracing For New Stablecoin Regulations
Stablecoin issuers are steeling themselves for incoming stablecoin regulations in the US. While the GENIUS Act and STABLE Act continue to inch forward, there are common denominators in both bills.
For starters, there is the requirement for equivalent reserves at a 1:1 ratio with both bills steering clear of algorithmic stablecoins. The White House is favoring the GENIUS Act over the STABLE Act as lobbyists rally to stifle the possibility of a Conference Committee.
Authorities are targeting stablecoin regulation to reach Trump in two months as issuers jostle for position. Tether, Circle, and Ripple are staking their claims to lead the US government’s ambitions to rely on stablecoins to maintain the dollar’s dominance.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Federal Deposit Insurance Corporation (FDIC) has updated its guidelines, enabling banks to engage in cryptocurrency-related activities without seeking prior approval. This new policy shift signals a change in the FDIC’s approach to the growing role of digital assets in the banking sector.
New FDIC Guidelines on Crypto-Related Activities
The FDIC has issued a new Financial Institution Letter (FIL-7-2025), which provides updated guidance for banks looking to engage in cryptocurrency activities. The new guidance rescinds the previous policy set out in FIL-16-2022, which required banks to notify the FDIC before engaging in such activities.
Under the new rules, banks can now participate in permissible crypto-related activities without waiting for FDIC approval, as long as they manage the risks appropriately.
This change is seen as a shift in the FDIC’s stance, following the agency’s earlier stance that required prior approval for crypto engagements. FDIC Acting Chairman Travis Hill expressed that this new approach aims to establish a more consistent framework for banks to explore and adopt emerging technologies like crypto-assets and blockchain.
“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Hill in a statement.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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