Figure Technologies thought it could streamline its massive list of state-based regulatory licenses by getting a federal one. Three years later, it has given up on its USOCC bank charter application. jesseahamilton reports
"Figure has made the decision to withdraw our banking charter application as we focus the organization on other areas of growth with a broad set of established bank partners," the company said in a statement sent Thursday.
Following a brief period during the previous administration in which the OCC welcomed crypto businesses and sought to make a place for them in the banking sector, the agency – along with the Federal Reserve and Federal Deposit Insurance Corp. – has since the serious risk of the crypto industry and cautioned existing banks that they must limit their exposure to the volatile sector.
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