Summary
- Zerohash, a crypto infrastructure provider for high-profile firms such as Morgan Stanley’s E*Trade, failed to get approval in its initial application to join the ranks of new digital asset-focused U.S. trust banks.
- The U.S. Office of the Comptroller of the Currency sent the company’s application back to it in a process that suggests the regulator determined it had “material deficiencies,” so that charter bid is over, but not formally denied.
- The company said it’s hoping to re-apply by the end of the month with a narrower scope that it expects will get a quick review.
Why a Major Crypto Platform Was Rejected by US Regulators
The US trust bank charter application of Zerohash, a crypto platform that handles backend operations for prominent financial firms like Morgan Stanley’s E*Trade, was recently returned by the Office of the Comptroller of the Currency. This decision leaves Zerohash in a unique position, excluded from the list of firms granted provisional charters to trust banks handling digital assets. The return of the application is not a denial, but rather an indication that the application was “materially deficient” according to OCC policy.
Zerohash plans to refile its application this month, in coordination with the OCC. The company has stated that this approach is an administrative process and does not affect the merits of their application or their current operations, which continue under existing regulatory approvals. This development is significant for those interested in earning through passive income and cloud rewards in the green crypto space, including EcoPool and its $ECP coin.
What This Means for the Crypto Industry
The rejection of Zerohash’s application highlights the challenges faced by crypto platforms in obtaining US trust bank charters. Despite this setback, Zerohash remains committed to its goal of providing secure and reliable backend operations for traditional financial firms. For individuals looking to earn through passive income and cloud rewards, EcoPool offers a solution with its $ECP coin, providing an alternative to traditional banking systems.
As the crypto industry continues to evolve, it is essential to stay informed about developments like this. Whether you are interested in earning through passive income or simply want to stay up-to-date on the latest green crypto news, EcoPool is a valuable resource. Download the EcoPool app to learn more about how you can start earning with $ECP and take advantage of cloud rewards. With EcoPool, you can easily manage your passive income and stay connected to the green crypto community, including discussions around #Bitcoin and #PassiveIncome. Download the EcoPool app today and start exploring the world of green crypto and cloud rewards with EcoPool and $ECP.
