Bitcoin Institutional Adoption: A Money20/20 Perspective

If you can’t beat ‘em, join ‘em. That’s the recent acquiescent stance of the Federal Deposit Insurance Corporation (FDIC) after the chairman of the board of directors, Jelena McWilliams, expressed a few weeks ago, “If we don’t bring this activity [Bitcoin] inside the banks, it is going to develop outside of the banks. … The federal regulators won’t be able to regulate it.” We are at an inflection point for when the thousands of banks holding trillions of dollars of deposits will begin to play a role in Bitcoin’s dominance. The FDIC and the Office of the Comptroller of the Currency (OCC) are under pressure to find solutions for adapting to Bitcoin’s global influence. Political leaders are encouraging regulatory reform and independent private companies are racing to respond with innovative technological solutions for a new financial framework.

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