The Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming that the National Bank Act (NBA) preempts state money transmitter licensing requirements as applied to national banks, regardless of whether the bank satisfies a state law exemption from the licensing requirement. The letter affirms settled doctrine in restating the OCC’s position that states are not permitted to require national banks to …
CSBS Interpretive Guidance Clarifies Some Stablecoins May Be Included in Tangible Net Worth Calculations for Money Transmitters
The Conference of State Bank Supervisors (CSBS) recently issued interpretive guidance addressing the accounting treatment of stablecoins in the tangible net worth (TNW) calculation under its Model Money Transmission Modernization Act (MTMA). The guidance clarifies that CSBS intends for the definition of TNW under the MTMA to include, as “tangible financial assets,” stablecoins that meet certain criteria. The guidance is nonbinding, and it is uncertain …