MICHAEL LAPORTE
MICHAEL LAPORTESupportIndividual
Summary: The commenter supports the proposed action and requests additional requirements for the OCC, such as mandatory public disclosure of ownership for coin companies operating as uninsured banks. They also advocate for thorough reviews of ownership involving government officials and public notice/records when funds are frozen.
Thanks for the opportunity to comment.
I am asking the OCC to require that any coin company operating as one of these uninsured banks publicly name the human beings who own it and profit from it, its foreign investors and who keeps the interest the reserve earns. In this case the UAE has a roughly 49% stake
Also, a watchdog who cannot see who profits from the bank has no way to police the risks the rule exists to catch.
It would be reasonable, and I call for it, that the OCC be especially thorough in its
review of any coin company whose ownership runs through elected officials, their families, senior government officials or investors tied to foreign governments.
Finally, these coins also come with the ability for the company to freeze anybody's money in place. I am asking that the OCC require a written record and public notice when such a freeze occurs.
Thanks for the opportunity to comment.