This week in Latam crypto: Ripple accelerates Brazil expansion with VASP license pursuit; Brazil delays stablecoin tax amid election season; Argentina bans Polymarket as unregulated betting platform.
This week in Latin American crypto: Ripple expands in Brazil and seeks a VASP license; Brazil postpones stablecoin taxation ahead of presidential elections; Argentine courts ban Polymarket as an unregulated betting platform.
The Independent Community Bankers of America (ICBA), representing 5,000 community banks, formally opposes Ripple's application for a national trust bank charter, arguing its RLUSD stablecoin plan replicates deposit-taking functions and bypasses regulatory safeguards.
The Independent Community Bankers of America (ICBA) has formally opposed Ripple's application for a national trust bank charter, arguing that its RLUSD stablecoin effectively replicates deposit-taking functions, undermining regulatory safeguards and threatening financial stability. ICBA cites Ripple's past AML and securities violations as grounds for denial.
Brooklyn Nets guard Spencer Dinwiddie has tokenized his three-year, $34.4 million NBA contract through the Securitize platform, issuing 90 SD8 tokens at $150,000 each to raise $13.5 million upfront. The move, despite NBA threats of a ban, offers a 4.95% monthly interest to accredited investors.
US community bankers are urging regulators to halt Kraken’s national trust bank charter bid, arguing it could increase systemic risk and intensify deposit outflows as stablecoin legislation advances.
The ICBA is urging the OCC to halt Kraken’s national trust bank charter application, arguing that combined with stablecoin expansion and Fed account access, it could intensify deposit flight and create broader financial risks.
Community bankers and larger banking groups are pushing back against Kraken’s OCC trust bank application and stablecoin yield provisions, arguing they could accelerate deposit outflows and weaken lending across the U.S. banking system.
