>>60673158 (OP)What’s Going On?
Some big companies want to create new kinds of banks to hold and take care of digital money (like Bitcoin or other Internet money). They asked a group in charge of banks (called the OCC) for permission to do that.
Who’s Worried?
A bunch of regular banks and banking groups (the Associations) are saying:
“Hold on—this might not be a good idea!”
“We don’t know what these new banks really want to do because their plans are kind of secret.”
“People should get a chance to look at these plans and say what they think before any yes-or-no decision is made!”
Why Are They Worried?
Because real trust banks are supposed to take care of people’s money in special ways—like handling money when someone passes away, helping invest money wisely, and acting as a “trusted helper.” These new banks mostly just want to hold digital stuff, like crypto—not be real “trusted helpers.”
So, the old banks are saying:
“If these new guys get permission, it might change the rules for everyone!”
“And if that happens, companies might try to act like banks without following the same rules real banks have to.”
What Are They Asking For?
They’re saying:
“Don’t rush! Pause until you show everybody the whole plan.”
“Let people talk about it and decide if it's fair or scary.”
“Make sure these new digital banks follow the same rules other banks do.”
Bottom Line (Kid Version):
Some people want to open new kinds of banks for Internet money. Other people are saying, “Wait! That might not be safe or fair!” So they’re asking the boss of banks to slow down and let everyone take a good look before saying “yes.”
Let me know if you want the “grown-up version
The grown up version:
ITS SCARED
