Gene A. Grant II

Former LevelField Financial CEO. Opinions expressed are my own, and not necessarily those of my employer.

[Gene A. Grant II @Genegr2]

https://t.co/ChbQ1LJVSX

LevelField Bank is approved!

The bank will serve consumer and business customers in the bitcoin and digital asset communities, as well as businesses in other underbanked industries. LevelField Bank fully supports digital assets, and whether our customers want to buy/sell/hold/borrow, we will meet their needs through BTC-backed loans, custody, trading, and regular bank accounts.

[Gene A. Grant II @Genegr2]

@jerallaire Looking forward to speaking with your team soon.

[Gene A. Grant II @Genegr2]

https://t.co/w2rQHg3pYn

LevelField Financial received conditional approval to acquire Burling Bank, and American Banker covers the story as we progress towards LevelField Bank

[Gene A. Grant II @Genegr2]

https://t.co/YI2fqEqimy

More detail on the LevelField Bank approval in our press release.

The bank will serve consumer and business customers across the USA. LevelField Bank will be a subsidiary of LevelField Financial

[OCC @USOCC]

There is currently no standard definition of the term “unsafe or unsound practice,” resulting in enforcement actions & supervisory criticisms not related to material financial risks. Read proposed rule to clarify enforcement & supervision standards. https://t.co/o06ILt6NSR

[Gene A. Grant II @Genegr2]

@tyler @Gemini Have you considered owning part of a bank yourself? LevelField is on the cusp of approval to acquire a full-service FDIC insured bank and specialize in crypto clients. Happy to talk.

[Gene A. Grant II @Genegr2]

If Fed Funds drops to 1%, what happens to all the non-bank "neobanks" who rely on interest on deposits from their partner banks? Business model implodes?

[Gene A. Grant II @Genegr2]

https://t.co/Pn1Hgs7xlq

Fantastic that Matt Levine wrote about @permutocapital today!

My article on Permuto was in @Forbes a few weeks ago, so i was thrilled to see that it also caught the attention of my favorite columnist.

[Gene A. Grant II @Genegr2]

Great to see the OCC leading the way with financial innovation.

I do note, however, they do have a stipulation: "safe, sound and fair manner". The words "Safe and Sound" are standard requirements for the provision of banking services. The inclusion of "Fair" is significant.

[OCC @USOCC]

The federal banking system is well positioned to engage in digital asset activities. OCC Interpretive Letters 1183 and 1184 clarify and confirm national banks may engage in certain crypto-asset activities, provided they do so in a safe, sound and fair manner.

[Gene A. Grant II @Genegr2]

This makes it clear that the @LevelfieldEx business model is allowed for a bank. Next step is the long-awaited approval of our acquisition!

[OCC @USOCC]

OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https://t.co/0ScQdgNaS6

[Gene A. Grant II @Genegr2]

Put another way, state trust companies are currently NOT qualified custodians (no matter what they say)

[Bitcoin Magazine @BitcoinMagazine]

JUST IN: 🇺🇸 SEC Commissioner Mark Uyeda suggests the SEC should allow state-chartered trust companies to custody #Bitcoin and crypto.

[Gene A. Grant II @Genegr2]

https://t.co/fCLcrJbMsa The Federal Reserve has removed the last of the obstacles for the integration of crypto into safe and sound banking. Great news for @LevelfieldEx

[Gene A. Grant II @Genegr2]

Banks may soon own cryptocurrency. The idea of traditional banks holding digital assets was inconceivable a few months ago, but times are changing.
https://t.co/sBRkJyOK28

[Gene A. Grant II @Genegr2]

The restriction on banks directly holding cryptocurrency makes little sense, considering their expertise in handling volatile assets.
https://t.co/yYYJZj5wi3

[Gene A. Grant II @Genegr2]

I revised my article about the OCC authorizing national banks to offer cryptocurrency services. I wanted to highlight that the OCC has also rescinded the directive barring banks from holding cryptocurrencies directly.
https://t.co/oiDQLwFPC1

[Gene A. Grant II @Genegr2]

National banks can provide cryptocurrency related services

https://t.co/oiDQLwFPC1

[Gene A. Grant II @Genegr2]

Banks still cannot hold cryptocurrency for their own accounts. The OCC Interpretive Letter 1183 on Friday was a great start, but no celebration until the Jan. 3, 2023 prohibition is removed.
https://t.co/S60IsJH9hc

[Gene A. Grant II @Genegr2]

https://t.co/0GNjKTCaDS

The OCC has withdrawn 1179 (pre-permission). More importantly, the OCC has reaffirmed letter 1170 -- stating it is permissible for banks to engage in custody and custody related services.

[Gene A. Grant II @Genegr2]

@mrmag314 To quote the article, "By designing an affordable structure accessible to investors of all levels, they are democratizing a strategy once reserved for large institutional investors executing bespoke trades."

[Gene A. Grant II @Genegr2]

Permuto Capital products intrigue me. Splitting dividends away from a common share is interesting financial innovation. Watching to see it explode in volume once they launch

https://t.co/06sRlxLZCN