Category: Palm Beach Confidential Newsletter

The OCC ruling has given the traditional financial system the green light to come into crypto. And it means every U.S. bank can safely get into crypto without fear of regulatory blowback.

By Teeka Tiwari, editor, Palm Beach Daily

Two decades ago… an obscure act ignited one of the greatest merger waves in the history of the banking industry.

On November 4, 1999, the Gramm-Leach-Bliley Act passed, repealing part of the Glass-Steagall Act.

The Glass-Steagall Act of 1933 was an emergency measure to prevent bank failure during the Great Depression.

It separated Main Street banking services like home loans and checking accounts… from riskier investment banking business like securities trading and services.

Upon Glass-Steagall’s repeal, banks went on a merger boom. All of a sudden, traditional banking giants could leap into the highly lucrative investment banking field.

They realized if they could get scale in the traditional banking area, they’d have access to cheap capital they could put to work in the investment banking business.

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Big banks scooped up regional banks… Regional banks picked up community banks… And some big banks even grabbed financial firms like brokerages and insurers to add new products and services.

From 2000–2002, we saw a total of 1,467 banking deals.

Takeover premiums surged. The average premium on a bank acquisition was 45% – almost double what it was in prior years.

Hundreds of deals closed at 50%-plus premiums. And dozens more closed at 100%-plus premiums.

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It all has to do with a little-talked-about rule change that could spark a brand-new wave of merger mania.

But unlike the repeal of Glass-Steagall, which touched just about every bank, this rule change will directly impact just a small subsector of banks.

Crypto Mania Is Coming to Banking

As crypto assets have grown in popularity, a glaring problem has emerged… the lack of banking services.

Both large and small crypto businesses have had a tough time securing banking services.

This is an even more acute problem now because the World Economic Forum projects blockchain technology will grow 295,762% by 2027.

As you can see, this is clearly a massive opportunity for banks. But the big banks have been terrified of offering banking services for blockchain projects out of fear of running afoul of regulators.

Without an approved framework to work within… most banks have shunned the industry.

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But that hasn’t stopped a handful of smaller banks from venturing into the blockchain space. That’s incredibly important to you, because a recent ruling has finally opened a pathway for banks to officially work with crypto assets and blockchain companies.

On July 22, the Office of the Comptroller of the Currency (OCC) issued guidance that banks can store and work with cryptocurrency.

If you haven’t heard of the OCC, it regulates all U.S. banks. It’s one of the most powerful federal agencies in the country.

Here’s the key passage from its landmark guidance:

We conclude a national bank may provide… cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.

This is incredibly bullish news for blockchain…

This crypto technology could revolutionize nearly every industry – and change your life forever.

The OCC ruling has given the traditional financial system the green light to come into crypto. And it means every U.S. bank can safely get into crypto without fear of regulatory blowback.

This move will rapidly accelerate adoption of blockchain technology and crypto assets.

For the first time, banks now have specific rules allowing them to work directly with blockchain assets and the companies that issue and work with them.

And we’re seeing that happen already…

Just last week, Wyoming granted crypto exchange Kraken a state banking charter. It’s the first crypto firm to become a U.S. bank.

The bank is called Kraken Financial. And according to its CEO, as a state-chartered bank, Kraken Financial now has a regulatory passport into other states…

That means it can operate in other jurisdictions without having to deal with a patchwork of state regulations.

I’ve been predicting that we’d see banks open in the crypto space because they’ll offer a new lucrative source of revenue.

And that’s the reason Kraken got into this space. Its CEO says crypto banking will be a major driver of revenue from new fees and services. So I wouldn’t be surprised if a large global bank swoops in and buys up Kraken Financial.

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Ready for Prime Time

Let me put this opportunity in perspective for you…

Right now, an estimated 35–50 million Americans own crypto. That’s 10–15% of the U.S. population.

The U.S. banking system touches the lives of over 300 million Americans. And it holds north of $20 trillion in assets.

As more people, businesses, and institutions warm up to crypto… we’ll see billions – even trillions – of dollars flow into blockchain and crypto companies.

Don’t you think the banks would want a piece of that pie?

The short answer is yes. Fees are the lifeblood of banking. It’s estimated that financial firms rake in about $439 billion per year from fund management fees alone.

This is Wall Street’s gravy train. But this gravy train is drying up…

Over the last decade, Wall Street profits from managed funds and security products have decreased by about 24%.

So they’ll soon turn to crypto financial products as a new revenue source. And the OCC just gave them the green light to do so.

Banks are licking their chops…

As a brand-new asset class, they can charge above-average fees on any crypto-related business they undertake. It’s the same reason Kraken launched Kraken Financial.

Eventually, we’ll see a wave of traditional financial firms buy up these smaller crypto banks. And that’s bullish for the entire crypto ecosystem.

Friends, if there was ever a time to get into the crypto space, it’s now. The OCC’s regulatory guidance… and Kraken’s leap into banking services… proves crypto is ready for the prime time.

If you don’t already, you should absolutely own some bitcoin.

It will be the reserve currency of the entire crypto banking space. And its current price will look like peanuts once crypto banking explodes.

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As I mentioned above, we’ll see bitcoin – and crypto – adoption skyrocket over the coming months as crypto banking takes off. And I believe it’ll spark a once-in-a-lifetime opportunity…

But starting with its underlying blockchain technology, I believe we’re about to see the biggest wealth and power shift in U.S. history.

Those who take the right steps now could fantastically grow their wealth… Those who don’t will be left behind.

I put together this new presentation to explain all the details…

By Teeka Tiwari, editor, Palm Beach Daily

I don’t like talking politics in my newsletters…

Generally, I’m too busy scouring markets and looking for ways to make my subscribers money. And I choose to focus on what unites my subscribers: Our goal of growing wealthier safely.

I recognize any topic remotely political can turn into a powder keg. So I hope I don’t get too much hate mail for talking about an urgent need in our country.

Longtime readers know how much I love the United States of America.

As a child trapped in the United Kingdom’s foster care system, I had two dreams: Move to New York City… and get a job on Wall Street.

By age 16, I found my way to the Big Apple.

A month after my 18th birthday, I landed a job at Lehman Brothers. Two years after that, I became the youngest vice president in the history of Shearson Lehman.

America gave me everything I value: opportunity, mentors, love, friendship, and the type of painful life lessons only a free market economy can provide.

I’m sure most of you feel the same way… regardless of which side of the aisle you’re on.

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America is the greatest democracy on the planet. So the one thing I believe we can all agree on is the need for secure elections, with results we can trust.

Every vote must count. We can’t afford to wonder if our elections have been tampered with.

This concern has led to a battle playing out between the White House and the U.S. Postal Service (USPS). The controversy surrounding the “hows” and “whys” isn’t what I want to focus on.

Instead, I want to talk about a solution that can forever secure the sanctity of our country’s election process…

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You see, our current method of delivering ballots through the mail is outdated. There’s not enough accountability and no efficient way to ensure your vote will be counted.

The solution to this problem lies in what I call “the fourth technological revolution.”

I’ve been pounding the table on it for years, telling anyone who’ll listen that this tech will upend the traditional financial system.

But in recent months, I’ve come to realize its potential goes way beyond money. It could protect our democracy, too.

The full story is one the mainstream press is completely missing…

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A Truly Secure Voting System

As you know, the coronavirus pandemic has made it risky for Americans to stand in long lines in public. So to keep voters safe, many states are turning to mail-in ballots.

The problem is: No matter what you think of mail-in voting, as I mentioned, it’s an outdated system.

With tens of millions of people expected to vote by mail this fall… there are just too many points where someone can tamper with our ballots.

Now, I’m not saying voter fraud is widespread or anything like that… What I am saying is there’s a better way to secure our elections. And it’s through the blockchain.

As you may already know, blockchain is the innovative tech behind bitcoin. It uses a public ledger to verify every transaction.

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That’s because at its core, blockchain is really just a very secure way to store information. In fact, I believe it’s the safest way to store information that’s ever been devised.

For instance, the blockchain powering the bitcoin network uses advanced cryptography coupled with a unique way of verifying information that, so far, has made it unhackable.

That’s why the USPS just patented a form of blockchain for voting…

Earlier this month, the U.S. Patent and Trademark Office made the USPS application public. It’s called “Secure Voting System.” And it describes using blockchain technology to secure mail-in voting:

A registered voter receives a computer-readable code in the mail and confirms identity and confirms correct ballot information in an election. The system separates voter identification and votes to ensure vote anonymity, and stores votes on a distributed ledger in a blockchain.

You don’t need to understand the nuts and bolts of how it works. Just know that it’s a tamperproof way to easily cast your ballot.

The U.S. (and other countries) are embracing blockchain tech because it’s one of the most secure ways to send information.

The Defense Department is testing blockchain for national security… NASA is eyeing it to secure aircraft flight data… The Department of Health and Human Services is adopting it to streamline contracts… The list goes on and on.

So it’s no surprise the USPS wants to harness it to secure one of our most precious rights – voting.

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Here’s the most important thing you need to know about the fourth technological revolution…

For the first time in history, we have an asset that allows us to directly profit from a technological shift: cryptocurrencies.

That’s what’s so revolutionary about blockchain. Investors can take a stake directly in the technology in a way they never could during other tech revolutions like the internet.

If you believe – as I do – that blockchain will make our lives better… then you’ll want to place your stake in this technology now.

Friends, it doesn’t matter if you identify as Democrat, Republican, or Independent…

Those who recognize blockchain as the future will take small grubstakes in cryptos… and potentially see them turn into life-changing gains.

Today, you have a choice to invest in the earliest innings… or stand by and watch. Will you act on this once-in-a-lifetime opportunity?

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The fourth technological revolution is an unstoppable trend set to create 818,236 new millionaires over the next three years…

You see, blockchain will completely change our society – from the way we work to the way we socialize and carry out our civic duties. Those who get left behind could slide into poverty. To survive these turbulent times, America must adapt. You and I must adapt.

If you’re among the few who understand what’s happening, you have nothing to fear. But everything to gain. I reveal the steps you need to take right here.