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Bitcoin Exchange ItBit Seeks Bank License With Ex-FDIC Chair

• coindesk.com

ItBit may be approved within the next few weeks, according to a report by Reuters, citing individuals with knowledge of the process.

Notably, the banking license application reportedly names several well-known political and financial figures in the US, including former Federal Deposit Insurance Commission (FDIC) chair Sheila Bair and former New Jersey Senator Bill Bradley.

According to filing notices published by the NYDFS, itBit began the process of acquiring a state banking license in early February.

Bair served as chairperson for the FDIC under President George W Bush, the federal agency that oversees deposit accounts and deposit insurance coverage guidelines.

Bair and Bradley, along with ItBit CEO Charles Cascarilla, Liberty City Ventures founding partner Emil Woods and former Financial Accounting Standards Board director Robert Herz, are said to be listed as organizers on the state banking license application.


thelibertyadvisor.com/declare