2021 is already shaping up to be one like no other for real estate in Utah, on the heels of an already record-shattering year for Wasatch Front home sales in 2020.
Utah’s Salt Lake City metro area is a contender for having one of the hottest emerging housing markets in the West. Its big competitor is Idaho, where out-of-state homebuyers are leaving big cities in search of cheaper homes with more space.
REGULATORY DEVELOPMENTS
OCC GRANTS A NATIONAL TRUST BANK CHARTER TO ANOTHER CRYPTOCURRENCY FIRM
On April 23, the OCC granted preliminary conditional approval to Paxos, the third cryptocurrency firm that has obtained approval to charter a national trust bank. A national trust bank is a type of nondepository national bank whose activities are limited to fiduciary ones. They are appealing to cryptocurrency firms since FDIC insurance is not required, and because the federal charter preempts various state laws with which state-chartered trust banks or trust companies must grapple. Paxos’ application indicated that it would: engage in custody services; act as a payment, exchange or other agent; provide KYC as a service; provide custody and management of USD stablecoin reserves; and offer other cryptocurrency services. This chartering action follows on, and cites to, an OCC interpretive letter issued earlier this year permitting national trust banks to engage in activities permissible f