Vast Bank, based in Tulsa, has had a brief history with cryptocurrency. Chairman Tom Biolchini likened their experience with federal regulators to a boxing match, where they were knocked down but are ready to come out swinging in the next round.
Biolchini made these remarks at the University of Tulsa’s Friends of Finance Speaker Series, which was attended by over 300 people. The bank’s decision to shut down its crypto banking application came after a cease-and-desist order was issued by the U.S. Office of the Comptroller of the Currency in October.
According to the consent order, the bank engaged in unsound and unsafe practices in various areas, but it made no mention of cryptocurrency. Biolchini stated that the regulators had given them the legal right to offer crypto two years earlier, but under a different administration. He also mentioned that the federal government has the power to prevent cryptocurrency from becoming mainstream.
Despite the challenges faced, Biolchini assured that the bank is in good condition and has more liquid assets than many other banks in the state. He also expressed his love for Tulsa and its community, which showed overwhelming support during this trying time.
Biolchini holds a bachelor’s, master’s, and law degree from the University of Notre Dame and has been a part of Tulsa’s business community since 2008. He encouraged others to not just criticize, but to also get in the ring and fight for what they believe in.
In the end, Biolchini acknowledged the generosity and support of the Tulsa community and pledged to pay it forward for the rest of his life. The article concluded with an invitation to subscribe to the latest local business news for free.
