The main US bank regulator has confirmed that positive cryptocurrency regulation is coming in a few weeks, towards the end of the Trump term. “It will work for everyone,” the regulator said, adding that the new regulation “will make it easier for crypto investors to know how to invest,” and thereby attract more institutional investors.
New US Crypto Regulation Will ‘Work for Everyone’
Brian Brooks, acting Comptroller of the Currency, answered some questions about upcoming US cryptocurrency regulations in an interview with CNBC’s Squawk Box on Friday.
Brooks is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC). The OCC oversees nearly 1,200 national banks, federal savings societies, and federal branches of foreign banks that carry out approximately 70% of all banking activities in the U.S.
Regarding the new US cryptocurrency regulation, Brooks said, “We are very focused on getting this right. We are very focused on not killing this, and it is just as important that we develop the networks behind bitcoin and other cryptos as we prevent money laundering and terrorist financing. He explained:
Believe me, there is a balance here and it will work for everyone … very positive messages will come out.
Brooks’ response was in response to a question about a rumor that the Treasury Department may be rushing crypto regulation before the end of the Trump term. Coinbase CEO Brian Armstrong voiced his concerns on Twitter on Nov. 25. He wrote“We heard rumors that the US Treasury Department and Secretary Mnuchin planned to implement new regulations regarding self-hosted crypto wallets before the end of his term.” I’m afraid this would have unintended side effects. “
“What we do need is clarity about what is allowed, and so we need some guidance, for example whether banks can connect directly to blockchains as payment networks, the answer must be yes,” explains Brooks, formerly Chief Legal. Officer. at Coinbase. He stressed that some aspects of the new regulation will clarify the nature of crypto assets.
Noting that “it’s a dangerous world out there,” the main bank regulator stressed:
Nobody is going to ban bitcoin. No one is going to ban some of these transmission technologies, so I think it’s going to be a lot less bad than what people worry about.
When asked if he believes more regulation will benefit the crypto industry, the OCC chief said, “I don’t think we need 50 lines instead of two, but what we do need is clarity on what is allowed. “
He continued: “For example, we need some guidance on whether banks can connect directly to blockchains such as payment networks. The answer has to be yes … We need the answers about can banks custody of cryptocurrencies so that institutions feel comfortable adopting. And you saw what happened when we gave that clarity. “
When to expect new US crypto regulation
Brooks was specifically asked if people can expect new US crypto regulations by the end of the Trump term. “I think you will see a lot of good news for crypto towards the end of the Trump term,” he replied, adding:
So you have clarity on a variety of areas that I think you won’t see until the next 6 – 8 weeks, making it easier for crypto investors to know how to invest, to know how institutions in this asset class. can be .
“Those are the things that are pushing up prices right now,” he said. “You know it might have been a bubble two years ago, but with more clarity, institutions that see this as something real will start adopting it at scale, which they’ve already started doing. So stay tuned. “
Do you think the new US crypto regulation will benefit the crypto industry and the price of bitcoin? Let us know in the comments below.
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