In the second half of 2020, a record Bitcoin (BTCprices and some important regulatory developments, such as the approval by the Office of the Comptroller of the Currency, or OCCs, crypto custody at national banks. However, according to former Coinbase director and current OCC acting leader Brain Brooks, legal policies for the digital assets industry currently face an uncertain future as a number of government roles will shift towards 2020.
“I can’t talk to the specific price move, but I’ll tell you what I’m concerned about,” Brooks told CNBC in an interview on Friday, answering a question about his primary interest The lightning-fast highlights of Bitcoin. Brooks explained:
“All of this is happening in an environment where we are on the verge of a change of presidential administration and calls are being made on Capitol Hill to dismantle some of the legal protections that we have put in place with this stuff.”
The past few weeks have highlighted a number of cryptocurrency regulatory proposals, including rumors of bans or restrictions on self-held crypto wallets. Multiple conference leaders reacted with concern to the possible action. A new bill also envisages Set strict legal requirements for stablecoins.
“My agency has been trying to make it safer for people to take custody with national banks,” Brooks said. “We’ve talked about banks supporting some of these stablecoin projects,” he added. “If that protection is not in place, I am really concerned about the environment with this kind of thing.” Brooks pointed to a desire to maintain security within the crypto space.
Brooks’ steps towards the security and growth of the crypto industry have recently been met expressed in the form of a letter from several conference participants in early November. Several government leaders lobbied that the OCC was focusing too much on the sector under Brooks’s supervision.
In his CNBC interview, Brooks noted that crypto is at a crossroads when it comes to regulation. “We are now at a very critical turning point,” said Brooks. “It’s kind of a fork in the road.” The OCC leader said one avenue aims to increase security for people in the marketplace by targeting the ecosystem surrounding illegal crypto transactions. He described banks as essential to the comparison.
The second road looks grittier for the crypto space. “The other path, which has very real potential here, is that we politicize some of these technical issues, be it crypto or fintech in a broader sense,” Brooks explained, adding:
“We are politicizing it by undoing all the good work this government has done to make it safer and more real, and if we do those things, as for example in Chairman Maxine Waters’s letter recently suggested, then I am not. Especially if we have enough foundation to move forward here. So it’s all about consolidating the regulatory and consumer protection benefits we’ve been trying to implement. ”
Waters sent a letter in early December to request to halt developments in financial regulation until the position of the government is strengthened in 2021. Waters took a dive into the crypto space in 2019 when she got Facebook’s Libra stopped (now called Diem) after the release of the white paper.