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Top US Banking Regulator Reveals Positive Cryptocurrency Regulation Coming in Weeks

Top US Banking Regulator Reveals Positive Cryptocurrency Regulation Coming in Weeks

The top U.S. banking regulator has confirmed that
positive cryptocurrency regulation is coming in a matter of weeks,
by the end of the Trump term. “It’s going to work for
everybody,” said the regulator, adding that the new regulation
will “make it easier for crypto investors to know how to
invest,” therefore attracting more institutional
investors.

New US Crypto Regulation Will ‘Work for Everybody’

Acting Comptroller of the Currency, Brian Brooks, answered some
questions about the upcoming U.S. cryptocurrency regulation 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 supervises nearly 1,200 national banks, federal
savings associations, and federal branches of foreign banks that
conduct approximately 70% of all banking business in the U.S.

Regarding the new U.S. cryptocurrency regulation, Brooks said:
“We’re very focused on getting this right. We are very focused
on not killing this, and it is equally important that we develop
the networks behind bitcoin and other cryptos as it is we prevent
money laundering and terrorism financing.” He elaborated:

Believe me, there is a balance here and it’s going to work for
everybody … there’s going to be very positive messages coming
out.

Brooks’ answer was in response to a question about a rumor
that the Treasury Department may be rushing out 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 U.S. Treasury and Secretary Mnuchin
were planning to rush out some new regulation regarding self-hosted
crypto wallets before the end of his term. I’m concerned that
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 has to be yes,”
explained Brooks, who previously served as the chief legal officer
at Coinbase. He emphasized that some aspects of the new regulation
will provide clarity around the nature of crypto assets.

While noting that “it’s a dangerous world out there,” the
top banking regulator stressed:

Nobody is going to ban bitcoin. Nobody is going to ban some of
these transmission technologies so I think it’s going to be a lot
less bad than than people worry about.

When asked about whether he believes more regulation will
benefit the crypto industry, the OCC chief said: “I don’t think
we need 50 regulations instead of two, but what we do need is
clarity about what’s allowed.”

He continued: “We need some guidance, for example, about
whether banks can connect directly to blockchains as payment
networks. The answer has to be yes … We need the answers about
can banks
custody 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 whether people should expect new
U.S. crypto regulation by the end of the Trump term. “I think
you’re going to see a lot of good news for crypto by the end of
the Trump term,” he replied, adding:

So you have clarity across a variety of areas that I think
you’ll be seeing just in the next 6 – 8 weeks, which will make
it easier for crypto investors to know how to invest, to know how
institutions can be in this asset class.

“Those are the things that are driving prices at this
point,” he opined. “You know it may have been a bubble two
years ago, but with more clarity, institutions that see this as a
real thing are going to adopt at scale, which they’ve already
started to do. So stay tuned.”

Do you think the new U.S. crypto regulation will benefit
the crypto industry and bitcoin’s price? Let us know in the
comments section below.

The post
Top US Banking Regulator Reveals Positive Cryptocurrency Regulation
Coming in Weeks
appeared first on Bitcoin News.

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Translator / 翻译者 / Traductor