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.”
