In response to recently emerged rumors of crypto regulations, the OCC chief said good things are coming by the end of the Trump administration.
Brian Brooks, the acting Comptroller of the Currency, believes that the United States needs to establish clear and straightforward cryptocurrency regulations.
CryptoPotatoreported recently that Coinbase’s CEO Brian Armstrong had sent a letter to the US Treasury Secretary Steven Mnuchin regarding rumors of new regulations on various cryptocurrency features that could harm the industry’s development in the country.
Brooks, despite being the head of a different US organization, responded to these assumptions while appearing on CNBC’s Squawk Box.
Acting Comptroller of the Currency Brian Brooks. Source: CNBC
He said that his organization is “very focused to get this [regulation] right, we are very focused on not killing this [bitcoin].” He highlighted the need for a clear framework behind bitcoin and other digital assets to minimize any usage for illicit activities, such as money-laundering.
Directly answering a question if new regulations are indeed coming by the end of Trump’s presidential term in January 2021, Brooks said that “I think you are going to see a lot of good news for crypto by the end of the term.”
At the same time, OCC’s head further said that “it’s a dangerous world out there,” which requires a firm hand to handle the potential threats and challenges.
Ultimately, Brooks ended on a positive note, saying that “nobody is going to ban bitcoin, nobody is going to ban some of these transmission technologies. I think it’s going to be a lot less bad than people worry about.”
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
