U.S. bank regulator OCC requires public input on the use of cryptocurrencies in the financial sector
One of the federal banking regulators in the United States, and the only person regulating national banks, is seeking public input on how to regulate new technologies and digital banking operations, including Cryptocurrencies and blockchain tools.
In an enhanced notice of the ruling proposal, released on Thursday, the Office of the Chief Executive Officer (OCC) said it was reviewing its regulations around digital banking operations. to ensure that these regulations continue to grow with industry growth.
The announcement, one of which was announced on Thursday, was signed by currency Acting Comptroller Brian Brooks, a former Coinbase legal director who took office at OCC last week.
In an emailed statement, OCC spokesman Bryan Hubbard said:
Requests for stakeholder comments are part of OCC's commitment to responsible innovation and are in line with our understanding that banks must be able to grow to meet consumer needs. users, businesses and the community rely on them. Our role is to ensure that there is a clear legal framework that supports banks in their implementation. Requesting comments helps ensure we hear from stakeholders about all sorts of important issues.
The notice asked in detail what kind of banking activities related to cryptocurrencies and other financial institutions are currently involved and which activities customers participate in those impact banks.
It also asks:
What are the barriers or obstacles, if any, to continue applying crypto-related activities in the banking industry? Are there any specific activities that need to be addressed in the regulatory guide, including the regulation?
As for cryptocurrency assets, a notice asking about the use of distributed ledger technology (DLT) in banking operations and - as with cryptocurrency-related operations - asked if there was any problem. Any specific topic needs clarification.
What new payment technologies and processes should OCC note and what are the potential implications of these technologies and processes for the banking industry? How are new payment technologies and processes supported or hindered by existing legal frameworks? records said.
Read more: Coinbase legal director said the private sector should build the US digital dollar
The notice also briefly mentioned Brooks' proposal that his office could enact a national regulation on cryptocurrency exchange, which would essentially allow it to bypass the state framework that right now Require companies to ensure the registration of money service business (MSB) 50 Operating nationwide.
After that, the OCC did not seek comment on its authority to issue a special-purpose national bank charter, they said.
In a statement, CEO of Blockchain Association, Mr. Kristin Smith, said that it was very enthusiastic to see a leading bank manager understand the power of cryptocurrencies. Today's announcement indicates that Acting Comptroller Brooks is serious about modernizing banking regulations so that innovators can bring new solutions to the legacy financial system.
Individuals interested in providing public comments can email, mail, hand-mail, fax or respond to files online.