The top US banking regulator has confirmed that by the end of Trump’s term, active cryptocurrency supervision will be achieved within a few weeks. The regulator said: “This is effective for everyone.” The new regulations will “make it easier for cryptocurrency investors to know how to invest,” and thus attract more institutional investors.
The new U.S. encryption regulations will “serve everyone”
On Friday, Brian Brooks, the chief controller of the proxy currency, answered some questions about the upcoming U.S. cryptocurrency regulations in an interview with CNBC’s Squawk Box.
Brooks is the administrator of the Commonwealth Banking system and the chief executive officer of the Office of the Comptroller of Currency (OCC). The OCC supervises nearly 1,200 national banks, the Federal Savings Association and the federal branches of foreign banks, which are engaged in approximately 70% of the banking business in the United States
Regarding the new U.S. cryptocurrency regulations, Brooks said: “We are very focused on achieving this goal. We are very focused on not stifling this. It is equally important to develop a network behind Bitcoin and other cryptocurrencies because it can prevent money laundering and Terrorist financing.” He elaborated:
Believe me, there is a balance here. It will work for everyone… There will be a very positive message.
Brooks’ answer is a response to a question about the rumor that the U.S. Treasury Department may quickly implement cryptocurrency regulation before Trump’s term ends. Coinbase CEO Brian Armstrong expressed his concerns on Twitter on November 25. write“We heard rumors that the U.S. Treasury Department and Secretary Mnuchin plan to sprint some new regulations on self-hosted cryptocurrency wallets before the end of their term. I am worried that this will bring unexpected side effects.”
“What we want to do is to clearly allow content, so we need some guidance, such as whether banks can directly connect to the blockchain as a payment network, the answer must be yes,” explained Brooks, who was previously the chief legal officer. At Coinbase. He emphasized that certain aspects of the new regulations will make the nature of encrypted assets clearer.
While pointing out that “there is a dangerous world”, the highest banking supervisory agency emphasized:
No one will ban Bitcoin. No one will ban some of these transmission technologies, so I think its harm is much less than people worry about.
When asked if he thinks more regulation will benefit the crypto industry, the head of OCC said: “I don’t think we need 50 regulations, not two, but what we need is clearly permitted content.”
He continued: “For example, we need some guidance on whether banks can directly connect to the blockchain as a payment network. The answer must be…. We need answers about cryptocurrencies that banks can custodial so that institutions can adopt them with confidence. You saw what happened after the clear explanation we gave.”
When can you expect new U.S. encryption regulations
Brooks was specifically asked whether people should expect new U.S. cryptocurrency regulations before Trump’s term ends. He replied: “I think by the end of Trump’s term, you will see a lot of good news about encryption.”
Therefore, you can clearly understand the various fields, and in the next 6 to 8 weeks, you will see these fields, which will make it easier for cryptocurrency investors to understand how to invest and understand the performance of institutions in this asset class .
He believes: “These are the factors that are currently driving prices up.” “You know this may be a bubble two years ago, but to be more clear, institutions that see it as a real thing will mass adopt what they have already started to do. So please stay tuned.”
Do you think the new U.S. cryptocurrency regulations will benefit the cryptocurrency industry and the price of Bitcoin? Let us know in the comments section below.
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