Brian Brooks, the acting Comptroller of the Currency in the United States has confirmed that his regulatory agency is working on new crypto regulations. He made this known in an interview on CNBC’s Squawkbox.
According to him, this set of new regulations should be expected before the end of this current administration. He advises the general public to be on the lookout for these new policies which would look to provide more clarity for the sector.
Brooks also said that these regulations would help investors to feel more secure in the market. He cited that the regulatory body needs to provide some clarity on whether banks could connect to blockchains as payment networks.
He also mentioned the effect the agency regulation had on banks being able to custody cryptocurrencies.
The acting Comptroller went on to emphasize that the agency would not look to stifle the development of crypto agencies in the industry. Instead, the regulatory body would only seek to drive institutional interest by providing some clarity to how the industry operates.
He identified that institutions were already adopting cryptocurrencies with the available clarity in the crypto regulations. He, however, expects more institutions to embrace the industry when these new regulations are out.
According to the Coinbase CEO, the regulations would drastically affect how the crypto market could grow.
You would note that financial authorities in the United States have been trying to regulate the crypto industry.
Popular Crypto company, Ripple, had hitherto threatened to move its headquarters outside of the United States due to the lack of clarity in the country’s crypto regulations.
This post was last modified on January 7, 2021 12:36 pm
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