- USA banks are looking into going crypto acting comptroller Brian Brooks confirmed.
- In a recent interview on the Unchained podcast with Laura Shin, Mr. Brooks explains that different USA banks are looking into the different possible paths they could take to adopt the digital coin.
- The Office of the Comptroller of the Currency (OCC) decision to allow banks to use cryptocurrency has encouraged banks to explore crypto.
USA banks are looking into going crypto
USA banks are looking into going crypto an acting comptroller confirmed. The acting comptroller of currency Brian Brooks said that banks in the US are looking into ways to move forward with cryptocurrency.
In a recent interview on the Unchained podcast with Laura Shin, Mr. Brooks explains that different USA banks are looking into the different possible paths they could take to adopt the digital coin. The Office of the Comptroller of the Currency (OCC) decision to allow banks to use cryptocurrency has encouraged banks to explore crypto.
The OCC moved to allow room for banks to go digital in July but, they needed to ensure there was no confusion about how to treat customers.
The OCC in a letter clarified that banks must ensure the safety of customer assets.
In the Unchained interview, Mr. Brooks, when asked about how banks have changed their attitude, said banks have contacted names like Anchorage and Coinbase.
He said banks contacted big organisations to find out if they would be willing to partner with them to create an avenue for their customers to invest in Bitcoin. Mr. Brooks continued that banks do not want to start from scratch and instead they want to buy or partner with crypto custodians to provide services on their behalf.
He noticed that banks reacted immediately after the letter and the price of crypto assets went up, suggesting that institutions felt safer to invest if banks are involved. Mr. Brook argues that to attract big investors with a lot of wealth already, they need to feel safe with an entity they already recognise like JP Morgan.
In America alone, there are 40 to 50 million American citizens who have cryptocurrency.
