By Shelly Melancon (Switzerland)
The United States Office of the Comptroller of Currency (OCC) has stated its intention to review cryptocurrency guidelines.
The announcement was made on May 19 through a statement delivered by the Acting Comptroller OCC, Micheal J. Hsu suggests that the office could be preparing to install stiffer policies.
The newly appointed Acting Comptroller who took over office a few weeks ago had taken the stance within a period when the public was speculating on the future policies the agency would swerve to. The stance of the agency on matters related to crypto obviously could go either way as the Acting Comptroller has mentioned that the office would be reviewing the guidance enacted in the past year.
Hsu has however attempted to reassure the public in his statement as he mentioned that the policy in review would not necessarily turn out negative. Brian Brooks, the former Acting Comptroller had stated that the agency isn’t bent on “Killing Bitcoin”.
The OCC Acting Comptroller further said that the review would still mean that the agency is making arrangements to install more comprehensive regulations that would support the crypto industry.
Hsu mentioned in his statement saying:
“At the OCC, the focus has been on encouraging responsible innovation… We created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions.”
Also read:Fintech companies will also be made to feature in the overall regulatory structure, the Acting Comptroller had admitted, saying that fintech platforms will be part of the economy. Hsu went further in his statement to reveal that the agency would look into past initiatives as they were not part of the present strategy.
Will Crypto be Opposed by US Policy Makers?
Speculations continue to flood in about how the future policies made by relevant agencies in the United States would affect the nation’s approach to cryptocurrencies.
As it is known, the US government has been equivocal about their stance in respect to crypto. The uncertainty has reflected in the manner various agencies in the country have made statements regarding the future of virtual assets, some of these statements conflicting with others.
It is recalled that past officials to the Securities and Exchange Commission and the CFTC have been optimistic about cryptocurrencies although without strong warnings on the volatility of the crypto market.
The current SEC Chairman, Gary Gansler is however a supporter of the innovation of blockchain and virtual currencies. Gansler had stated that the SEC would operate based on the information emanating from the US Treasury. However, there isn’t any signs of further regulations from the SEC to assuage the speculations about crypto.
Furthermore, the value of top cryptocurrencies including Bitcoin have been facing massive decline as certain governments all over world are making moves to regulate the usage of crypto. Recently, China has banned financial institutions from running transactions in cryptocurrencies.
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