Michael J. Hsu, an acting Comptroller, announced on 19th May that the OCC would review its cryptocurrency guidelines. Keep in mind that the agency oversees bank’s operations in the United States. What do you think about the move? What are your expectations concerning the new rules? Well, remember, the US and other nations have been showing their interests in the crypto business due to security concerns recently. It is with no doubt that the agency might ensure a tougher stand this time.
Keep in mind that the agency appointed Hsu as an acting Comptroller some weeks ago. Financial experts had different speculations on the agency’s next move with the new head. However, for now, you can hardly predict what will follow the announcement by OCC. Keep in mind that the board plans to review its cryptocurrency rules from last year.
Brian Brooks, a previous acting Comptroller, declared that OCC is not interested in killing Bitcoin.
However, you cannot expect a turn on events with Hsu’s statement. The official said that their focus is to encourage responsible innovation.
A review does not mean revering policies. You may find out that OCC wants to formulate comprehensive rules to support the crypto industry.
Later on, Hsu stated that the new rules would cover larger scope than the last initiatives. It is with no doubt that the agency is looking to compile detailed regulations. The official admitted that crypto exchanges and fintech services are vital in the economy. However, they will have to adhere to the new rules.
Will the New Rules Be Crypto-friendly?
Generally, the US seems to be hesitant when it comes to the crypto industry. Different administrative agencies have expressed varying opinions on cryptocurrency business.
Janet Yellen, the Treasury Secretary, has criticized crypto recently. However, she had agreed that crypto has value on various occasions.
Keep in mind that cryptocurrency is flourishing at the moment globally. Today, you will find multiple institutions accepting crypto payments. Maybe the US wants to issues new crypto-friendly regulations to enjoy what the cryptocurrency market has for now. What expectations do you have concerning the reviewed crypto guidelines by OCC? You can share your views through a comment.
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