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New OCC head requests review of cryptocurrency rules

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The US’ banking regulator, the Workplace of the Comptroller of the Forex, is about to review cryptocurrency-related rulemaking following Brian Brooks’ departure. 

Michael Hsu, the newly-appointed Performing Comptroller of the Forex, has requested a workers review of former OCC rulemaking relating to the crypto business as half of his testimony earlier than the Home Monetary Providers Committee on Wednesday.

In ready remarks, Hsu requested the OCC workers to review its cryptocurrency-related actions like updating the framework for chartering nationwide banks and belief corporations, decoding crypto custody companies as half of the banking enterprise, and establishing an Workplace of Innovation. “At the OCC, the focus has been on encouraging responsible innovation. I have asked staff to review these actions,” the official mentioned.

Hsu argued that the review of the OCC’s crypto rulemaking goals to deal with a fragmented agency-by-agency strategy to main monetary tendencies and set a correct regulatory perimeter. “To the extent there is interagency coordination, it tends to be tactical, to deal with a pressing issue, such as Facebook’s Diem,” he famous, persevering with:

“My broader concern is that these initiatives were not done in full coordination with all stakeholders. Nor do they appear to have been part of a broader strategy related to the regulatory perimeter. I believe addressing both of these tasks should be a priority.”

The brand new Comptroller of the Forex burdened that his focus will likely be making certain that OCC-supervised banks “operate in a safe and sound manner, meet the credit needs of their communities, treat all customers fairly, and comply with laws and regulations.”

Brooks departed the OCC in January 2021 after becoming a member of in March 2020. Additionally a former head of the authorized group at Nasdaq-listed crypto trade Coinbase, Brooks is now the CEO of Binance US, a subsidiary of the world’s largest crypto trade, Binance.

The OCC took a quantity of main regulatory selections for the crypto business beneath Brook’s tenure together with the authorization of federal U.S. banks to carry reserve currencies for stablecoins. In April, the OCC granted main stablecoin firm Paxos a federal constitution to type a nationwide belief financial institution. 

Title: New OCC head requests review of cryptocurrency rules
Sourced From: cointelegraph.com/information/new-occ-head-requests-review-of-cryptocurrency-rules
Printed Date: Wed, 19 Might 2021 12:26:55 +0100
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