In a speech delivered at the North American Securities Administrators Association annual conference in Washington, DC, on January 16, 2018, Randal Quarles, the Federal Reserve’s newly appointed Vice Chairman for Supervision, called for a review of the Office of the Comptroller of the Currency’s (OCC) rules related to cryptocurrencies and initial coin offerings (ICOs). The speech comes just over a week after the OCC’s recent official guidance on the regulatory treatment of cryptocurrencies, and it highlights the growing tensions within the government as to how to handle cryptocurrencies and related businesses. In his speech, Quarles stated that the OCC’s current rules are confusing for banks and fintech firms. In fact, he said that the OCC
“The Office of the Comptroller of the Currency (OCC) announced that it will review aspects of its policy on national banks and their business relationships with fintech companies, including those in the cryptocurrency space.” This is a quote from a press release issued by the OCC, and it describes the actions of the current head of the OCC, Joseph Otting, who recently stated that he wants to review the rules set forth by the OCC in regards to national banks and their relationships with cryptocurrency businesses.
Today, the new head of the Office of the Comptroller of the Currency (OCC) announced that she would be conducting a “comprehensive review” of the OCC’s cryptocurrency rules, the first indication that the federal agency tasked with managing the safety and soundness of the nation’s banks may be revisiting its policies on the nascent technology. The OCC had previously been focused on warning banks about the dangers of working with Bitcoin businesses, but it has gradually increased its oversight of the cryptocurrency space. In 2014, the agency issued a set of rules requiring banks to verify that cryptocurrency businesses’ customers were not on a list of known criminals and that their transactions were not higher-risk ones like the purchase. Read more about new cryptocurrency and let us know what you think. Following the departure of Brian Brooks, the US banking regulator, the Office of the Comptroller of the Currency, will review the rules relating to cryptocurrencies. Michael Hsu, the newly appointed acting comptroller of the currency, asked staff to review the OCC’s previous rules for the crypto industry as part of his testimony before the House Financial Services Committee on Wednesday. In a prepared statement, Hsu asked OCC staff to review its policies on cryptocurrencies, such as. B. updating the framework for charters of national banks and trust companies, interpreting custody services for cryptocurrencies as part of banking, and establishing the Office of Innovation. The OCC focuses on promoting responsible innovation. I have asked staff to review these actions, the official said. Hsu argued that the OCC’s review of cryptocurrency regulation aims to eliminate the fragmented approach of different agencies to key financial trends and create an appropriate regulatory framework. To the extent that interdepartmental coordination exists, it tends to be tactical in nature in order to solve an urgent problem like Facebook Diem, he noted: I am more concerned that these initiatives have not been implemented in full consultation with all stakeholders. Nor do they appear to have been part of a broader strategy of regulating the periphery. I think solving these two problems should be a priority. The new Comptroller of the Currency stressed that he will ensure that banks supervised by the OCC operate safely and reliably, meet the credit needs of their communities, treat all customers fairly and comply with laws and regulations. Brooks left OCC in January 2021 after starting in March 2020. Also the former head of the legal team at Nasdaq-listed cryptocurrency exchange Coinbase, Brooks is now CEO of Binance US, a subsidiary of the world’s largest cryptocurrency exchange, Binance. Under Brooks’ leadership, the OCC has made a number of important regulatory decisions for the crypto industry, including allowing U.S. federal banks to hold a stablecoin reserve currency. In April, the OCC granted Paxos, the largest stablecoin company, a federal permit to establish a national trust bank.The cryptocurrency community was buzzing last week when the Office of the Comptroller of the Currency (OCC), the federal agency responsible for chartering and supervising national banks, invited comments to help the agency decide whether or not new rules are needed to govern national banks’ relationships with cryptocurrency firms. The OCC’s request for comment is the first step in a process that could lead to rules that require national banks to apply existing regulations to the handling of cryptocurrency. Read more about bitcoin news today and let us know what you think.
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