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Senate Banking Committee Shows Continued Interest in Crypto-assets
Sep, 16 2020
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As the US manifesting towards cryptocurrencies, to add on the senate
committee on Banking, Housing and urban affairs recently drafted a letter to
acting comptroller of the currency Brian Brooks and requested an update on
findings of the office of the comptroller of the Currency (OCC) and sought information
regarding the succeeding steps the OCC aspires to take with regards to
blockchain and distributed ledger technology.
Referencing the OCC on the digital whereabouts in banking the
Senator Crapo questioned about the acting comptroller brooks. The question
persisted were:
- ü On the activities related to crypto-assets, financial services and banking strategies. Questions included the barriers/obstacles of crypto-related activities.
- ü The uses of distributed ledger technology in
proportionate relation to banking
- ü The implementation of new payment technologies and its potential implications.
- ü The new innovative tool for financial services
companies with regulation and supervisory expectations
Eventually, Senator Crapo recommended the OCC’s recent guidance
elucidating national banks and federal saving association to provide
cryptocurrency custody services. Senator impulse the OCC to provide
transparency for the payment system. The enclosure of the letter concludes that the
“U.S should thrive clear rules to protect businesses and consumers without stifling future
innovation.”
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