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Senate Banking Committee Shows Continued Interest in Crypto-assets

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INDIA

Sep, 16 2020

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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