Brain Brooks, the top regulator of the U.S. recently gave key insights on the importance of cryptocurrency in the life of the American people and its future in relation to banking before the U.S. Congress.

During legal proceedings conducted with Senate Committee on Housing, Banking, and Urban Affairs, Brain Brook presented essential points on the efforts made by the U.S. regulator in order to keep the federal banking system zealous and competitive during the COVID-19 pandemic, as a part of his testimony.

As per the reports, in America, around 60 million people own some kind of cryptocurrency with a total market capitalization of $ 430 billion. These figures clearly show that this means of payment is now firmly established in the financial system.

Cryptocurrency has become the most used means of making payments for the procurement of goods and services. Cryptocurrency also illustrates the classification of certain currencies of value and consumer’s comfort with its use is demonstrated by the increase in the use of stable coins.

Earlier, it was revealed that an announcement was made in America by the Office of the Comptroller of the Currency ( OCC ) that it was working with crypto firms and many banks on upgrading the technological cooperation in the commercial system.

Banks and Industries are required to answer several questions remarkably in a notice of Proposed Rulemaking, for instance, what are the hurdles or barriers in the banking system related to the adoption of crypto, and what type of activities linked with crypto assets or cryptocurrencies are commercial services?

Regulators across the world have been progressively gazing at the fundamentals and advantages of acquiring crypto. It is interpreted by many that Brook is being hired as the Comptroller of the Currency.

Crypto Business World

CBW - External Analyst

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