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Top US Banking Regulator disclosed Positive Cryptocurrency Regulation Coming by the end of Trump Term

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Dec, 14 2020

Dec, 14 2020

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The positive cryptocurrency regulation will come in a few weeks, before the end of the Trump term, confirmed by the leading U.S. banking regulator.


In accordance with the regulator, the new regulation is going to work for everyone and this will make it effortless for crypto investors to have knowledge of how to invest, consequently it will attract more institutional investors.


On Friday, in an interview with CNBC's Squawk Box, Brain Brooks, an Acting Comptroller of the Currency responded some questions regarding the forthcoming U.S. cryptocurrency regulation.


Brooks is the chief officer of the Officer of the Comptroller of the Currency (OCC) and the director of the federal banking system.


Around 1200 National Banks, Federal branches of foreign banks and federal savings associations are supervised by OCC that regulates about 70% of all businesses of banking in the U.S.


Brain Armstrong, the Chief Executive Officer at Coinbase Twitter on November 25 regarding the rumors that the Treasury Department might rush out crypto regulation by the end of the Trump term.


According to the Brooks, who was the Chief Legal Officer at Coinbase explained that the clarification is required about what is allowed and what not, for instance, it must be cleared whether banks can directly linked to blockchain as means of payment, the answer should be yes.


Brooks further highlighted that few facets of the latest regulation will furnish clarity around the essence of crypto assets. He also believes that 50 more regulations are needed instead of two but what is must is the clarification of what’s allowed.


Some guidance and answers should also be given, for instance, in order to make institutions feel comfortable while adopting cryptocurrencies, can banks custody cryptocurrencies? He further added that the consequences of the clarifications would be unexpectedly effective.


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