OCC Head: Nobody Will Ban Bitcoin – Good News Are Coming By The End Of Trump’s Term

Brian Brooks, the acting Comptroller of the Currency, believes that the United States needs to establish clear and straightforward cryptocurrency regulations.

  • CryptoPotato reported recently that Coinbase’s CEO Brian Armstrong had sent a letter to the US Treasury Secretary Steven Mnuchin regarding rumors of new regulations on various cryptocurrency features that could harm the industry’s development in the country. 
  • Brooks, despite being the head of a different US organization, responded to these assumptions while appearing on CNBC’s Squawk Box.
Acting Comptroller of the Currency Brian Brooks. Source: CNBC
Acting Comptroller of the Currency Brian Brooks. Source: CNBC
  • He said that his organization is “very focused to get this [regulation] right, we are very focused on not killing this [bitcoin].” He highlighted the need for a clear framework behind bitcoin and other digital assets to minimize any usage for illicit activities, such as money-laundering.
  • Directly answering a question if new regulations are indeed coming by the end of Trump’s presidential term in January 2021, Brooks said that “I think you are going to see a lot of good news for crypto by the end of the term.”
  • At the same time, OCC’s head further said that “it’s a dangerous world out there,” which requires a firm hand to handle the potential threats and challenges.
  • Ultimately, Brooks ended on a positive note, saying that “nobody is going to ban bitcoin, nobody is going to ban some of these transmission technologies. I think it’s going to be a lot less bad than people worry about.” 

Featured Image Courtesy of Forbes

Source: Crypto Potato