OCC Head: Nobody Will Ban Bitcoin

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

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