The coming regulations will be less bad than feared, as OCC boss Brooks conciliatory means.
Brian Brooks, the head of the Office of the Comptroller of the Currency (OCC), claims that the regulators do not want to „kill“ Bitcoin ( BTC ), but rather want to ensure the smooth integration of the cryptocurrency into the financial system.
Accordingly, he said on the CNBC program Sqauwk Box yesterday, Friday :
“We are working very hard to get this right. We’re working hard not to kill them, but it’s just as important that we develop the networks behind Bitcoin and other cryptocurrencies so that we can prevent money laundering and terrorist financing. “
The Office of the Comptroller of the Currency is the US supervisory authority for banking.
Brooks had made the corresponding statements in response to the question of whether Donald Trump might want to wave through regulatory provisions before the end of his term in office that could damage the crypto industry. Brian Armstrong, the head of the crypto company Coinbase, warned last month that strict regulation in the US could be very detrimental to the entire crypto industry after rumors about possible regulations.
Brooks, however, gives the all-clear and gives hope for conciliatory crypto regulation at the end of the Trump era:
“I think there will be a lot of good news for the crypto industry by the end of Trump’s term in office. Some of it has to do with banks and blockchain, others with more clarity about crypto-financial products. “
Although the regulator admits that there are certainly „dangers“ lurking for Bitcoin, he finally appeases:
“Nobody is going to ban Bitcoin. And nobody will ban these transaction technologies. „