In a surprise announcement, the government of the United States has revealed that it will be reviewing the regulatory standards for cryptocurrencies that have been put in place by the US Federal Reserve and other agencies. In a statement to the press, newly appointed director of the Consumer Financial Protection Bureau Mick Mulvaney stated that “The time has come to take a hard look at how these standards are working for Americans. Cryptocurrencies are rapidly evolving. We need to make sure we keep pace.”
The top banking regulator in the US has decided to review cryptocurrency standards under new leadership. The move comes in response to a request made by the Office of the Comptroller of the Currency (OCC), a Treasury Department agency responsible for overseeing national banks, to provide new leadership for its emerging payments initiative. The initiative was established by OCC last year in an effort to update its national bank policy to support the increased use of mobile payments and digital currencies. As a result, the OCC has decided to replace its original leadership with new appointees.
The US Securities and Exchange Commission (SEC) has announced several key changes to leadership roles within the agency, including a new chairman for the Cryptocurrencies Enforcement Division (CED). Jim Clayton, senior vice president of the Financial Institutions Group for the North American Securities Administrators Association (NASAA), will fill this role. As the top banking regulator for the US, the CED is responsible for the oversight and enforcement of cryptocurrency-related standards. These include rules that require exchanges to register with the SEC, as well as to conduct secure custody for investor assets. (continue). Read more about digital currency bill, 2021 and let us know what you think. The currency’s new acting controller, Michael Hsu, has called for a review of cryptocurrency standards set by the main US banking regulator. The Council will also be asked to review all national fiduciary legislation and suspend the adoption of any additional non-bank legislation during the review.
Top regulator banks revises crypto currency policy
Michael Hsu, the new administrator of the federal banking system and head of the Office of the Comptroller of the Currency (OCC), has called for a review of the regulator’s standards for cryptocurrencies. Hsu took office on the 10th. May. The OCC is an independent agency of the US Treasury Department. It licenses, regulates, and supervises all national banks and federal savings associations, as well as federal branches and agencies of foreign banks. Hsu unveiled his plans for cryptocurrencies before the Financial Services Committee on Wednesday. The OCC is focused on promoting responsible innovation, he began. For example, we established the Office of Innovation, updated the licensing framework for national banks and trust companies, and interpreted storage services for cryptocurrencies as part of the banking business. The new Acting Controller stated: I have asked staff to analyze these actions: Shortly after taking office, I requested an overview of the major standards and regulatory issues pending before the agency. These items include … Interpretation letters and guidance on cryptocurrencies and digital assets and prior licensing decisions. Any review will take into account all internal and external views, the impact of changing circumstances and a range of alternatives, he said. Former acting comptroller Brian Brooks has already warned that some of the pro-cryptocurrency guidance issued by the OCC under his leadership will be withdrawn. Meanwhile, Senator Sherrod Brown, chairman of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to Hsu on Wednesday about the OCC’s regulation of cryptocurrencies. Mr Brown expressed concern about a number of national trusts issued by previous OCC leaders. He wrote: Shortly after former acting comptroller Brian Brooks left the OCC to join cryptocurrency exchange Binance, several digital and non-traditional cryptocurrency companies – including Paxos, Protego and Anchorage – received conditional national trust charters from the OCC. The Senator believes that the OCC is not in a position to regulate these businesses in a manner similar to traditional banks and points out: A company that cannot meet the strict requirements imposed on other banks should not be allowed to present itself to the public as a bank. Referring to the fact that former Acting Comptroller of the Currency Brian Brooks actively encouraged cryptocurrency companies to apply for a national trust charter because it has relatively simple requirements and is easier to obtain, Brown argues that adoption of the charter could not only cause customers to underestimate the risks associated with these assets, but could also undermine confidence in the safety and stability of the entire banking system. The Senator’s letter to the Acting Comptroller states: I request that you re-evaluate all conditional charters of the National Trust and suspend approval of new non-bank charters while you conduct your evaluation, he added: I encourage you to review the OCC’s procedures and policies regarding the evaluation and approval of charter airlines from Anchorage, Paxos, and Protego to ensure that the OCC’s oversight and licensing standards remain rigorous and fair to charter flight applicants. Do you think the OCC will develop stricter rules for cryptocurrencies after the review? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Cryptocurrency and Blockchain have been a subject of discussion in the last couple of years. The craze of Bitcoins and other cryptocurrencies has reached its peak in a span of one year, and it is without a doubt that Cryptocurrency and Blockchain will play a major role in the future. “Top US Banking Regulator to Review Cryptocurrency Standards Under New Leadership” The top US banking regulator plans to review the cryptocurrency standards, two months after the resignation of its former head. The news comes at a time when the cryptocurrency market has seen several developments.. Read more about crypto regulation and let us know what you think.
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