New OCC head asks for review of cryptocurrency rules

The Office of the Comptroller of Currency, the U.S. banking supervisory agency, will review the formulation of regulations related to cryptocurrencies in the following areas Brian Brooksset off.

Xu Xi, New appointment In the testimony of the House Financial Services Committee on Wednesday, the Acting Comptroller of Currency asked staff to review the former OCC’s regulations on the crypto industry.

In his speech, Xu ask OCC employees will review their actions related to cryptocurrency, such as updating the framework of the Chartered National Bank and Trust Company, interpreting crypto custody services as part of the banking business, and establishing an innovation office. “At OCC, the focus has always been on encouraging responsible innovation. I have asked the staff to review these actions,” the official said.

Hsu believes that the review of the OCC encryption rule-making is aimed at addressing a fragmented agency-by-institution approach to major financial trends and setting appropriate regulatory scope. He pointed out: “In terms of inter-agency coordination, dealing with pressing issues such as Facebook’s Diem is usually tactical,” he continued:

“My wider concern is that these initiatives have not been completed with the full coordination of all stakeholders. They also do not appear to be part of a broader strategy related to the scope of regulation. I believe that addressing these two tasks should be a priority .”

The new currency supervisor emphasized that his focus will be to ensure that banks supervised by the OCC “operate in a safe and stable manner, meet the credit needs of their communities, treat all customers fairly, and comply with laws and regulations.”

Brooks left After joining in March 2020, it became OCC in January 2021. He is also the former head of the legal team of Coinbase, a NASDAQ-listed cryptocurrency exchange. Brooks is now the CEO of Binance USIt is a subsidiary of Binance, the world’s largest cryptocurrency exchange.

During his tenure at Brook, the OCC made many major regulatory decisions on the crypto industry, including authorizing the U.S. Federal Bank Reserve currency holding stablecoins. In April, OCC awarded the major stablecoin company Paxos The Federal Charter constitutes the National Trust Bank.