OCC Possibly Eyeing Crypto Banking Regulations
The Office of the Comptroller of the Currency (OCC), may be looking to bridge the gap between cryptocurrencies, blockchain technology, and traditional banking institutions.
The financial regulator recently issued an Advance Notice of Public Rulemaking (ANPR). According to a press release published on Thursday, the OCC is asking the public to comment on possible interface points between blockchain and the financial industry.
Acting Comptroller of the Currency Brian Brooks speaks with Bloomberg Live @DavidWestin about OCC’s work to promote access and economic opportunities, helping to meet the needs of underserved communities across the country. https://t.co/v0OUdQIXAO
— OCC (@USOCC) June 2, 2020
The ANPR published by the financial regulator, titled “National Bank and Federal Savings Association Digital Activities,” is also geared towards updating the existing regulatory policies governing the relationship between digital assets and banks.
An excerpt from the notice reads:
“The goals of this review are to evaluate whether these regulations effectively take into account the ongoing evolution of the financial services industry, promote economic growth and opportunity and ensure that banks operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.”
Wall Street banks have, in the past, denied their customers access to crypto payments. The OCC’s current position might be a precursor to banking-type regulations for cryptocurrencies in the U.S. Back in August 2019, Secretary of State Mike Pompeo called for virtual currencies to fall under the e-payment system regulations.
The patchwork of State and Federal laws continue to work against the emergence of clear-cut crypto regulations in the U.S. Some exchanges have even moved their operations offshore or created specific platforms for American traders, geofencing numerous altcoin trading pairs.
As previously reported on BeInCrypto, tough U.S. laws are also reportedly forcing U.S. crypto traders to use decentralized exchanges (DEX).