US Federal Bank Regulator (OCC) Issues Notice for Feedback on Crypto and DLT Activity

Coinbase's former Chief Legal Officer aims at obtaining user feedback to better support crypto and blockchain adoption within the U.S.

The Office of the Comptroller of Currency (OCC) has asked for feedback in matters crypto and distributed ledgers according to two notices published on June 4. This U.S bank regulator and charter issuer now wants to engage the public in creating a stable digital currency ecosystem based on regulation.

Dubbed ‘Notice of Proposed Rulemaking‘ and an ‘Advance Notice of Proposed Rulemaking‘, these initiatives seek to create a conversation with the likes of federal saving associations and banks amongst other stakeholders. Notably, it is the latter notice which focuses on digital currency activity and the supporting tech, distributed ledgers. Bryan Hubbard, the OCC spokesperson, echoed in an email that it is in the regulator's interest to spearhead this discussion,

“The request for stakeholder comment[s] is part of the OCC’s commitment to responsible innovation and aligned with our understanding that banks must be able to evolve to meet the needs of the consumers, businesses, and communities that rely on them.”

This move comes shortly after Brian Brooks took the helm at the OCC in an interim position. The former Coinbase Chief Legal Officer is optimistic that the regulator will learn what form of support banks and the crypto ecosystem need to thrive together. Speaking to Cointelegraph, Brooks said that the OCC will now consolidate quickly on its thoughts about the crypto space:

“The OCC, quickly under my watch, will get a position together as to what… we think about national banks as appropriate custodians for cryptocurrency. We don't have a view on that and I don't want to prejudge that but it is certainly an interest of mine from my past life that we need to come to ground on that.”

OCC's Focus Area in Crypto and DLT's

As highlighted earlier, this regulator presented some questions in the filing as it seeks to understand the space better. Basically, the main questions revolved around crypto activity and how adoption can be accelerated through regulatory support. For digital currencies, the filing reads:

“What types of activities related to cryptocurrencies or crypto-assets are financial services companies or bank customers engaged? To what extent does customer engagement in crypto-related activities impact banks and the banking industry? What are the barriers or obstacles, if any, to further adoption of crypto-related activities in the banking industry? Are there specific activities that should be addressed in regulatory guidance, including regulations?”

On distributed ledgers, the filing asks almost similar questions with a focus on their potential to disrupt the current banking ecosystems:

“How is distributed ledger technology used, or potentially used, in banking activities (e.g., identity verification, credit underwriting or monitoring, payments processing, trade finance, and records management)? Are there specific matters on this topic that should be clarified in regulatory guidance, including regulations?”

The OCC has since directed interested stakeholders to share their views via mail, email, fax, hand-deliver, or simply file the feedback online.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today