Acting Comptroller of the Currency, Brian Brooks, appeared in an interview with CNBC last week, sharing several concerns centered around crypto regulations. He has revealed that the incoming Biden administration might roll out new cryptocurrency regulations. This includes allowing national banks to custody cryptocurrencies that were initially taken up by the Trump administration.
Brooks is the Administrator of the federal banking system and Chief Officer of the Office of the Comptroller of the Currency (OCC). The OCC currently supervises almost 1,200 national banks, federal savings associations, and federal branches of foreign banks.
In July 2020, the OCC allowed banks in the U.S. to provide cryptocurrency custody services in the interest of consumer protection.
Brian Brooks, in his interview, mentions that the government intends to make it safer for people to custody in national banks:
He also stressed the importance of cryptocurrency regulations to prevent money laundering and terrorism financing, and how the banking system can prevent this:
Brian Brooks further emphasized on government's role to assure that markets are well-regulated so that people’s transaction remains safe. He also added that people holding cryptocurrencies need to know that their assets are safe without the necessary risk involved:
Brian Brooks further reveals that Congress leaders are urging the incoming Biden administration to launch some of the new crypto regulations in the interest of consumer protection and safety.