Wednesday, January 27, 2021

US Financial Services Chair Joe Biden Urges OCC to Protect Crypto Guidance – Koindesk

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U.S. Representative Maxine Waters, who chairs the powerful House Financial Services Committee, wants President-elect Joe Biden to restore or monitor all cryptocurrency guidelines issued by the Office of the Currency Regulator (OCC).

It comes a few days after the same members Introducing a bill It will require the issuance of fixed coin issuers and the issuance of tokens for the search of bank charters, security clearance,

In light of this, Waters’ move is seen as part of a concerted effort to impose more stringent regulatory oversight on stability, if not all cryptocurrencies, as a means of accident, calling President Donald Trump’s administration harmful.

“As you begin to execute your order to restore confidence in the federal government by the American people, I want to highlight a number of areas where you and your party should immediately reverse the actions of your predecessors,” he wrote.

Waters (D-California) in its letter requested Biden to return the OCC’s directive that national banks Can keep fixed coins As a bank customer service.

Each of these recommendations will undo the work undertaken by Brian Brooks, the Acting Controller of Currencies. Brooks Was recently nominated Serve a full five-year term by Trump.

“You do not have to hold officials in the Office of the Comptroller of the Exchequer (OCC), as their predecessors thought, that the law passed by Congress some 150 years ago has the right to give them a national bank certificate in non-bank Fintech or payment agencies,” he said. Wrote.

Under a section on financial stability, Waters wrote that the Financial Stability Monitoring Council and the Office of Financial Research should publish their analysis of existing regulatory structures and distributable sector technologies around digital assets.

What if Waters and Bill’s three democratic sponsors – Rashida Tlib (D-Mishach), Jesus’ “Chui” Garcia (D-Il.) And Stephen Lynch (D-Mass.) – really want to bring OCC supporters back? Crypto guidance as a way to undo what they understand as Trump’s legacy, a statement by Brooks earlier on Friday that “we don’t kill (crypto innovation)” could prove very empty.

The chairman finds himself in an unimaginable position. On the one hand the outgoing administration Rumors There are plans to regulate self-hosted wallet control, a plan that already has crypto industry in the arsenal. Now, Waters’ move with Democratic representatives could have a very bad effect on the crypto space in the United States, especially as GOP Georgia loses the Senate runoff and thus loses Senate control.

(Updated December 5, 2020, 01:45 UTC): Re-write across, add context to previous activities of House members.

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