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New OCC head requests review of cryptocurrency rules

May 19, 2021. Summarized by summa-bot.

Compression ratio: 56.2%. 1 min read.

The Office of the Comptroller of the Currency is set to review cryptocurrency-related rulemaking following Brian Brooks’ departure.

The United States’ banking regulator, the Office of the Comptroller of the Currency, is set to review cryptocurrency-related rulemaking following Brian Brooks’ departure.

Michael Hsu, the newly-appointed Acting Comptroller of the Currency, has requested a staff review of former OCC rulemaking regarding the crypto industry as part of his testimony before the House Financial Services Committee on Wednesday.

In prepared remarks, Hsu asked the OCC staff to review its cryptocurrency-related actions like updating the framework for chartering national banks and trust companies, interpreting crypto custody services as part of the banking business, and establishing an Office of Innovation.

Hsu argued that the review of the OCC’s crypto rulemaking aims to address a fragmented agency-by-agency approach to major financial trends and set a proper regulatory perimeter.

The new Comptroller of the Currency stressed that his focus will be ensuring that OCC-supervised banks “operate in a safe and sound manner, meet the credit needs of their communities, treat all customers fairly, and comply with laws and regulations. ”

The OCC took a number of major regulatory decisions for the crypto industry under Brook’s tenure including the authorization of federal U. S. banks to hold reserve currencies for stablecoins.

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