{"id":136840,"date":"2020-12-18T21:53:30","date_gmt":"2020-12-18T18:53:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-is-at-a-fork-in-the-road-occ-leader-brooks-says\/"},"modified":"2020-12-18T21:53:30","modified_gmt":"2020-12-18T18:53:30","slug":"crypto-is-at-a-fork-in-the-road-occ-leader-brooks-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-is-at-a-fork-in-the-road-occ-leader-brooks-says\/","title":{"rendered":"# Crypto is at ‘a fork in the road,’ OCC leader Brooks says"},"content":{"rendered":"

“# Crypto is at ‘a fork in the road,’ OCC leader Brooks says <\/strong>”
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The latter half of 2020 has seen record Bitcoin (BTC) prices and a number of key regulatory developments, such as the Office of the Comptroller of the Currency\u2019s, or OCC\u2019s, app<\/a>roval of\u00a0crypto custody at national banks. Legal policy for the digital asset industry currently faces an uncertain future, however, as a number of government roles are set to change heading into 2020, according to former Coinbase exec and current acting leader of the OCC, Brain Brooks.\u00a0<\/p>\n

\u201cI can\u2019t speak to the specific price movement, but I\u2019ll tell you what I\u2019m worried about,\u201d Brooks told<\/a> CNBC in a Friday interview, fielding a question on his primary interest regarding Bitcoin\u2019s blazing highs. Brooks explained:<\/p>\n

\u201cAll of this is happening in an environment where we\u2019re about to have a change of presidential administrations and there\u2019s calls on Capitol Hill to dismantle some of the regulatory protections we\u2019ve put in place with this stuff.\u201d <\/p><\/blockquote>\n

Recent weeks have shown a number of crypto regulatory proposals, including rumors of a ban or limitations on self-custodied crypto wallets. Multiple congressional leaders responded with concern against the possible action. A new bill proposal also seeks to place stringent regulatory requirements on stablecoins.<\/p>\n

\u201cMy agency has tried to make it safer for people to custody in national banks,\u201d Brooks said. \u201cWe\u2019ve talked about banks supporting some of these stablecoin projects,\u201d he added. \u201cIf those protections aren\u2019t in place, I really worry about the environment for these kinds of things.\u201d Brooks pointed toward a desire for retaining safety within the crypto space. <\/p>\n

Brooks\u2019 strides toward crypto industry safety and growth were met with recent backlash\u00a0expressed in the form of a letter\u00a0from several congresspeople in early November. Several government leaders lobbied that the OCC concentrated too much on the sector under Brooks\u2019 watch. <\/p>\n

In his CNBC interview, Brooks noted crypto is at a crossroad in terms of regulation. \u201cWe\u2019re at a really critical inflection point right now,\u201d Brooks said. \u201cIt\u2019s kind of a fork in the road.\u201d The OCC leader said one road looks to increase safety for people in the market by targeting the ecosystem surrounding illegal crypto transactions. He described banks as vital to the equation. <\/p>\n

The second road looks more dire for the crypto space. \u201cThe other path, which is a very real potential here, is that we politicize some of these tech issues, whether it\u2019s crypto or fintech more broadly,\u201d Brooks explained, adding: <\/p>\n

\u201cWe politicize it by undoing all of the good work this administration has done to make it safer, to make it more real, and if we do those things, as for example, Chairwoman Maxine Waters\u2019 letter recently suggested, then I\u2019m not sure if we have enough of a foundation to move forward here. So it\u2019s all about consolidating regulatory gains and consumer protections that we\u2019ve tried to put in place.\u201d <\/p><\/blockquote>\n

In early December, Waters sent out a letter requesting<\/a> a halt on financial regulatory developments until government positions are solidified in 2021. Waters made a splash in the crypto space back in 2019, when she halted Facebook<\/a>\u2019s Libra (now called Diem) after its white paper release.<\/p>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Crypto is at ‘a fork in the road,’ OCC leader Brooks says ” The latter half of 2020 has seen record Bitcoin (BTC) prices and a number of key regulatory developments, such as the Office of the Comptroller of the Currency\u2019s, or OCC\u2019s, approval of\u00a0crypto custody at national banks. Legal policy for the digital…<\/p>\n","protected":false},"author":1,"featured_media":136841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/e57019df-0cbc-4722-a187-33282369ed69.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74956,75269,70934,67874],"class_list":["post-136840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-coinbase","tag-us-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/136840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=136840"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/136840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/136841"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=136840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=136840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=136840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}