Last updated on August 6th, 2023 at 07:17 am
The administration of President Donal Trump will roll out postive cryptocurrency regulation before leaving office on January 20.
The Acting Comptroller of the Currency of the Federal Banking System Mr Brian Brooks hinted that the proposed crypto regulation will work for everybody.
He said in an interview with CNBC’s Squawk Box on Friday that the new regulation would come into effect in a matter of week by the end of Trump’s term.
Another crypto expert CEO of Circle Jeremy Allaire expressed a similar view in an interview, saying the Biden regime will push crypto forward.
Adamant Trump would not concede to the just concluded 2020 U.S election won by his rival and democrat Biden, former Vice President to Barack Obama.
Trump described the election as fraud, some of his close republicans are persuading him to let peace reign in a country that hundreds of countries around the world see as a model.
But Brooks, chief officer of the Office of the Comptroller of the Currency (OCC) who didn’t specifically mention Biden expressed optimism that the new crypto law in the U.S will “make it easier for crypto investors to know how to invest”.
What does it mean?
If that is done, it means more institutional investors will be motivated to embrace blockchain technology, a driving force behind bitcoin itself.
If that therefore attracting more institutional investors.
Brooks, whose OCC supervises over 1, 000 national banks, federal savings associations, and federal branches of foreign banks that conduct approximately 70% of all banking business in the U.S. stated that the incoming government would get it right.
Preventing terrorism financing through cryptocurrency
He also said the team of experts are working to prevent terrorism financing through cryptocurrency, “We are very focused on not killing this, and it is equally important that we develop the networks behind bitcoin and other cryptos as it is we prevent money laundering and terrorism financing.
There is going to be a positive message coming out” he told CNBC in the elaborate interviews.
Concern of Coinbase CEO About New Crypto Regulation In U.S.
Speaking to the previous concern of the Coinbase boss Brian Armstrong regarding Trump’s plan to horridly role out a new regulation, Brooks assured that nobody is going to ban bitcoin.
“Nobody is going to ban some of these transmission technologies so I think it’s going to be a lot less bad than people worry about.”
A few days ago Coinbase CEO expressed concerns on in a series of tweet that U.S. Treasury was planning to “rush out some new regulation regarding self-hosted crypto wallets before the end of Trump term.”
Armstrong fear was hinged on the fact that unfavourable laws might have “unintended side effects.”
But Brooks assured that everything would be made open for every player in the industry, “What we do need is clarity about what is allowed, and so we need some guidance for example whether banks can connect directly to blockchains as payment networks, the answer has to be yes.”
Brooks who was a former chief legal officer at Coinbase said, “I think you’re going to see a lot of good news for crypto by the end of the Trump term.”
The new crypto regulation in the U.S. would make it easier for crypto investors to know how to invest, to know how institutions can be in this asset class, he clarified saying, “Those are the things that are driving prices at this point”.
What Positive Cryptocurrency Regulation In U.S Mean To Industry
If this comes into effect as assured by Brooks, we may witness influx of investors into the cryptocurrency and blockchain.