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Brian Brooks from the OCC highlighted the importance of cryptocurrencies in a speech to the US Senate.

November 11, 2020

Speaking to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, the current currency auditor, Brian Brooks has prepared an entire section on crypto assets, including a special mention of stablecoins.

“Today, approximately 60 million Americans own some form of cryptocurrency with a total market capitalization of nearly $ 430 billion.” Brooks said, adding:

“These figures clearly show that this payment mechanism is now firmly anchored in mainstream finance. Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services as transactions are booked in real time, providing convenience and security.” .

Brooks mentioned that too People are getting used to cryptocurrencies, as can be seen from the use of stable coins. The head of government then summarized the main movements of the Office of the Currency Auditor (OCC) in connection with cryptocurrencies over the course of 2020.

Brian Brooks from the OCC highlighted the importance of cryptocurrencies in a speech to the US Senate.
Brian Brooks from the OCC highlighted the importance of cryptocurrencies in a speech to the US Senate.

In July, The office gave the Bundesbanks permission to hold cryptocurrencies. This clarifies an uncertain regulation. Until the end of September The OCC provided more clarity in the custody of digital assets in relation to stable coin reserves.

“The panel continues to examine other issues relevant to crypto assets and distributed ledger technology, including the application of the technology to support payment services that run within the federal banking system.” Brooks closed.

Regulatory interference has increased globally in 2020, which is reflected in law enforcement actions and government clarity.