Bitcoin

Crypto companies are putting pressure on the U.S. regulator to achieve greater bank autonomy

In response to that from the Currency Auditor’s Office (OCC) about possible regulations, many of the main players in the crypto space They wrote to the regulator and asked them to extend the permissions it gave banks to manage cryptocurrencies and use blockchain technology.

Blockchain-based transfers and new stablecoins as dollar competitors

One of the leading providers of blockchain-based financial services, the Silvergate Bankhe wrote to the OCC Promote this technology as a more efficient way for banks to send money to each other and to their customers’ accounts. Silvergate referred to USD-based blockchain platforms like USDC or USDT as examples of how fast this system could be:

“Blockchain technology offers a recognized use case as a value transfer network, and while many are still exploring how to extend this use case, as several dollar-supported stablecoin projects show, they are doing so within frameworks. Existing regulations that regulate companies such as financial institutions do not offer adequate guidelines. “

The pressure group, Blockchain Association, He also applauded the example of stablecoin projectsand stresses that the OCC “enables banks to make payments and accept deposits in stable coins that meet the criteria set by the OCC”.

Crypto companies are putting pressure on the U.S. regulator to achieve greater bank autonomy
Crypto companies are putting pressure on the U.S. regulator to achieve greater bank autonomy

Coin center, a think tank and lobby group that supports the decentralized network, went one step further in its response to the OCC. Support for controversial data protection technologies by banks such as:

“(1) Mixed” trusted “transaction technologies like CoinJoin for Bitcoin transactions and (2) privacy-enhanced cryptocurrency networks like Zcash and Monero.”

The OCC and the new vision of the banks

As determined by the Blockchain Association, Even well-meaning and compliant crypto companies operating in the U.S. have been wrongly excluded from basic financial services. This hurts the users:

“Crypto companies’ lack of access to secure and robust financial services ultimately poses unnecessary risks for American consumers.”

In the OCC request The office emphasized the flexibility of banking, Saying “The federal banking system is well known and well positioned for changes that have been a hallmark of this system since its inception.”

The OCC is the US tax office responsible for regulating the country’s federal banks. Since Brian Brooks took over the management of the office, interest in cryptocurrencies has accelerated dramatically. Two weeks ago, The agency finally authorized the banks to protect crypto assets. Since then, Brooks has continued to show interest in blockchain technology to modernize payments in the country.

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