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The new OCC chief of the United States and former Coinbase lawyer invites banks and cryptocurrency companies to collaborate

June 5, 2020

In an announcement on June 4, the Currency Auditor’s Office (OCC) announced that it was looking for banks and cryptocurrency companies to evaluate how the two could interact.

Crypto space meets banks

The advance notice of the proposed regulation, asks banks and industry leaders to answer a number of questions, including:

“What cryptocurrency or cryptocurrency related activities are involved in financial services companies or bank customers, and what are the obstacles or barriers to the continued introduction of cryptocurrency related activities in the banking industry?”

Speaking to Cointelegraph, acting controller Brian Brooks described today’s announcement as an attempt to bridge the gap between finance and the crypto industry, and anticipated the office’s learning:

“As the cryptocurrency regime needs banking services, how it has to be done through the bank rails, etc., we went in the affirmative and said give us information about the needs of crypto banking companies and banking needs because we really want to do something in this area. “

Crypto Veteran Brooks’ first week in front of the office

The new OCC chief of the United States and former Coinbase lawyer invites banks and cryptocurrency companies to collaborateThe new OCC chief of the United States and former Coinbase lawyer invites banks and cryptocurrency companies to collaborate

The OCC is the leading banking regulator in the U.S. Treasury Department. The recent announcement is part of an increased activity since Brooks took office earlier this week..

In March, Brooks of Coinbase, where he served as legal director, joined the OCC, which could explain interest in cryptocurrencies.Looking to the future, he told Cointelegraph that the discovery of the role of banks as custodians and where stable coins fit are important goals in his mandate:

“The OCC will quickly position itself under my supervision as to what we think of National Banks as suitable custodians for cryptocurrencies. We have no opinion and I do not want to anticipate that, but it is certainly my interest, my past life we ​​have to keep it up to date, and then the question is, what do we think about stablecoins, are stablecoins equivalent to currency or cash equivalents, can they be held by banks, in an impressive format, or if they are kept outside a bank? Banking regulations covered? “

Treasury and cryptocurrencies

Regulators in the U.S. and abroad are increasingly watching cryptocurrenciesMany have interpreted Brooks’ attitude at the OCC. as evidence of the growing interest in integrating cryptocurrency control functions into the federal government’s arsenal, only in March, weeks before this setting, The Treasury held a meeting with leaders of the cryptocurrency industry to learn more about them.