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24 January 2021

Top US Banking Regulator Reveals Positive Cryptocurrency Regulation Coming in Weeks | Regulation Bitcoin News

Top US Banking Regulator Reveals Positive Cryptocurrency Regulation Coming in Weeks | Regulation Bitcoin News


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“It’s going to work for everybody,” said the regulator, adding that the new regulation will “make it easier for crypto investors to know how to invest,” therefore attracting more institutional investors.

“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,” explained Brooks, who previously served as the chief legal officer at Coinbase.

He emphasized that some aspects of the new regulation will provide clarity around the nature of crypto assets.

When asked about whether he believes more regulation will benefit the crypto industry, the OCC chief said: “I don’t think we need 50 regulations instead of two, but what we do need is clarity about what’s allowed.”.

He continued: “We need some guidance, for example, about whether banks can connect directly to blockchains as payment networks.

The answer has to be yes … We need the answers about can banks custody cryptocurrencies so that institutions feel comfortable adopting.

“You know it may have been a bubble two years ago, but with more clarity, institutions that see this as a real thing are going to adopt at scale, which they’ve already started to do

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