Last week, Office of the Comptroller of the Currency (OCC) chief executive Brian Brooks expressed his concern over cryptocurrency law in an interview with CNBC.
According to him, the Joe Biden administration which took effect in mid-January 2021 brought the possibility of the reintroduction of some cryptocurrency rules.
He explained that since July, banks under OCC supervision have been ready with cryptocurrency protection services, supporting several stablecoin projects with the aim of increasing consumer confidence with their savings at local banks.
"However, if protection does not happen as planned, we are in a critical zone." he said.
According to Brooks, there are two foundations to the establishment of cryptocurrency law.
First, combat the risk of money laundering and dealing with money laundering. Second, politicize technology issues, whether crypto or financial technology (fintech) widely.
Brooks later referred to a motion by congressman Maxine Waters, who urged the Biden administration to restore the cryptocurrency law, saying the call was not intended to protect investors but rather to political interests.
Most recently, the Financial Crimes Enforcement Network (FinCEN) has introduced new laws for the use of cryptocurrency wallets and the Securities and Exchange Commission (SEC) has prosecuted several crypto firms for selling unregistered securities including Ripple Labs.
