Over the last few years, the cryptocurrency market has come to the forefront as a challenger to the mainstream fiat industry. Established regulators in the United States have become more inclusive in discussing the virtual asset industry, and the evidence for this has now become stronger.
In a recent publication by the US Office of the Comptroller of the Currency [OCC], the organization asked the public for its opinion on the operating rules and functions relating to cryptocurrencies. This comes as a victory for a field that has been shunned for the longest time.
The OCC will seek public comments and update its rules on the activities and operations of the national bank and the federal savings association. In addition to the latest release, the OCC also released an Advanced Notice of Proposed Regulations [ANPR], which will clarify the rules and regulations relating to the activities referred to above.
The document was signed by Brian Brooks, former Chief Legal Officer of Coinbase. Brooks took up his new role at the OPCC a few days ago, a move seen as a positive marker for the digital asset industry.
An excerpt from the release read:
“The NPR is part of the OCC’s continual effort to modernize its rules and remove unnecessary requirements to relieve banks of unnecessary burden, encouraging economic opportunity and promoting the safe, sound, and fair operation of the federal banking system. The ANPR is part of the agency’s effort to support the evolution of the federal banking system and its ability to meet the needs of the consumers, businesses, and communities it serves. “
The OCC claimed that the latest move was part of the body’s commitment to responsible innovation in the cryptoverse. The body believed that banks and other traditional institutions must be able to evolve to meet the needs of ” consumers, businesses and communities” that rely on them. The concept of inclusivity was reiterated with the OCC stating that all stakeholders in the space needed to have their voices heard.
Cryptocurrency supporters were given a boost when the OCC recognized that the industry had come a long way since the public reveals of Bitcoin in 2009. Additionally, the body pointed out that developments made by companies like PayPal had paved the way for innovations like mobile banking, which was was looked down upon earlier.
