{"id":3606,"date":"2021-05-19T13:56:40","date_gmt":"2021-05-19T12:56:40","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3606"},"modified":"2021-05-19T13:56:45","modified_gmt":"2021-05-19T12:56:45","slug":"new-occ-head-demands-audit-of-cryptocurrency-rules","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/new-occ-head-demands-audit-of-cryptocurrency-rules\/","title":{"rendered":"New OCC head demands audit of cryptocurrency rules"},"content":{"rendered":"\n
Pierre Dadd joins Terra Virtua as market director after over 20 years of involvement with promoting and brand improvement for different entertainment organizations.<\/a><\/h5>\n\n\n\n
\"New<\/figure>\n\n\n\n

The United States\u2019 banking regulator, the Office of the Comptroller of the Currency, is set to review cryptocurrency-related rulemaking following\u00a0Brian Brooks\u2019 departure.\u00a0<\/p>\n\n\n\n

Michael Hsu, the\u00a0newly-appointed\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>\u00a0Acting Comptroller of the Currency, has requested a staff review of former OCC rulemaking regarding the crypto industry as part of his testimony before the House Financial Services Committee on Wednesday.<\/p>\n\n\n\n

In prepared remarks, Hsu\u00a0asked<\/use><\/svg><\/span><\/a>\u00a0the OCC staff to review its cryptocurrency-related actions like updating the framework for chartering national banks and trust companies, interpreting crypto custody services as part of the banking business, and establishing an Office of Innovation. \u201cAt the OCC, the focus has been on encouraging responsible innovation. I have asked staff to review these actions,\u201d the official said.<\/p>\n\n\n\n

Hsu argued that the review of the OCC\u2019s crypto rulemaking aims to address a fragmented agency-by-agency approach to major financial trends and set a proper regulatory perimeter. \u201cTo the extent there is interagency coordination, it tends to be tactical, to deal with a pressing issue, such as Facebook\u2019s Diem,\u201d he noted, continuing:<\/p>\n\n\n\n

\u201cMy broader concern is that these initiatives were not done in full coordination with all stakeholders. Nor do they appear to have been part of a broader strategy related to the regulatory perimeter. I believe addressing both of these tasks should be a priority.\u201d<\/p><\/blockquote>\n\n\n\n

The new Comptroller of the Currency stressed that his focus will be ensuring that OCC-supervised banks \u201coperate in a safe and sound manner, meet the credit needs of their communities, treat all customers fairly, and comply with laws and regulations.\u201d<\/p>\n\n\n\n

Brooks\u00a0departed\u00a0the OCC in January 2021 after joining in March 2020. Also a former head of the legal team at Nasdaq-listed crypto exchange Coinbase,\u00a0Brooks is now the CEO of Binance US, a subsidiary of the world\u2019s largest crypto exchange, Binance.<\/p>\n\n\n\n

The OCC took a number of major regulatory decisions for the crypto industry under Brook\u2019s tenure including the authorization of federal U.S. banks to\u00a0hold reserve currencies for stablecoins. In April,\u00a0the OCC granted major stablecoin company Paxos a\u00a0federal charter to form a national trust bank.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Pierre Dadd joins Terra Virtua as market director after over 20 years of involvement with promoting and brand improvement for different entertainment organizations. The United States\u2019 banking regulator, the Office of the Comptroller of the Currency, is set to review cryptocurrency-related rulemaking following\u00a0Brian Brooks\u2019 departure.\u00a0 Michael Hsu, the\u00a0newly-appointed \u00a0Acting Comptroller of the Currency, has requested […]<\/p>\n","protected":false},"author":63,"featured_media":3607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,26],"tags":[323],"class_list":["post-3606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-cryptocurrencies","tag-occ"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Sygna_twitter-copy-2-1-1024x512-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3606"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3607"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}