U.S Lawmakers Unpleased by Excessive Focus on Fintech and Cryptocurrency

November 12, 2020

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Certain U.S lawmakers are unpleasant with the Office of the Comptroller of the Currency for its excessive focus on the fintech and crypto market amid a pandemic caused recession period.


Six members of Congress blamed the banking regulator’s stance on the crypto industry and stablecoin features, also its schemes to provide a fintech charter, in a letter on Tuesday that asked if Acting Comptroller Brian Brooks has his importance direct amidst Covid-19 health and global crisis.


The letter seems, by all accounts, to be the principal significant legislative study of a budgetary controller that has in reality tossed its weight behind crypto. In July, OCC gave public banks the approval to guardianship resources like bitcoin and ether for their customers. At that point, in September, the office permitted banks to start offering stablecoin guarantors banking administrations. 


Those twin choices could make crypto banking standards in the United States. Be that as it may, as per the officials, they’re not OCC’s calls to singularly make. They reprimanded Brooks, a previous Coinbase legal advisor, for neglecting to talk with Congress and different organizations on his crypto guideline first. 


The delegates asked that Brooks clarify OCC’s position on stablecoin guideline and buyer security by December 10. 


Wednesday’s letter isn’t simply the principal requesting that Brooks clarify, executive of the Senate Banking Committee, Sen. Mike Crapo, wrote to Brooks in September, asking him to detail the subsequent stages the administrative office would be taking and update the advisory group with the OCC’s discoveries. 


The representatives stated that the crypto industry should not take precedence on U.S.A’s systemic banking access issues, nearly 8% of Americans utilize cryptocurrency, although a combined 25% of their respective citizens are underbanked or unbanked. The delegates further added, the shay financials are worsening further during the covid-19 pandemic.


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