KANALCOIN NEWS – The United States financial regulator or more precisely the Office of The Comptroller of The Currency (OCC) will reportedly propose new regulations regarding the relationship between banks and cryptocurrencies. Reportedly, the OCC is trying to seek public support for certain regulations.
The regulation in question is to stop all banks in the United States from stopping the blacklisting process for all cryptocurrencies in the United States. This was conveyed by the Comptroller of the OCC, Brian Brooks.
Brooks is working to create a bill that seeks to end a sweeping boycott of cryptocurrencies across all industrial sectors in the United States. Brooks reasoned that this was always related to political reasons.
Apart from that, the statement submitted by the OCC also pointed to political issues where the existing banks systematically refuse services. Those services include oil and gas company cases in Alaska and Planned Parenthood.
According to Brooks, the banking industry in the United States today seems to be politicized by a certain group of people, both non-partisan and partisan.
“These things are not politically partisan, but there are all kinds of attempts that we see to politically weaponize the banking system,” Brooks said, quoted by Kanalcoin.com from Cointelegraph.
“There is a politicization of the banking industry which has the potential to be very dangerous,” added Brooks.
Brooks also emphasized that cryptocurrencies in the United States are not considered illegal. However, Brooks still agreed to make strict regulations on cryptocurrencies that have been circulating so far.
Apart from that, Brooks also urged that the regulations governing the relationship between banks and cryptocurrencies be well established.
“Nowhere in the United States is cryptocurrency considered illegal. However, there are different licensing requirements for companies involved with cryptocurrency businesses,” said Brooks.
“So, obviously if a bank is doing any of those businesses, one of the things the bank will look at as part of its business is whether that exchange or other business has the relevant licenses from the relevant state government,” Brooks added.
With the proposed regulation, banks will not be able to blacklist cryptocurrencies in certain businesses.
Almost all banks in the United States are known to be risk averse to accept cryptocurrency. This is due to uncertain regulations regarding cryptocurrencies in almost every country around the world.
Meanwhile, Brooks is known as a pro figure with crypto currency. Brooks was on the Coinbase legal team. In addition, Brooks chaired OCC in May and spearheaded a number of mediation initiatives between the banking and cryptocurrency industries.