Kanalcoin.com – The transition of the presidency of the United States from Donald Trump to Joe Biden can apparently be a separate problem for crypto currencies. The reason is several regulations regarding crypto currency could have been canceled in the era of Joe Biden.
The United States banking regulator or Office of the Comptroller of the Currency (OCC) said they were worried about the transfer of power from Donald Trump to Joe Biden. This concern is closely related to regulation of cryptocurrencies.
This was stated directly by the Acting Currency Supervisor, Brian Brooks, in an interview with CNBC, which was reported by Kanalcoin.com from News.Bitcoin.com.
Brooks is the administrator of the federal banking system and acting head of the Office of the Comptroller of the Currency (OCC). The OCC is the agency that oversees nearly 1,200 national banks, federal savings associations, and federal branches of foreign banks.
Brooks admits that he is worried that bitcoin’s current rise will be accompanied by a transfer of power after the United States Presidential Election. According to Brooks, there has been talk of abolishing regulations for cryptocurrencies.
“I will tell you what I’m concerned about is all of this is happening in an environment where we are going to have a change in presidential administration, and there are calls on Capitol Hill to dismantle some of the regulatory protections we have in place for this,” Brooks said.
Reportedly, a member of Congress, Maxine Waters, has written a letter urging the Joe Biden administration to cancel several regulations that have been enacted by the OCC. Some of the recommendations put forward by Waters include canceling the licenses of national banks and federal savings associations to provide cryptocurrency safekeeping services.
Brooks admitted that until the letter from Waters was granted by Joe Biden, the United States would not advance in cryptocurrency matters. In addition, the security of crypto currency users which has been guaranteed to be dangerous and has the potential to be exposed to criminal acts.
“If we do those things, I don’t believe we have enough ground to move forward with. It’s all about consolidating the regulatory advantages and consumer protections we are trying to implement. It has to endure,” Brooks said.
“The government’s role is to ensure that the market is properly regulated and well organized so that people who trade know they are dealing with good people and not bad people,” Brooks added.
Apart from that, Brooks also emphasized that the regulations regarding cryptocurrencies are intended to have transaction tracking and transparency that can protect users.
“Part of that means, like in any financial market, there has to be tracking and no anonymity,” said Brooks.
Brooks urged that Joe Biden’s proposal from Waters not be accepted. This is because Waters’ proposal was only based on political reasons and not in the interests of investors. Apart from that, Brooks also demands that crypto currency users are entitled to the same protection as stocks.
“”That’s why it’s important for people that they can deposit their assets in a bank, for example, in the same way you might store stock certificates or other assets that you own,” said Brooks.
“This is a real political debate now.”
“People may not realize this but there is leadership in Congress urging the incoming Biden administration to drop some of those protections. I think, in the name of politics, not in the name of protecting investors,” Brooks said ending.