U.S. Monetary Supervisory Service reexamines policy policies related to cryptocurrency

Acting Commissioner Michael Xu of the US Currency Supervisory Service (OCC) announced that he would review the policy on cryptocurrency policy. Coinpost reported this on the 19th.

This policy is the decision of OCC’s policy related to cryptocurrency during his tenure from May 2020 to January 2021 by former agency Brian Brooks. ① Banks can provide custody (consignment and storage) of cryptocurrency ② Reserve assets for issuing stablecoins and storage of the stablecoins ③ “Equal access rules” for cryptocurrency companies to access banking services, etc. Decided the policy of

These policies are temporarily “pending” due to the change of powers, and a reconsideration is planned under the new regime.

In OCC, on the occasion of a regime change from former President Trump to President Biden, Brooks resigned on January 14 of this year. The new system, led by Acting Michael Shee, began work in May.

In an official statement this time, Acting Xu explained, “Some policies of the entire system are one-sided, and since they were not issued after coordination with all stakeholders, there is a need to review or readjust them in the future.” Acting Xu reported that the staff had been ordered to re-examine the pending regulatory measures.

In addition, applications for the establishment of national law banks by related companies such as Bitgo and Bitpay will be withheld and reviewed. It is not clear at this point whether the trust bank’s approval will affect the status of Anchorage or Paxos.

Several cryptocurrency-related companies such as Anchorage, a custodial conglomerate, and Paxos, a large broker, obtained “conditional” trust banking licenses from the Monetary Authority this year.

Regarding fintech companies and banking regulations, “I hope that fintech companies that have been licensed by OCC will take a fair approach to consumers and businesses.” “How will Fintech and payment platforms be well accepted into the banking system? I need to think about it, so I will cooperate with agencies such as the Federal Deposit Insurance Corporation and the Federal Reserve System,” he said about the future policy.

Acting Xu, who made a statement, is scheduled to attend a hearing by the Financial Services Commission in the US House of Representatives on the 19th of the US time. The hearing mainly focuses on the safety and responsibility of financial institutions that handle deposits such as banks.

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