Regulatory Boost Incoming? U.S. Currency Regulator: Committed to Not Strangling Bitcoin, Major Announcement Expected During Trump's Term

The United States has uncommonly released positive news on regulating cryptocurrencies. Brian P. Brooks, Acting Comptroller of the Currency of the United States, stated in a recent interview, "No one's going to ban Bitcoin." He emphasized that more crypto-friendly regulations will be introduced before the end of President Trump's term.

Brian P. Brooks

Office of the Comptroller of the Currency, OCC, established in 1863, is the regulatory agency for banks and federal savings associations (FSAs) in the United States, ensuring that banks operate in a safe and sound manner, provide fair financial services, and comply with regulations.

Brian P. Brooks, in addition to serving as Acting Comptroller, is also a board member of the Federal Deposit Insurance Corporation (FDIC) and previously served as Chief Legal Officer at Coinbase from September 2018 to March 2020.

During an interview on CNBC's Squawk Box on December 4th, Brooks commented on Bitcoin and cryptocurrencies, emphasizing that "Nobody's going to ban Bitcoin."

Nobody's Going to Ban Bitcoin

CNBC first mentioned Coinbase CEO Brian Armstrong's concerns about regulation in late November, which also prompted a response from Armstrong. He mainly heard rumors about Treasury Secretary Mnuchin planning to push new regulations on self-hosted cryptocurrency wallets before the end of his term. Armstrong stated:

If this regulation were to be enacted, it would be terrible and have long-term negative consequences for the U.S. The internet in its early days had people calling for it to be regulated like the phone companies. Thank goodness they didn't. We, along with many crypto companies and investors, sent a letter to the Treasury last week expressing our concerns about these matters.

Despite Brooks being a former employee of Armstrong, both seem to have very different insights on regulatory progress. Brooks pointed out:

You should know that there are more rumors in the Bitcoin circle than anywhere else, but I want to emphasize that we are very focused on getting the regulation right, we are committed to not squashing Bitcoin, and we also think the underlying technology behind Bitcoin and other cryptocurrencies is equally important.

Brooks also mentioned that it's a dangerous world, and while cryptocurrencies gain adoption, they must also adhere to anti-money laundering and counterterrorism measures, but nobody is going to ban Bitcoin, nobody is going to ban these transmission technologies, and he emphasized that there is an overreaction.

Will Release Crypto-Friendly Regulations

When asked by CNBC if there would be any regulations released before the end of President Trump's term, Brooks stated:

I think there will be a lot of good news about crypto at the end of the Trump term, some related to banks integrating blockchain, some related to the nature of these assets. So, believe me, there will be very positive information coming out.