The US lawmakers want OCC to clarify crypto regulations – a report by Sahil Kohli.

The US Senate’s Banking Committee is seeking clarity from the Office of the Comptroller of the Currency regarding its proposed crypto payments rulemaking process.

The US Senate’s Banking Committee has sought clarity from the Office of the Comptroller of the Currency (OCC) regarding its proposed crypto payments rulemaking process. In a recent letter, the Committee’s chairman urged the OCC to formulate enabling regulations as cryptocurrencies are ‘inevitable and beneficial. The letter by Senator Mike Crapo called on Acting Comptroller Brian Brooks to update the Advanced Notice of Proposed Rulemaking (ANPR). The OCC had issued the ANPR on June 4, inviting public feedback on a current policy governing the banking and finance industry.

 

Committee is seeking to know what the OCC gathered from the feedback. 

Some of the issues the OCC invited feedback were about the use of distributed ledger technologies in banking, digital currency payments, use of artificial intelligence, and machine learning in payments, among others. The public feedback period ended on August 3. Now, the Banking Committee is seeking to know what the OCC gathered from the general feedback and what steps it intends on taking regarding DLT and digital currencies. The US Senator Crapo urged the OCC to formulate enabling regulations stating that the digital currencies and similar innovations are inevitable, beneficial, and the country should lead in their development, reported Sahil Kohli. 

 

US lawmakers also plan to introduce a bill to study blockchain. 

As reported earlier, three United States House Representatives, two Democrats, and a Republican have officially introduced a new bill to spur more in-depth analysis of blockchain technology in Congress. Earlier this week, Rep. Darren Soto, Rep. Brett Guthrie, and Rep. Doris Matsui (D-CA) introduced a new bill to the House, which was subsequently referred to the Committee on Energy and Commerce. In consultation with the Federal Trade Commission, the bill proposes to direct the US Secretary of Commerce to conduct a study on blockchain tech and its use in consumer protection.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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