Allaire said Acting Comptroller of the Currency Brian Brooks’ latest move is “a HUGE way to start 2021, the year that crypto and stablecoins go mass market!” He added, "the significance of this can’t be understated.”
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Democratic Rep. Rashida Tlaib believes stablecoins need aggressive regulation (Photo: House of Representatives)STABLE Act could destabilize stablecoins
Industry leaders say the proposed legislation would cripple innovation by subjecting the fiat-backed cryptocurrencies to traditional banking regulations
The Stablecoin Tethering and Bank Licensing Enforcement—or STABLE—Act seeks to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities,” its sponsors said.
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Former Coinbase chief legal officer and current Acting Comptroller of the Currency Brian Brooks is at it again (Photo: Office of the Comptroller of the Currency)Treasury Dept says banks cannot discriminate against industries like crypto
Acting Comptroller of the Currency Brian Brooks, a former Coinbase executive, issued another ruling aiding cryptocurrency companies
Targeting one of the cryptocurrencies biggest complaints, the Office of the Comptroller of the Currency proposed a rule on Nov. 20 that would require banks to “provide access to services, capital, and credit based on the risk assessment of individual customers, rather than broad-based decisions affecting whole categories or classes of customers.”
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Two Treasury Department agencies are sending mixed messages to banks supporting cryptocurrency (Photo: Pixabay)FinCEN’s mixed message on banks and crypto
Financial Crimes Enforcement Network Director Kenneth Blanco’s warning that banks can expect tough questions about cryptocurrencies comes in the wake of other Treasury Department rulings encouraging custody service for crypto and stablecoins
Taken together, the encouraging letter from acting Comptroller of the Currency Brian Brooks and stark warning from Financial Crimes Enforcement Network Director Kenneth Blanco present a very mixed message to banks and other financial institutions. Both agencies are part of the U.S. Treasury Department.