U.S. Senators Ask Office of the Comptroller of the Currency to Provide Crypto Regulation Details

U.S. Senate Banking Committee Chairman Mike Crapo has asked the Office of the Comptroller of the Currency (OCC) to provide his committee with details on proposed rules for cryptocurrency services.

According to an open letter Crapo wrote to the OCC, it asked the OCC to provide the committee with an update on its encryption findings and the next steps the OCC plans to take on the technology.

The letter said the United States needs to develop clear rules around cryptocurrency services without stifling innovation.

Crapo said that as the products and services offered in the cryptocurrency sector become as diverse as those in the financial sector, beneficial innovation is inevitable and the United States should lead its development.

According to Bitpush, just last month, several crypto industry participants in the United States wrote to the OCC, asking regulators to expand banks' authorization to handle cryptocurrencies and use blockchain technology.

Silvergate Bank wrote to the OCC saying blockchain should be promoted as a more efficient way for banks to transfer money between each other and between customer accounts.

The Blockchain Association, a cryptocurrency lobbying group, said the OCC’s “application allows banks to accept U.S. dollar stablecoins for deposit, withdrawal and settlement that meet the standards defined by the OCC.”

Just in July of this year, the OCC authorized banks to custody crypto assets, which is considered an important step in the recognition of crypto assets.

Juan Saurez, vice president of Coinbase, said that the OCC helps provide the necessary legal support for banks to support crypto businesses. He mentioned that "although these services (such as borrowing, lending and remittances) are licensed activities, there is still uncertainty as to whether it is authorized to provide these services using cryptocurrencies."

The Senate Banking Committee, led by Crapo, has also paid close attention to the cryptocurrency field recently. It has held several hearings on cryptocurrency, digital currency and blockchain in the past year.