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US Regulator Requests Banks’ Feedback About Barriers to Adoption of Crypto-Related Activities

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Fri, 06/05/2020 - 14:54
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Yuri Molchan
Federal American banking regulatory body OCC has requested feedback regarding potential crypto usage by banks while preparing adjustments in digital banking regulations
US Regulator Requests Banks’ Feedback About Barriers to Adoption of Crypto-Related Activities
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Finextra reports that the OCC (The Office of the Comptroller of the Currency) that deals with banking regulation, has requested banks to share their opinion on several issues in the digital banking sphere, which includes crypto payments and crypto assets.

The feedback is expected to emerge by August 3, which leaves almost two months for banks to provide it.

The OCC reviews its regulations on digital banking activities

As reported by Finextra, the national US banking regulator, the OCC, has sent banks a notice requesting feedback on several issues regarding digital banking and crypto-related activities.

The reason for this was that the OCC is reviewing the regulations on the digital activities of banks in order to make sure the regulations are still following the new developments in this banking sector.

The regulator requires feedback on issues to do with crypto payments and assets. The OCC note asks about the existence of any activities in digital banking which the present regulations do not cover; if there are any present challenges that banks are facing thanks to new digital payments technologies, cryptocurrencies or crypto assets, blockchain tech, AI or machine learning.

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Is the OCC eying crypto assets/payments implementation?

Among the particular questions were: if there is anything preventing ‘further adoption’ of crypto-related activities for banks? Are there any particular crypto-related activities that should be considered in the regulator’s guidance?

The regulator also wants to know what the new developments in the payments sector are that the regulator should consider and how can those be implemented in the banking sector. How do the current regulations cover or hinder new technologies to do with digital fund transfers?

As of late, the chief of the OCC is the former Coinbase top executive Brian Brooks.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.