In the second half of 2020, bitcoin (BTC) prices and a number of important regulatory changes, such as the Currency Monitoring Authority or the OCC, have agreed to store cryptocurrencies in national banks. According to former Coinbase CEO and current OCC CEO, Brain Brooks, legal policy for the digital asset industry is currently in the uncertain future, but a number of government roles will change as 2020 approaches.

“I can’t talk about specific price action, but I’ll tell you what worries me,” Brooks said in an interview with CNBC on Friday, when asked about what worries him most about the rise in bitcoin prices. Brooks explained:

“This is all happening in the environment we’re in in the process of changing presidential administrations, and Capitol Hill is strongly encouraged to dismantle some of the regulatory safeguards we’ve put in place with these things.”
Recent weeks have revealed a number of regulatory proposals for cryptocurrencies, including rumors of bans or restrictions on self-secured cryptocurrency wallets. Several leaders in Congress have reacted with concern to possible action. The new bill also proposes to establish strict regulatory requirements for stablecoins.

“My agency was trying to make it safer to arrest people at national banks,” Brooks said. “We talked about banks supporting some of these stable foreign exchange projects,” he added. “If these remedies are not there, I am very worried about these things.” Brooks pointed to a desire to maintain security in the crypto space.

Brooks’ move towards the security and development of the cryptocurrency industry was recently met with a setback with a speech by several members of Congress in early November. Several government leaders have pressured the OCC to focus too much on the Brooks sector.

In an interview with CNBC, Brooks noted that crypto is at a crossroads when it comes to regulation. “We are now at a very important turning point,” Brooks said. “It’s like a crossroads.” One way is to improve the security of people in the marketplace, said the OCC leader, by targeting the ecosystem at illegal crypto transactions. He called banks important to the equation.

The second way seems more complicated for the encryption room. “The other way, which is quite real here, is that we politicize some of these technical issues, whether it’s crypto or financial technology on a larger scale,” Brooks said, adding:

“We are politicizing it, regretting all the good work this administration has done to make it safer, to make it more realistic, and if we do these things like President Maxine Waters’ speech recently suggested, then I definitely won’t “It’s all about the standardization of regulatory benefits and consumer protection that we’ve tried to implement.”
In early December, Waters sent a letter asking to stop the development of economic regulation until the government’s position was strengthened in 2021. Waters made a splash in the crypto space in 2019 when he blocked Vekten on Facebook (now called Diem) after storting. the report has been released. …

Source: CoinTelegraph