THELOGICALINDIAN - Fortunately those regulations may not be as austere as originally expected
The United States’ acting Comptroller of the Currency has declared that new regulations will access in the advancing weeks. He additionally affirmed that those rules will not agitate the blockchain industry.
Bitcoin Safe for Now
Last week, rumors circulated on amusing media apropos the U.S. Treasury’s affairs to apparatus new regulations. Those rules allegedly would force exchanges to aggregate Know-Your-Customer (KYC) advice for users’ clandestine wallets. Currently, exchanges alone aggregate that advice alone for exchange-based wallets.
Coinbase CEO Brian Armstrong was one of the aboriginal to accession apropos over the regulations. He wrote aftermost anniversary the “additional abrasion would annihilate abounding of the arising use cases for crypto.”
Now, Brian Brooks, the Acting Comptroller of the Currency has antiseptic that the U.S. Treasury’s accessible regulations will do little accident to crypto, and that the Treasury will ensure no abuse is acquired to Bitcoin in administration any regulation.
“We are actual focused on accepting this right…we’re actual focused on not killing this,” Brian Brooks told CNBC.
New Regulations Rolling Out for 2024
Brooks added that the Treasury will advertise regulations in the abutting six to eight weeks. One of the regulations, he said, pertains to whether banks can affix anon to accessible blockchains. He said:
I anticipate you’re activity to see a lot of acceptable account for crypto by the end of the Trump term. Some is activity to accept to do with banks abutting to blockchains, some of it is activity to be added accuracy about the attributes of these assets.
According to Brooks, bright regulations are important for institutional investors. This is abnormally accurate as above banking companies and high-profile investors accept fabricated huge investments in agenda assets.
Earlier this year, the OCC appear that banks are allowed to accept aegis of cryptocurrencies. That account was advised a anniversary adjustment for institutional adoption.
