OCC leader Brian Brooks: ‘Nobody’s going to ban Bitcoin’

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Brian Brooks, the pinnacle of the Office of the Comptroller of the Currency, mentioned regulators should not wanting to “kill” Bitcoin (BTC) however as an alternative guarantee its clean integration into the monetary system. 

In an interview with CNBC’s Squawk Box on Friday, Brooks mentioned:

“We’re very focused on getting this right. We are very focused on not killing this, and it is equally important that we develop the networks behind Bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.”

The Office of the Comptroller of the Currency is the bureau of the Treasury Department that supervises federal banks.

Brooks’ remark was in response to a query about whether or not the administration of Donald Trump was planning to roll out doubtlessly damaging cryptocurrency laws earlier than the tip of its time period. Brian Armstrong, CEO of Coinbase, introduced consideration to this difficulty final month in a collection of tweets explaining why stringent laws concentrating on self-hosted crypto wallets can be a foul thought.

When requested about whether or not we will anticipate new laws by the tip of President Trump’s time period, Brooks mentioned:

“I think you’re going to see a lot of good news for crypto by the end of the Trump term. Some of it is going to have to do with banks connecting to blockchains, some of it is going to be more clarity around the nature of these assets.”

While acknowledging that it’s a “dangerous world out there,” Brooks mentioned:

“Nobody’s going to ban Bitcoin. Nobody’s going to ban some of these transmission technologies.”