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U.S.senators ask the Office of the Comptroller of the Currency for details on encryption rules



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

Chairman of the US Senate Banking Committee: We can find ways to supervise encryption from banking and securities laws: Golden Finance reported that Sherrod Brown, chairman of the US Senate Banking Committee, said at the second hearing on FTX held this week, "If we want to Learning from the FTX debacle, we must pay close attention to the risks posed by crypto platform conflicts that combine multiple functions. This means considering the kinds of disclosures consumers and investors really need to understand a token or cryptocurrency How platforms work. Lawmakers can look to existing banking and securities laws for time-tested approaches as a way to oversee cryptocurrency businesses." (Bloomberg) [2022/12/16 21:47:53]

The U.S. needs to create clear rules around cryptocurrency services without stifling innovation, the letter said.

Chairman of the US Senate: The Digital Commodity Consumer Protection Act is on hold until the next Congress: Jinse Finance reported that the relationship between the Digital Commodity Consumer Protection Act (DCCPA) and SBF has come under more scrutiny after the collapse of FTX, and the bill will be suspended until next year. Senate Agriculture Committee Chairman Debbie Stabenow, D-Michigan, confirmed the bill will be delayed after a hearing on the topic with another backer of the bill, Commodity Futures Trading Commission Chairman Rostin Behnam.

Senator Sherrod Brown, D-Ohio, insisted at the hearing that there is no "turf war" among government agencies over cryptocurrency regulation, despite SEC Chairman Gary Gensler expressing skepticism about the legislation and the heads of both agencies. Public statements made separately show that they hold different views on the legal status of Ethereum. [2022/12/2 21:16:33]

With products and services offered in the cryptocurrency space as diverse as those in finance, beneficial innovation is inevitable and the U.S. should lead the way, Crapo said.

U.S. Senator Cruz: Binance's quick abandonment of the acquisition of FTX "at least shows malicious intent": Jinse Finance reported that U.S. Senator Ted Cruz said at the Texas Blockchain Summit that Binance publicly announced the acquisition of its troubled competitor The speed with which FTX then quickly exited "indicates, at the very least, maliciousness," he said. "All of this at least suggests maliciousness, which is concerning. I think it certainly deserves a lot of additional investigation."

As previously reported, earlier this week, the House Financial Services Committee had announced hearings on the FTX implosion and its impact on the broader digital asset industry. The committee’s top Republican said Binance’s role in the FTX collapse was under congressional scrutiny. [2022/11/19 13:23:52]

According to the "Bittweet" report, just last month, a number of encryption industry participants in the United States wrote to the OCC, asking regulators to expand the authorization for banks to handle cryptocurrencies and use blockchain technology.

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

The Blockchain Association, a cryptocurrency lobby group, said the OCC "applies to allow banks to accept deposits, withdrawals, and liquidations of U.S. dollar stablecoins that meet OCC-defined standards."

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

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

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

Image source: pixabay

Written by Liang Che


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The article is contributed by Biquan Beiming, the columnist of Jinse Finance and Economics, and his remarks only represent his personal views.