OCC’s Brian Brooks Says United States Won’t Ban Bitcoin

OCC’s Brian Brooks says that the United States will not ban Bitcoin and that regulators are “very focused on not killing the crypto industry” so let’s read more on what he had to say more specifically in today’s BTC news.

The US Comptroller of the Currency promised plenty of good news for crypto starting from 2021 and even assured the community that the regulators are doing that they can to not killing the crypto industry. OCC’s Brian brooks said that regulators have no plans to ban BTC and hinted at more positive news after the end of Donald Trump’s presidential term. Speaking with CNBC’s Squawk Box, Brooks debunked some of the rumors about the plans of the Treasury to introduce new and undisclosed crypto regulations. Squawk Box’s Melissa Lee cited multiple tweets by Coinbase’s CEO Brian Armstrong where he says that “we heard rumors that the US Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term.”

Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.

— Brian Armstrong (@brian_armstrong) November 25, 2020

Replying to the tweets, Brooks said:

 “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 we prevent money laundering and terrorism financing.”

"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 we prevent money laundering and terrorism financing," says @BrianBrooksOCC. pic.twitter.com/GWr6C6nZxJ

— Squawk Box (@SquawkCNBC) December 4, 2020

He added that there’s a balance here and it’s gonna work for everybody.” He was also asked about whether there will be new regulations by the end of Trump’s term, Brooks hinted that “you’re gonna see a lot of good news for crypto.” He reassured the community:

“So believe me, there’s gonna be very positive messages coming out. At the same time, it’s a dangerous world out there, we have to be honest about that. But nobody’s gonna ban Bitcoin, nobody’s gonna ban some of these transmission technologies.”

In late November, the Securities and Exchange Commission chairman Jay Clayton said that BTC will face more regulation as a payment method:

 “I think we’re going to see this mature, and I think we’re going to see more regulation around the payments space.”

On the other hand, the Securities and Exchange Commission made it quite easier for crypto startups to raise funds.