- US lawmakers raised concerns about OCC’s activity in the cryptocurrency and fintech space.
- They hope to get a response from the head of the Office before 10 December.
American politicians are unhappy with the focus the banking regulator is putting on the digital assets industry. Six congressmen criticized the actions taken by the head of the Comptroller of the Currency (OCC) in the space of digital financial assets. In a joint letter, drafted by Congresswoman Rashida Tlaib and Congressmen Stephen Lynch, and signed by Representatives Jesús G. “Chuy” García, Deb Haaland, Barbara Lee and Ayanna Pressley, they disapproved of the approach taken by the head of the OCC, Brian Brooks, former legal counsel for cryptocurrency exchange Coinbase.
The congressmen pointed out that the head of the Office should not get involved in matters related to the regulation of cryptocurrencies or issuance of stable coins while the US economy is in a deep crisis caused by the COVID-19 pandemic.
The legislators wrote:
Arguably, the immediate needs of millions of at-risk people who have not yet received an economic stimulus check and / or cannot deposit their funds in a bank deserve more attention than an effort to increase access to financial services to the ” banking community “via mobile phones.
They also mentioned that their concerns are shared by the Association of American Bankers and other industry groups, who believe that Brooks makes short-sighted decisions and acts unilaterally. Your position may adversely affect banking and financial activities outside the jurisdiction of the OCC.
The congressmen sent a list of questions to the head of the OCC. The answer must be provided before December 10th.
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Credits: Forex Street
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