Top Currency Regulator Says to Expect ‘Clarity’ in Coming Weeks on Bitcoin
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In a recent interview, Brian Brooks, the Acting Comptroller of the Currency, addressed the industry concerns. He indicated that the US plans new rules but that it does not plan to ban Bitcoin.
Bitcoin continues to rise across global markets. Recent rumors have created an expectation that the US government would issue new regulations in the waning days of the current administration. Bitcoin has made tremendous market advances in the past year. They include the below-listed achievements.
• Rising prices and new highs
• Wider adoption by banking Institutions
• Rapid increases in adoption by Financial institutions (e.g., PayPal)
• Increase participation by mainstream financial and corporate organizations
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– Rumors of Changes
Many voices in the cryptocurrency community have expressed concerns about new regulations. Many reported indications or conversations that suggested new federal policies would occur before January 20, 2021. Among other voices, the Head of Coinbase joined the discussion that the US government might take decisive action on self-hosted Bitcoin wallets.
The range of comments and concerns included the idea of further restrictions or other dampening actions by the US government. The current bullish market for Bitcoin and dynamic changes in Ethereum suggests that this is a critical period in cryptocurrency growth.
– New Rules Are on the Way
The Acting Comptroller of the Currency confirmed that new regulations were in the works. He indicated that the goals of the new rules related to Anti Money Laundering. To the relief of many in the industry, he stated no current efforts to ban Bitcoin in the US.
– Major Points
According to the Acting Comptroller, the new rules may cover some regulatory reform areas and improve the cryptocurrency market.
• New regulations will add clarity to Bitcoin status
• Rules will focus on networks to prevent money laundering
• Added clarity can promote adoption by mainstream financial institutions/investors