Top U.S regulator says more crypto banks coming

The U.S Controller of the Currency, Brian Brooks, recently stated that the era of crypto banks is just around the corner.

In a report credited to Forbes, the head of the Office of the Comptroller of the Currency (OCC) disclosed that there were a number of crypto firms applying for the Trust Charter with the OCC, in order to provide crypto banking services.

Brooks, an alumnus of the world’s most valuable crypto exchange, Coinbase, has historically been open towards the opening of the world’s largest economy via cryptos and blockchain technologies. He spoke on the necessity of having such innovative institutions.

“The point is, it is important both for entrepreneurs who are trying to grow their companies and for customers who don’t want to be deprived of access of something to get across a state line that we have a single national platform and that’s what federal banking regulation is all about and by extension, if we have crypto banks, which I think we will very shortly, I think it is in their interest they will have to comply with one set of rules nationwide, that’s the way markets grow.”

What you should know

It’s key to note that under his watch, the first crypto bank, Kraken, began offering the world’s largest economy, crypto banking services.

What this means

Recall that a few days ago, Bigwig FX broke the news on how Brian Brooks gave key insights on the significance of cryptos in the lives of Americans and its future as regards banking, in front of the U.S Congress.

As part of his testimony, Brooks, during a hearing recently held with the Senate Committee on Banking, Housing, and Urban Affairs, provided key points on the efforts that the U.S regulator is taking to keep the federal banking system competitive amid the COVID-19 pandemic and the role cryptos play.

The report said, “Today, roughly 60 million Americans own some type of cryptocurrency, with a total market cap of nearly $430 billion. These figures clearly illustrate that this payment mechanism is now firmly entrenched in the financial mainstream.”


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