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As part of his statement to the U.S. Senate Banking, Housing and Urban Affairs Committee, Brian Brooks, as Comptroller of the Currency, prepared an entire section on crypto assets, including a specific mention of stablecoins. .
“Today, about 60 million Americans own some kind of cryptocurrency, with a total market capitalization of nearly $ 430 billion,” Brooks said, adding:
“These figures clearly illustrate that this payment mechanism is now firmly rooted in the financial mainstream. Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services because transactions are posted in real time and provide convenience and security.”
Brooks also mentioned people getting used to cryptocurrencies, as seen in the use of stablecoins. The government leader subsequently recapitulated major cryptocurrency-related moves by the Office of the Currency Controller, or OCC, throughout 2020.
The office granted federally-established banks approval for custody of cryptocurrencies in July, clarifying uncertain regulation. In late September, the OCC provided further clarity on the safekeeping of digital assets in relation to stablecoin reserves.
“The agency continues to consider other issues relevant to cryptocurrency assets and distributed ledger technology, including applying the technology to support payment services conducted within the federal banking system,” Brooks concluded.
Regulatory intervention increased globally in 2020, seen in law enforcement and government clarity.
