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Acting Comptroller of the Currency Brian Brooks has predicted that a series of cryptocurrency banking and clarification actions will emerge from the Trump administration during its final days.
The leading national banking regulator said Friday on CNBC’s Squawk Box:
“I don’t think we need 50 regulations, but what we need is clarity on what’s allowed,” he said. Brooks cited banks that link “directly to blockchain as payment networks” as a place where “the answer has to be yes”.
Brooks seemed to imply that the clarity of cryptocurrencies arriving “in the next six to eight weeks” would have a positive impact on the price of bitcoin.
“It may have been a bubble two years ago, but with greater clarity the institutions that see this as a real thing are about to adopt on a large scale, which they have already started doing,” Brooks said. He said regulatory clarity “are the things that are driving prices at this point.”
Brooks refused to directly answer questions from show hosts about the alleged regulation of the self-hosted wallet that is expected to come out of the Treasury Department. Last week, former Brooks boss, Coinbase CEO Brian Armstrong, publicly suggested on Twitter that Treasury Secretary Steve Mnuchin was ready to stifle crypto innovation with a final regulatory push.
“We are very focused on doing this good, we are very focused on not killing it and it is equally important that we develop the networks behind bitcoin and other cryptocurrencies as we prevent money laundering and terrorist financing. So believe me, there is a balance here. and it will work for everyone, “he said.
