U.S top regulator, Brian Brooks, recently gave key insights on the significance of cryptos in the life of Americans and its future as regards banking in front of the U.S Congress.
As part of his testimony, Brian Brooks, during a hearing recently held with the Senate Committee on Banking, Housing, and Urban Affairs, the Office of the Comptroller of the Currency (OCC), provided key points on the efforts the U.S regulator is taking to keep the federal banking system competitive amid the COVID-19 pandemic and the role cryptos play.
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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.
“Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services because transactions post in real-time and provide convenience and security. Cryptocurrency also describes categories of specific currencies of value, and the rise in the use of stablecoins demonstrates consumers’ comfort with its use.”
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What you should know
Nairametrics earlier revealed that the Office of the Comptroller of the Currency (OCC) in America announced that it was working with banks and crypto firms on improving the technological cooperation in the financial system.
The advanced notice of Proposed Rulemaking asked banks and industry leaders to respond to several questions notably,
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“What activities related to cryptocurrencies or crypto assets are financial services companies or bank customers engaged in and what are the barriers or obstacles to further adoption of crypto-related activities in the banking industry?”
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Bottom-line
Regulators around the world have been increasingly looking at the fundamentals and benefits of adopting cryptos. Many have interpreted Brooks’ (a former lawyer at Coinbase) hiring as the Comptroller of the Currency, as evidence of greater interest in perfecting crypto capabilities into the American government’s arsenal.