One of the leading financial regulators in the world’s largest economy, the United States, recently disclosed that the world’s flagship crypto is here to stay, amid rumours coming from different quarters on the likely ban on Bitcoin.
In a report credited to CNBC, Brian Brooks, the Acting Comptroller of the currency, hinted that more regulations on bitcoin and other cryptos are already in the works but downplayed fears that such regulation was going to change the core fundamentals of the crypto market
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In a recent interview with Melissa Lee on “Squawk Box,” he disclosed further on “clarity” measure being put in place for cryptocurrency in the next six-to-eight weeks, but said, “nobody’s going to ban bitcoin.”
“We’re very focused on getting this right, on not killing this. And it’s equally important that we develop the networks behind bitcoin and other cryptos, as it is what will prevent money laundering and financing terrorism,” he added.
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Fears about potential regulation got strengthened last month when Coinbase CEO, Brian Armstrong, disclosed via his Twitter handle on hearing rumours that the U.S Treasury Department was working to rush out new crypto regulations before President Donald Trump’s tenor ends.
“We heard rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects and wanted to share those concerns,” Armstrong said.
READ: U.S top regulator speaks on Cryptos and future of banking to U.S Congress
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.
— Brian Armstrong (@brian_armstrong) November 25, 2020
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However, the top U.S regulator dismissed such fears by saying, “I think you’re going to see a lot of good news for crypto before the end of the term,”
What you should know
- At the time of writing this report Bitcoin traded at $18,999.05 with a daily trading volume of $28,550,005,376. BTC price is down -1.7% in the last 24 hours.
- It has a circulating supply of 19 Million BTC coins and a max supply of 21 Million.
