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US Comptroller of Currency Tells Senate about the Benefits of Cryptocurrencies

Brian Brooks, Director of the Office of the Comptroller of the Currency (OCC) and former Coinbase lawyer, spoke to the US Senate Committee on Banking, Housing and Urban Affairs on Tuesday, where he raised the topic of cryptocurrencies..

“Today, about 60 million Americans own some type of cryptocurrency, with a combined market capitalization of about $ 430 billion,” Brooks said. – This figure clearly shows that this payment mechanism is firmly entrenched in mass finance. Cryptocurrencies have become a popular mechanism for sending and receiving payments for goods and services, because the transaction takes place in real time, convenience and security are provided “.

Brooks also noted that people are getting used to using cryptocurrencies, which can be traced to the spread of stablecoins. He said that this year OCC clarified its attitude to the activities of banks related to the circulation of stablecoins, confirming that they can hold the assets of their issuers..

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“OCC highlighted the importance of digital assets and the authority of banks to provide services to ensure the security of such assets. This is a modern form of traditional banking related to custody services, ”he added..

Earlier it became known that the team of the next elected President of the United States, Joe Biden, will be replenished with personnel who are well acquainted with the cryptocurrency industry..

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