The US Congress sharply criticized …

US Congress sharply criticized the Comptroller of Currency for attention to cryptocurrencies

Several U.S. lawmakers have expressed discontent with the Office of the Comptroller of the Currency (OCC) focus on cryptocurrencies and financial technology during the coronavirus-triggered recession.

Six members of Congress spoke strongly about the OCC’s efforts to clarify the regulation of cryptocurrency custody and the issuance of stablecoins, as well as its plans to establish a license for fintech companies. Congressmen Are Unhappy with Former Coinbase Lawyer Brian Brooks, Now CEO of OCC, to Prioritization.

They write that Brooks should not engage in cryptocurrency banking while millions of Americans await economic recovery, stressing that he is acting “unilaterally” and making short-sighted decisions that threaten “an entire hierarchy” of dollar-dominated financial assets..

The US Congress sharply criticized ...

“OCC plays an important role in providing a stable form of currency. Your agency’s decisions have the potential to negatively impact banking and financial activities far beyond your jurisdiction, ”they write..

As noted by CoinDesk, this is apparently the first example of such criticism against the regulator, who paid attention to the problems of the cryptocurrency industry. Members of Congress say Brooks should have consulted with legislators and other agencies before making any decisions on cryptocurrencies. He needs to explain his actions by December 10.

The US Congress sharply criticized ...

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