Brian Brooks – acting comptroller of the currency – says that Americans can potentially look forward to new bitcoin and cryptocurrency regulations being enacted in the coming weeks. However, he also pointed out that these aren’t likely to put a hindrance on the industry. Rather, they will work to ensure the environment becomes safer and more stable for traders.
Brooks: These New Rules Will Be Positive
One of the big problems with crypto as of late is that regulation is either non-existent or unclear. Many political candidates, from Andrew Yang to Michael Bloomberg have stated that should they win political office, they would work to ensure present crypto rules would be made clearer and easier to understand.
However, neither of these men ever made it to the White House, and thus crypto regulations remain in a serious state of confusion and irrationality. What constitutes a transaction? What does one do when they move money between accounts? These are just some of the questions that continue to baffle traders and crypto enthusiasts throughout the United States.
Brooks says that many of the rules are set to undergo clarification so that people can better understand what they’re getting into. He also stated that nobody is looking to ban bitcoin anytime soon. In a recent interview, he commented:
We’re focused on getting this right. We’re focused on not killing this, and it’s equally important that we develop the networks behind bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.
Donald Trump’s first term as president will come to an end in January, and rumors have been swirling on social media platforms that regulators were specifically rushing to get in new laws and legislation prior to the end of this term. Coinbase CEO Brian Armstrong recently stated:
This would be bad for America because it would force U.S. consumers to use foreign unregulated crypto companies to get access to these services, and long term, I believe that this would put America’s status as a financial hub at risk.
Brooks, however, has mentioned that many of these new regulations are set to be positive, and that traders shouldn’t worry granted they play by the rules. He states:
I think you’re going to see a lot of good news for crypto before the end of the term.
Trying to Make Things Clear
In addition, he’s confident that the newfound laws would work to ensure bitcoin adoption grew to unprecedented levels. He says that some time ago, bitcoin was very much trapped in a bubble, though he believes that it’s present bull run is quite different. He mentions:
It may have been a bubble two years ago, but with more clarity, institutions that see this as a real thing are going to adopt at scale, which they’ve already started to do.