Office of the Comptroller of the Currency: ‘Nobody is going to ban Bitcoin’

Brian Brooks, acting comptroller of the currency, said new crypto regulations are on the way: “We’re very focused on getting this right. We’re very focused on not killing this,”

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Brian Brooks told CNBC in an interview to expect ‘clarity’ in next 6–8 weeks regarding Bitcoin regulations. “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.”

“I think you’re going to see a lot of good news for crypto before the end of the term,” Brooks said.

He thinks that the new regulations will help accelerate adoption of crypto by major financial players, such as banks and investment funds.

“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,” Brooks said.

As major institutions eagerly await regulatory clarity, Bitcoin pushed to all time high prices last month. Many institutions are lining up to release new crypto-focused products in early 2021 following new regulations, such as Facebook’s Libra, Visa, and PayPal, among many others.

The sudden rush of major fortune 500 companies getting involved in cryptocurrency in early 2021 could help spark a huge rally which sends cryptocurrency on a 2017-like bull run, where some cryptocurrencies increased over 50,000% in a year.

To learn more about this story and others, sign up for a consulting call at IntuitConsultants.com

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