Senate Banking Chairman Asks OCC About Its Planned Crypto Rulemaking

U.S. Senate Banking Committee Chairman Mike Crapo asked to know more about the OCC's potential crypto guidance, but encouraged clear regulation.

By Nikhilesh De

Sep 2, 2020 at 2:11 p.m. UTC

Updated Sep 14, 2021 at 9:51 a.m. UTC

brown crapo — Senate Banking Committee Chair Mike Crapo (left) and Ranking Member Sherrod Brown (U.S. Senate)

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Nikhilesh De

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

U.S. Sen. Mike Crapo (R-Idaho), who heads the powerful Senate Banking Committee, has asked the Office of the Comptroller of the Currency (OCC) to fill his committee in on its Advanced Notice of Proposed Rulemaking for cryptocurrency services.

The OCC, a federal banking regulator, asked the general public to weigh in on how cryptocurrencies were used or treated in the financial sector this past June.
Around 90 banks, crypto startups, academics and industry organizations provided responses, with some major banks in particular suggesting they would be open to providing cryptocurrency services with some clearer regulation.
Crapo's letter, dated Sept. 1, asks the OCC to "provide the committee with an update on its findings and the next steps the OCC intends to take with this technology."
The U.S. needs to create clear rules around cryptocurrency services "without stifling innovation," the letter said.
With the crypto space offering products and services as "diverse" as elsewhere in finance, Crapo wrote, "These and similar innovations are inevitable, beneficial and the U.S. should lead in their development."
The Senate Banking Committee has held a number of hearings around the crypto space, as Crapo's letter points out, including on the Facebook-led Libra project.

Also read: US Regulator to Shake Up Banking With Federal Charters for Payment Firms

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Nikhilesh De

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Nikhilesh De