Trump Banking Regulator Determined Banks Should Be Allowed to Trade Crypto: Report

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A U.S. banking regulator in the course of the Donald Trump administration took the place that banks may legally commerce cryptocurrencies for his or her purchasers, in accordance to a Politico article Friday.

  • The dedication was made by employees on the Office of the Comptroller of the Currency (OCC), in accordance to the report, which cited unnamed sources. It may allow banks to have digital currencies as property for buying and selling.
  • The dedication, which was by no means made public, counters the aggressively anti-crypto stance of the previous President, who in a June interview with Fox Business said that bitcoin appeared “like a scam.”
  • Three weeks after the 2020 Presidential election, Coinbase CEO Brian Armstrong even took to Twitter to blast rumored plans by the U.S. Treasury Department to try to monitor homeowners of self-hosted cryptocurrency wallets with an onerous set of data-collection necessities.
  • Michael Hsu, President Joe Biden’s performing head of the nationwide financial institution regulator, has been reviewing the OCC’s stance on crypto since taking workplace in May.

This story is creating and will likely be up to date.