One of the leading banking regulators in the US called Brian P. Brooks, has recently confirmed in an interview with CNBC that positive cryptocurrency regulation is on its way. It will be out in a matter of weeks. He said that the new regulation would be announced by the end of the Trump term.
As revealed by the top regulator, the new regulation will work for everybody, making it easier for crypto investors across the country to know how to invest. This will further attract more institutional investors towards the currency.
Brooks works as the federal banking system administrator and the chief in the Office of the Comptroller of the Currency (or simply OCC). The OCC supervises almost 1,200 national banks and the federal savings associations, and federal branches of foreign banks. These associations conduct nearly 70% of all banking business in the country.
During the Squawk Box interview with CNBC on Friday, Brooks was specifically asked about the timeline when people in the US could expect the new regulation. As an answer, Brooks told the public that they could expect it by the end of the Trump term.
Brooks further added that people in the US would have clarity across various areas in the next 6 to 8 weeks. This will also clear up the clouds in crypto investors’ minds regarding how institutions can earn profits from this new asset class.
The regulator also mentioned that digital currencies are the only things that are driving revenues in such a situation. People assumed it as a bubble a few years ago, but several institutions have started seeing this as a real thing with more clarity.
Plenty of such institutions even want to adopt the currency at scale, while others have already started to do so.