The OCC's ruling means nationally chartered banks can now custody crypto. But, given relatively low level of institutional interest, don't count on services appearing soon.
U.S. regulators have cleared the way for national banks to provide cryptocurrency custody services on behalf of customers.
Brian Brooks left Coinbase to lead the U.S. Office of the Comptroller of the Currency last month.
“My job here is not to protect incumbents,” says acting Comptroller of the Currency (and Coinbase veteran) Brian Brooks of his fintech-forward agenda.
A federal banking regulator is seeking public input on how cryptocurrencies interact with the national banking system and financial institutions.
Brian Brooks, now a US banking regulator, said creating a federal license for crypto startups might make more sense than subjecting them to 50 different state money transmitter approvals.
Coinbase chief legal officer Brian Brooks will be the new COO and first deputy at Office of the Comptroller of the Currency, which oversees banking regulation in the U.S.
Four U.S. regulators joined an international alliance of government regulators seeking to bolster the future of fintech.
The chief of New York's financial regulatory body said Tuesday that the agency is "fiercely opposed" to regulatory sandboxes for fintech firms
The acting U.S. Comptroller of Currency made remarks at an event yesterday that supported new cryptocurrency licensing and regulation.
New regulation proposed by the US OCC could give bitcoin exchanges and other fintech companies the ability to apply for a new charter.
A major US banking regulatory has unveiled a broad innovation policy aimed at regulating blockchain startups and other fintechs.