“Killing” bitcoin is not on the US government’s agenda, assures a senior official.
Brian Brooks, head of the Office of the Comptroller of the Currency, the bureau of the Treasury Department that supervises federal banks, said regulators merely wish to ensure that the leading crypto’s integration into the financial system happens smoothly.
In an interview with CNBC’s Squawk Box on Friday, Brooks explained: “We’re very focused on getting this right. We are very focused on not killing this, and it is equally important that we develop the networks behind bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.”
Brooks was responding to a question about whether the Trump administration was planning to implement draconian crypto regulations before President-elect Joe Biden takes office in January. Coinbase CEO Brian Armstrong put the spotlight on the issue last month in a series of tweets explaining why banning self-hosted crypto wallets would have a negative impact, sparking fears of an impending regulatory crackdown.
However, Brooks, whose recent appointment by Trump has been criticized by Democrats, who believe he will be too soft on Wall Street banks, assured, “I think you’re going to see a lot of good news for crypto by the end of the Trump term. Some of it is going to have to do with banks connecting to blockchains, some of it is going to be more clarity around the nature of these assets.”
He added, “Nobody’s going to ban bitcoin. Nobody’s going to ban some of these transmission technologies.”