The Office of the Comptroller of the Currency (OCC) regulator wants to ensure banks can no longer blacklist businesses based on the industry they operate in, including digital currency businesses.
The Office of the Comptroller of the Currency (OCC) has proposed a regulation that seeks to ensure fair access to banking services, credit, and capital. The regulator wants to ensure banks can no longer blacklist businesses on the virtue of the industry they operate in, including digital currency businesses. The US regulator stated that the new rule would require banks to “provide access to services, capital, and credit based on the risk assessment of individual customers, rather than broad-based decisions affecting whole categories or classes of customers.”
The crypto industry would benefit from the proposed rule.
The cryptocurrency industry would be one of the biggest beneficiaries of the proposed rule. The industry has been disproportionately denied banking services by most banks in the U.S. and beyond. For some blockchain startups, their accounts have been shut without notice or explanation by major US banks. Acting Comptroller of the Currency Brian Brooks seeks to end this discrimination by banks with the proposed rule. Brooks is a former Coinbase executive who took office in May and believes that banks are responsible for providing financial services fairly. Brooks believes the digital currency industry will be one of the biggest gainers from the rule.
Crypto regulations remain in a grey area.
Cryptocurrency-related regulations in most countries are still in a grey area as lawmakers continue to issue guidelines and propose regulations. Crypto regulations remain a hot topic in the crypto community as lawmakers around the world try to tackle the newly emerging space. Currently, crypto regulations in most countries are in a grey area. However, lawmakers and financial regulators are working to ensure decisions are made for the public interest.