The American Comptroller of the Currency (OCC), one of the US financial regulators, has come up with a proposal to prohibit banking institutions from denying services to cryptocurrency companies. We are talking about situations when legal crypto companies turn to such options.
OCC proposes to refuse clients to banks only on the basis of compelling reasons, but in no case should this be related to political decisions. It is possible that the election of the head of the White House influenced the regulator’s policy.
“An all-out boycott of a full-fledged segment of the economy” – this is how the current situation in the market of cryptocurrency products in the OCC was called in relation to the banking sector. On Friday, November 20, the regulator published the corresponding report. Members of the crypto community were enthusiastic about the attention that the department paid to the area of digital assets.
The OCC noted that all departments (with the exception of the Comptroller of the Circulation itself) are putting pressure on the banking sector. The result of this impact has resulted in the current situation – institutions refuse to work with a full-fledged asset class.
For the next five years, OCC will be chaired by Brian Brooks, who is well versed in cryptoeconomics. Previously, the specialist worked in the legal department of the American exchange Coinbase. Notably, Congress criticized Brooks this week for what lawmakers saw as overly focusing on the cryptosphere.