New U.S. rules for bitcoin and other cryptocurrencies are being developed and will be rolled out within six to eight weeks, Brian Brooks, acting comptroller of the currency, told CNBC on Friday (Dec. 4).
“We’re very focused on getting this right. We’re very focused on not killing this,” Brooks said. “And it’s equally important that we develop the networks behind bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.”
Brooks added that new regulations could help crypto be adopted at scale by major financial players. His comments came a few days after Coinbase CEO Brian Armstrong tweeted that rumors are circulating that crypto rules were being rushed before the Trump administration leaves the White House in January:
This would be bad for America because it would force U.S. consumers to use foreign unregulated crypto companies to get access to these services. And long term, I believe this would put America’s status as a financial hub at risk.
— Brian Armstrong (@brian_armstrong) November 25, 2020
Runaway bitcoin buying and selling in latest weeks has led to record-breaking costs, with the best charge since 2017 seen on Monday (Nov. 30). Bitcoin remains to be buying and selling in a unstable method, however adoption is accelerating by distinguished buyers and finance companies.
PayPal not too long ago launched the power to purchase and promote cryptocurrencies on its platform. Daniel Gouldman, CEO of the crypto banking platform operator Ternio, instructed PYMNTS earlier this week that having PayPal on board will assist crypto go mainstream.
Nonetheless, a invoice launched by Congress on Thursday (Dec. 3) would outlaw any stablecoins not pre-approved by the federal government. The Steady Act is meant to be a safety measure for customers.
Ripple CEO Brad Garlinghouse has mentioned he would depart the US and take his enterprise elsewhere, however is now ready to see what the Biden administration does relating to crypto.