‘Nobody’s going to ban Bitcoin’

Brian Brooks, the top of the Workplace of the Comptroller of the Foreign money, stated regulators usually are not trying to “kill” Bitcoin (BTC) however as a substitute guarantee its clean integration into the monetary system. 

In an interview with CNBC’s Squawk Field on Friday, Brooks said:

“We’re very targeted on getting this proper. We’re very targeted on not killing this, and it’s equally essential that we develop the networks behind Bitcoin and different cryptos as it’s that we stop cash laundering and terrorism financing.”

The Workplace of the Comptroller of the Foreign money is the bureau of the Treasury Division that supervises federal banks.

Brooks’ remark was in response to a query about whether or not the administration of Donald Trump was planning to roll out probably damaging cryptocurrency rules earlier than the tip of its time period. Brian Armstrong, CEO of Coinbase, brought attention to this challenge final month in a collection of tweets explaining why stringent rules focusing on self-hosted crypto wallets can be a nasty concept.

When requested about whether or not we are able to count on new rules by the tip of President Trump’s time period, Brooks stated:

“I believe you’re going to see a number of excellent news for crypto by the tip of the Trump time period. A few of it’ll must do with banks connecting to blockchains, a few of it’ll be extra readability across the nature of those property.”

Whereas acknowledging that it’s a “harmful world on the market,” Brooks stated:

“No one’s going to ban Bitcoin. No one’s going to ban a few of these transmission applied sciences.”