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Democratic US Representatives Blast The OCC For Focus On Crypto Regulation During COVID-19
Summary: Democratic US representatives sent a letter to Brian Brooks, a former Coinbase executive and now leader U.S. Office of the Comptroller of the Currency, urging him to consult with other congresspeople before making unilateral decisions when it comes to regulating the crypto industry. Stephen Lynch of Massachusetts and Rashida Tlaib of Michigan penned the letter which ...
Democratic US representatives sent a letter to Brian Brooks, a former Coinbase executive and now leader U.S. Office of the Comptroller of the Currency, urging him to consult with other congresspeople before making unilateral decisions when it comes to regulating the crypto industry.
Stephen Lynch of Massachusetts and Rashida Tlaib of Michigan penned the letter which was signed by Jesús García, Deb Haaland, Barbara Lee and Ayanna Pressley — representatives from Illinois, New Mexico, California and Massachusetts.
The representatives criticized the OCC's stance on crypto custody, stablecoin services and plans to offer a fintech charter arguing that bolstering the crypto banking should not be a priority as the coronavirus pandemic continues to pose economic threats.
“The OCC plays an important role in providing stable forms of currency. However, the decisions of your agency have the potential to adversely affect banking and financial activities well beyond your jurisdiction,” they wrote.
By Emily Mason
Tags: Brian Brooks,Coinbase,OCC,Regulation
Link: Democratic US Representatives Blast The OCC For Focus On Crypto Regulation During COVID-19 [Copy]
