The crypto industry is likely to expect two more agencies that fall into the line of digital assets aimed at: the office of the comptroller of money, which is one of the principal regulators of banking banking, and the consumer Financial protection bureau, where lights are effectively confined.
The Dicey relationship of the US banking sector may expect more to ease the arrival of a new stand-in chief at OCC, Rodney Hood, the former crypto-friendly former chairman of the US credit-union watchdog. Like other major financial administration positions, President Donald Trump tapped a man who embraced cryptocurrency technology.
When operating a credit-union agency in 2021, he said, “Cryptocurrency needs to be a part of the credit union system. If you don’t have it, it will hurt your ability to compete with other financial service providers.” Replacing banks for credit unions with that emotion may mean OCC re -thinking Guide to banks in 2021 It contributed to the Rift between crypto companies and US banking services.
The main push of the 2021 guide from OCC, Federal Deposit Insurance Corp. and the federal reserve is those banks should not enter the crypto business without obtaining a formal sign-off From their regulators that products or services can be handled without institutional risk. But the industry argued that the fight from the agencies went even farther than there and pushed the banks away from digital assets.
The newly acting leader of FDIC, Travis Hill, said he was ordered that “a comprehensive review of all communications in managing banks who sought to offer crypto-related products” with purpose Opening a path for banks to engage in digital possessions.
With Get rid of itAlso, in the Crypto Accounting policy of the Securities and Exchange Commission that effectively stacked additional capital requirements to banks who want to hold crypto for clients, banking barriers for digital possessions may fall .
At the Consumer Financial Protection Bureau, the guardian established after the global financial melting in 2008, it has seen its existence under attacks from Republicans who have long had issues with the agency’s fights against corporations. Trump is installing his budget leader, Russ Vought, as CFPB’s acting head, and he Moved to choke off Its financing and its operations are crushed.
A happy climb from several numbers in the crypto, including Brian Armstrong, the CEO of Coinbase. His company is a frequent subject of consumer complaints lying on the agency’s database – almost 8,000 in the last number. Armstrong told a Post on social media site x That the agency is “should be removed,” calling it a non -constitutional “activist organization that has done great harm to the country.” (Although the US Supreme Court ruled out last year that CFPB operations are not running on the Constitution.)
In addition to the previous leadership as its duty to protect consumers being struck by crypto companies, the agency is also Looking for some additional policy authority In the industry. In January, its previous director pushed for a stablecoin regulation that the industry felt was an overreach that also threatened the self-hosted wallets. But the proposal is not likely to move now that the agency’s activity is frozen with the Trump administration.
The administration’s CFPB attacks objections from Democratic Lawmakers, including Senator Elizabeth Warren, the leading Democrat on the Senate Banking Committee, and representative Maxine Waters, covering the same role At the House Financial Services Committee.
“Elon Musk and the person who wrote Project 2025, Russ vought, is trying to kill the Consumer Financial Protection Bureau,” Warren said In a video released on MondayNoting Trump’s administration for its pursuit of the consumer agency. “This is the payment for wealthy men who invested in his campaign and wanted to fool families – and no one was around to stop them.”
Democrats aim to hold a rally at the CFPB later Monday afternoon.
Also on Monday, the water Stablecoin Bill text released He worked with his former Republican counterpart to committee, former chairman Patrick Mchenry. However, the more effort in the Bipartisan compromise, is not what is currently offered from the Republicans. However, if the same chamber eventually sought a bipartisan agreement with Stablecoins that could comfortably pass the Muster to the Senate, it may need to address Democrats’ concerns about giving states a high level of Authority of administration to stablecoin providers.
