The US Comptroller of the Currency rolls out a proposal that aims to end discriminatory measures against those companies and institutions which are dealing with cryptocurrency.
Since the start of 2020, crypto-related businesses have faced many legal difficulties that are put forward by the US-based regulators. In order to contain such practices against crypto businesses, the office of the Comptroller of the Currency becomes active and shares a proposal for this.
The underlying message of the proposal says that crypto-powered companies and firms will enjoy the same facilities, such as the opening of bank accounts, as other financial institutions. The Controller of the Currency also focuses on the point that discrimination against crypto firms should be stopped. According to the proposal:
“The OCC has repeatedly stated that while banks are not obligated to offer any particular financial benefit to their customers, they must make the services they do offer available to all customers except to the extent that risk factors particular to an individual customer dictate otherwise.”
“Fair Access to Financial Services”
The proposal entitled “Fair Access to Financial Services” aims to set an equal standard of evaluation for exchanges, custody entities, fintechs, and payment protocols. According to the official document, the decision of a bank “must be based on an individual risk management decision.”
The companies dealing with crypto assets have a lot of legal barriers in running in the United States. But the situation in the region is now changing and the digital institutions may receive equal rights as other banks in the US.
With a new initiative, it seems positive that regulatory authorities will take a favorable attitude instead of pressuring the banks not to offer services to entities dealing with crypto assets.
Donald Trump has appointed Brian Brooks for the Office of the Comptroller of the Currency to balance crypto regulations equal for entities running in the region. Brooks may provide a soft hand towards crypto companies as he is a former chief legal officer of the cryptocurrency exchange Coinbase. The latest initiative on the part of Brian is a witness of the favor.