U.S. Treasury Department to reconsider its attitude to cryptocurrencies

20.05.2021 |

There are no restrictions or bans. The new head of the Office of the Comptroller of the Currency at the U.S. Treasury Department, Michael Hsu, speaking before the House of Representatives of Congress, spoke about the special attention and encouragement from the department to innovations in finance. Already, a division for Innovation Management has been created, and additions to banking licensing rules have been introduced to increase transparency of cryptocurrency principles.

However, the existing regulatory principles are not able to fully meet the needs of industry players, as they were adopted without proper coordination of all stakeholders. Therefore, the existing order should be revised in the near future.

During the revision special attention will be paid to improving the safety of financial institutions and their clients. The monetary watchdog itself does not have any preconceived notions about cryptocurrencies. All this allows us to expect that the new regulatory principles will not be prohibitive for cryptocurrency circulation, but will only touch its technical and reporting side, which in general will only have a positive impact on the digital asset industry.