Several us lawmakers have expressed dissatisfaction with the attention of the office of the Comptroller of the currency (OCC) to cryptocurrencies and financial technologies during the recession caused by the coronavirus pandemic.
Six members of Congress spoke sharply about the OCC's activities related to clarifying regulation in the field of storing cryptocurrencies and issuing stablecoins, as well as its plans to establish a license for FINTECH companies. Congressmen are not satisfied with the approach of former Coinbase lawyer Brian Brooks, now managing the OCC, to setting priorities.
They write that Brooks should not deal with cryptocurrency banking issues while millions of Americans wait for the economy to recover, emphasizing that he is acting "unilaterally" and making short-sighted decisions that threaten the" entire hierarchy " of dollar-dominated financial assets.
"The OCC plays an important role in providing a stable form of currency. Your Agency's decisions could potentially have a negative impact on banking and financial activities far beyond your jurisdiction, " they write.
As noted by CoinDesk, this is probably the first example of such criticism of the regulator, which paid attention to the problems of the cryptocurrency industry. Members of Congress say that Brooks should have consulted with lawmakers and other agencies before making any decisions about cryptocurrencies. He needs to explain his actions by December 10.