U.S Regulator Seeks Public Comments on Proposal to Update Cr...
Cryptocurrency, News

U.S Regulator Seeks Public Comments on Proposal to Update Crypto and DLT Activities in the Banking Sector

The office of the Comptroller of the Currency (OCC), a federal bank regulator in the U.S. is seeking public feedback on the digital activities of national banks and federal savings associations. These include activities relating to digital assets and the distributed ledger technology (DLT). 

On June 4, the OCC published 2 notices, Notice of Proposed Rulemaking (NPR) and Advanced Notice of Proposed Rulemaking (ANPR), for public comment. Feedbacks on the NPR will be used to update its rules for national bank and federal savings association activities and operations. Whilesthe ANPR is seeking feedbacks on rules on digital activities ofthe national banks and federal savings associations.

Specifically, the ANPR invites comments on its regulations at 12 CFR 7, subpart E and 155. It is also seeking comments any other banking issues related to digital technology and innovation. According to the agency, this move is part of its efforts to aid the evolution of the federal banking system and its ability to meet current needs of customers.

People are to comment on issues like how the DLT is used or potentially used in activities related to banking. They couldalso comment on the type of crypto-related activities thatfinancial services companies or bank customers engaged in. Also, they could comment on the barriers to further adoption of crypto-related activities in the banking industry. 

Other areas of inquiry focus on artificial intelligence (AI) andnext-generation payment systems. Enquiries were also made on the impact of the COVID-19 pandemic on the banking sector. August 3, has been set by the OCC as the deadline for the receipt of the public comments. The notice was signed by the Acting Comptroller of the Currency, Brain Brooks, former chief legal officer of Coinbase exchange.  

coinmag

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.