OCC asks for balanced Bitcoin regulation in US

Regulation | August 20, 2015 By:

The chief of the Office of the Comptroller of the Currency (OCC) has came in support of a balanced approach when it comes to regulating new financial technologies like Bitcoin.

Curry quoted Bitcoin as a great example of encouraging both financial innovation and risk management practices, and acknowledged it for bringing features that let institutions keep the track of ownership, prevent double spending, and cut transaction settlement costs.

“As the industry continues to innovate, it’s important that regulators strike the right balance between encouraging responsible innovation and managing risk. Virtual currency, like bitcoin provides a good example,” said Thomas Curry.

Curry also said the agency has put together a working group that will develop a framework to evaluate new and innovative financial products and services.

“We have a team with representatives from across the agency – policy experts, examiners, lawyers, and others – considering this question,” he said. “We’re still early in the process, so I can’t tell you exactly where we’ll end up,” he added.

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federal branches and agencies of foreign banks in the United States.