8/29/2021, 10:06:47 PMNegative. +1
Several U.S. lawmakers are displeased by the Office of the Comptroller of the Currency and its focus on crypto and fintech during a pandemic-caused recession.
Six members of Congress faulted the banking regulator’s stance on crypto custody and stablecoin services, as well as its plans to offer a fintech charter, in a sharply worded letter Tuesday that questioned whether Acting Comptroller Brian Brooks has his priorities straight during COVID-19’s health and economic crises.
Brooks has no business bolstering crypto banking while millions of Americans are still waiting for economic relief, wrote Reps. Rashida Tlaib (D-Mich.) and Stephen Lynch (D-Mass.) in a letter co-signed by Deb Haaland (D-N.M.), Ayanna Pressley (D-Mass.), Jesús García (D-Ill.) and Barbara Lee (D-Calif.). They blasted OCC’s “unilateral actions” as short-sighted calls they said could put “the entire hierarchy” of dollar-denominated financial assets at risk.
“The OCC plays an important role in providing stable forms of currency. However, the decisions of your agency have the potential to adversely affect banking and financial activities well beyond your jurisdiction,” they wrote.
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