One of many United States' high monetary regulators mentioned Thursday that new rules on bitcoin and different cryptocurrencies had been coming qui
One of many United States’ high monetary regulators mentioned Thursday that new rules on bitcoin and different cryptocurrencies had been coming quickly, however he downplayed issues that the brand new guidelines could be disruptive.
Brian Brooks, the performing comptroller of the forex, informed CNBC’s Melissa Lee on “Squawk Field” to count on “readability” on cryptocurrency within the subsequent six-to-eight weeks however mentioned “no one’s going to ban bitcoin.”
“We’re very targeted on getting this proper. We’re very targeted on not killing this,” Brooks mentioned. “And it is equally vital that we develop the networks behind bitcoin and different cryptos as it’s that we stop cash laundering and terrorism financing.”
Issues about potential regulation had been heightened final month when Coinbase CEO Brian Armstrong mentioned on Twitter that he had heard rumors that the Treasury Division was working to hurry out new crypto rules earlier than President Donald Trump’s time period ends in January.
“This might be dangerous for America as a result of it might power U.S. customers to make use of overseas unregulated crypto firms to get entry to those providers. And long run, I consider this could put America’s standing as a monetary hub in danger,” Armstrong mentioned.
“I feel you are going to see plenty of excellent news for crypto earlier than the tip of the time period,” Brooks mentioned.
The value of bItcoin has been a tear on current weeks, setting its first document excessive since 2017 on Monday. The cryptocurrency has continued to commerce in a risky method, however has seen elevated adoption by main monetary firms and excessive profile traders.
PayPal just lately carried out a system to let consumer purchase and promote cryptocurrencies on its platform. Hedge fund managers Stanley Druckenmiller and Paul Tudor Jones have each mentioned they’re bullish on bitcoin.
Brooks mentioned the brand new rules would assist speed up adoption of crypto by main monetary gamers.
“It might have been a bubble two years in the past, however with extra readability, establishments that see this as an actual factor are going to undertake at scale, which they’ve already began to do,” Brooks mentioned.