US Comptroller of the Currency Calls for Innovative Regulations on Digital Currencies and FinTech
Comptroller of the Currency Thomas J. Curry, who heads an independent department in charge of supervising all U.S. national banks, stated in a speech April 7 at the American Banker Retail Banking Conference that “it’s important that regulators are open to the changes that are underway in both technology and business practices,” according to prepared....
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Attorney and Bitcoin advisor Marco Santori has hailed “the end of state-by-state licensing” following news that fintech startups will no longer face “patchwork” local compliance procedures. OCC Wants ‘Level Playing Field’. The Office of the Comptroller of the Currency (OCC) announced Friday that limited bank charters will be available for fintech companies. This, Comptroller of the Currency Thomas Curry said, would “level the playing field” in terms of regulatory compliance in the US. “It will be much better for the health of the federal banking system and everyone who relies on these....
The divided regulatory policies and frameworks on digital currencies, including Bitcoin, in the United States have created an impractical ecosystem for startups to operate in. The country’s state-by-state regulations for money transmission licensing has led to an unclear regulatory framework for digital currencies, with some states, including North Carolina, New Jersey and California, establishing regulations in favor of digital currency startups and businesses, while others, such as New York and Connecticut, require startups to obtain expensive licenses to operate as legal entities. This....
The head of the Office of the Comptroller of the Currency (OCC) has called for a balanced approach to regulation governing financial technology development in the United States, citing bitcoin as one such example. Months after calling digital currencies "potentially revolutionary", OCC Comptroller Thomas Curry highlighted bitcoin during a recent speech as he called for regulators to avoid crafting overly burdensome rules that could stifle otherwise productive work on financial technology. He stated: "As the industry continues to innovate, it's important that regulators strike the right....
HR 5777, a new bill submitted to Congress by US Representative Steve Stockman (R-TX), calls for a five-year moratorium on digital currency regulation within the US. The bill, titled the Cryptocurrency Protocol Protection and Moratorium Act, would hold off any "statutory restrictions or regulations" for the five-year period after 15th June 2015. The bill was submitted on 1st December and has since been referred to both the House Committee on Ways and Means and the House Committee on Financial Services. The draft law also calls for virtual currencies to be classified as traditional....
PayPal has some interesting feelings towards bitcoin. Apparently, while the currency itself shouldn't be up for regulation, businesses that deal in it should. The company made a submission to the Australian Senate committee investigating the regulation of digital currencies that calls for the recognition of differences between digital currencies, and the companies that facilitate digital currency transactions. PayPal's submission states: "While the currency itself should not be regulated, and transactions by individual users without the assistance of the intermediaries should not be....