The recent regulatory approval for bank crypto custody comes after a Coinbase alum figured prominently as Acting Comptroller of the Currency for the Office of the Comptroller of the Currency, or OCC, a U.S. banking regulator.
“There has been a major change in the past 60 days,” Morgan Creek Digital co-founder Anthony Pompliano said in a July 23 episode of his YouTube show Lunch Money.
Pomp added:
Brian Brooks, who used to be the legal director of Coinbase, is now the Acting Comptroller of the coin. He’s in charge, so there’s a Bitcoiner in the chicken coop, and they let him in. “
US government regulator brings crypto clarity
Crypto is outside the conventional monetary system, positioning users as its own banks, maintaining its own funds. However, banks often interact with the crypto ecosystem when users send cash to crypto exchanges or services. Some users may also not want to keep their own funds, homework services or entities with custody of their crypto capital.
The crypto industry received regulatory clarity from the OCC on July 22, giving federally authorized banks custody of digital assets.
Prior to this ruling, Pomp said a large number of federally regulated banks walked away from cryptocurrency involvement, citing OCC restrictions. Pomp noted that Brooks made no regulatory changes, but simply provided clarity to the crypto bank custody scene.
Clarity helps the industry.
“Banks are going to build custody services, banks are going to acquire crypto companies,” Pomp said, referring to the future effect of recent government clarity. “In addition, you will see that crypto companies try to create software to sell in banks,” he said.
Pomp added:
“Each currency will be digital. Digital dollar, digital yen, digital euro, Bitcoin, Pound. All the world’s currencies will be digital and competition will not be at the technology layer, but at the monetary policy layer. Bitcoin has superior monetary policy and Bitcoin will be the global reserve currency. “
A Bitcoin advocate, Pomp has previously pointed out that the coin travels down a price line not correlated with conventional markets.
