The cryptographic industry can probably expect two more agencies to align in their digital asset policy objectives: the currency comptroller’s office, which is one of the main US banking regulators and the consumer financial protection office, where the lights They are effectively closing.
It can be expected that the relationship of the sector with the American bank will be even more mitigated with the arrival of a new boss supporting the Occ, Rodney Hood, the former president of the United States of the Credit Union Control Agency. As with other key financial supervision positions, President Donald Trump has taken advantage of someone who covers cryptocurrency technology.
When executing the Credit Union Agency in 2021, he had said: “Cryptocurren Credit cooperatives in that feeling could mean a rethinking of the OCC Guide to banks in 2021 that contributed to the crack between cryptographic companies and US banking services.
The main impulse of the 2021 guide of the Occ, Federal Deposit Insurance Corp. and the Federal Reserve was that the banks should not enter the cryptographic business without obtaining a formal firm of their regulators that the products or services could be handled without risk the institution. But the industry has argued that the resistance of the agencies went further than that and completely moved away the banks of digital assets.
The new Trump’s interim chief of the FDIC, Travis Hill, already said that he ordered “a comprehensive review of all supervision communications with banks that sought to offer products or services related to active crypto.
With the elimination, also, of the Crypto Accounting Policy of the stock exchange and securities that effectively accumulated additional capital requirements in banks that wanted to handle cryptography for customers, bank impediments for digital assets may be falling.
Read more: the American bank problem of Crypto probably among the first things about Trump
In the Office of Financial Protection of the consumer, the guardian dog established after the world financial collapse in 2008 is seeing its own existence under the assault of the Republicans who have had problems with the agency’s struggles with the corporations. Trump installed his Budget Chief, Russ Vought, as an interim head of CFPB, and moved to drown his financing and paralyze his operations.
A joy increased from certain figures in Crypto, including Brian Armstrong, the CEO of Coinbase. His company was a frequent issue of consumers registered in the agency’s database, almost 8,000 in the last count. Armstrong said in a publication at the social media site X that the agency “must be eliminated,” call it an “unconstitutional activist organization” that has made enormous damage to the country. “(Although the United States Supreme Court ruled the last year that the operation of the CFPB does not face the Constitution).
In addition to what last leadership saw how their duty to protect consumers harmed by cryptographic companies, the agency was also looking for an additional policy authority about the industry. In January, its previous director now distracted pressed for a stable regulation that the industry considered that it was an overreach that also threatened autohospeidas wallets. But it is unlikely that the proposal advances more now than the agency’s activity has frozen in the Trump administration.
The CFPB attack of the Administration has caused the resistance of Democratic legislators, including Senator Elizabeth Warren, the main democrat in the Senate Banking Committee and the representative Maxine Waters, which occupies that same role in the Chamber Financial Services Committee .
“Elon Musk and the guy who wrote the 2025 project, Russ Vought, are trying to kill the consumer financial protection office,” Warren said in a video published Monday, criticizing Trump’s administration for his search for the agency of the agency consumption. “This is the reward for the rich types they invested in their campaign and who want to deceive families, and not have anyone close to stop them.”
Democrats intend to celebrate a demonstration in the CFPB later on Monday afternoon.
Also on Monday, Waters launched the text of the Stablecoin bill that had worked with his previous republican counterpart in the Committee, former President Patrick Mchenry. However, this more bipartisan commitment effort is not what is currently offered by Republicans. However, if both cameras eventually seek a bipartisan agreement on Stablcoins that can approve comfortably in the Senate, may have to address Democrats’ concern about giving the states a high level of supervision authority on Stablecoin’s emitters.
