Crypto Has Finally Entered the Operating Plan of the OCC

  • October 18, 2021
  • Jennifer Moore
Crypto Has Finally Entered the Operating Plan of the OCC

The world of cryptocurrency can now add another feather to its cap. It is for the first time, the American OCC or Office of the Comptroller of the Currency has acknowledged crypto as a priority. After studying crypto for the past three years, the regulator finally considers its importance and impact.  

Cryptocurrency has successfully made the grade in the Bank Supervision Operating Plan released by the Office of the Comptroller of the Currency (OCC) for the year 2022.

The OCC’s 2022 Report

The OCC reports 11 points of supervision in its 2022 list for the pecuniary year. The federal bank regulation entails credit, payments, climate change, and crypto-related aspects such as cyber security and fintech partnerships. In its report, the Office of the Comptroller of the Currency has put an emphasis on cryptocurrency for the first time. Its regulations now concern the crypto market regarding fintech-partnerships for cryptocurrency services and related activities.  

In the month of July, last year, the OCC had also generated an imperative making crypto custody services permissible to nationally chartered banks. The federal bank regulator has been actively studying and following the expanding crypto market for the last three years. Although the acceptance of crypto as a priority has arrived late, given the inevitability of the crypto boom happening worldwide.

The OCC’s latest plan iterates that it will “identify banks that are implementing significant changes in their operations using new technological innovations…[and] evaluate the appropriateness of the governance processes when banks undertake significant changes.”

Also Read: Demands Surge for Crypto Bank Solutions.

Wrapping Up

Former OCC Comptroller, Brian Brooks has left the crypto-community abuzz after serving as the CEO of a leading Crypto enterprise. The sudden crypto highlight from the federal bank regulator is associated with his involvement in the crypto market. 

However, Michael Hsu, the current Comptroller of the OCC, has taken the regulatory matters into his own hands. He has set a straightforward and cautious approach to crypto. He has assured the House Financial Services Committee about his prudent attention to crypto activities to safeguard banking for customers.

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