New U.S. regulations for bitcoin and other cryptocurrencies are being developed and will be rolled out within six to eight weeks, Brian Brooks, acting comptroller of the currency, told CNBC on Friday (Dec. 4).
“We’re very focused on getting this right. We’re very focused on not killing this,” Brooks said. “And it’s equally important that we develop the networks behind bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.”
Brooks added that new regulations could help crypto be adopted at scale by major financial players. His comments came a few days after Coinbase CEO Brian Armstrong tweeted that rumors are circulating that crypto rules were being rushed before the Trump administration leaves the White House in January:
This would be bad for America because it would force U.S. consumers to use foreign unregulated crypto companies to get access to these services. And long term, I believe this would put America’s status as a financial hub at risk.
— Brian Armstrong (@brian_armstrong) November 25, 2020
Runaway bitcoin trading in recent weeks has led to record-breaking prices, with the highest rate since 2017 seen on Monday (Nov. 30). Bitcoin is still trading in a volatile manner, but adoption is accelerating by prominent investors and finance firms.
PayPal recently launched the ability to buy and sell cryptocurrencies on its platform. Daniel Gouldman, CEO of the crypto banking platform operator Ternio, told PYMNTS earlier this week that having PayPal on board will help crypto go mainstream.
However, a bill introduced by Congress on Thursday (Dec. 3) would outlaw any stablecoins not pre-approved by the government. The Stable Act is intended to be a protection measure for consumers.
Ripple CEO Brad Garlinghouse has said he would leave the United States and take his business elsewhere, but is now waiting to see what the Biden administration does regarding crypto.