US Senator Asks Top Financial Regulator To Roll Back Crypto Guidelines Set in Place for Banks: Report

US Senator Asks Top Financial Regulator To Roll Back Crypto Guidelines Set in Place for Banks: Report


US Senator Elizabeth Warren is reportedly asking the Office of the Comptroller of the Currency (OCC) to pull back the crypto guidelines it set in place for banking institutions.

According to a new report by Bloomberg, Warren is circulating a letter in the Senate that would ask the OCC to roll back its guidance involving a number of interpretations, including the definition of stablecoins, that eventually enabled banks to offer crypto custody services to clients.

Warren is asking the OCC to work with other regulatory agencies to create an approach “that adequately protects consumers and the safety and soundness of the banking system.”

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Warren’s letter finds that the current OCC standards don’t adequately take into account the flaws and financial risks of banking institutions venturing

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