Maxine Waters, the U.S. Representative, has recently commented on the crypto-related guidance issued by the Office of the Comptroller of the Currency (OCC). Waters seeking abrogation of that crypto guidance issued by OCC and wants the U.S. President-elect Joe Biden to rescind them. Recently, several democratic members have introduced a bill that is meant for stablecoin issuers. Subsequently, Waters is seeking abrogation coordinated with the current regulatory oversight related to the stablecoins. According to her, these are the mistakes of President Donald Trump’s administration. Waters Seeking Abrogation that Will Undo Brian Brooks Work As Maxine Waters is seeking abrogation of several OCC’s issued guidance, she wrote a letter, stating: “As you begin to carry out the mandate given to you by the American people to restore trust in the federal government, I would like to highlight several areas where you and your team should immediately reverse the actions of your predecessors.” Waters is also seeking to rescind the OCC’s guidance that has permitted the federally chartered banks and several associations to provide crypto custody services. Moreover, if these recommendations will be accepted, it will completely undo the work done by Brian Brooks, the Acting Comptroller of the Currency. FSOC and OFR Should Publish Analysis of Regulatory Framework The letter by Maxine Waters is divided into different sections and in the financial stability section, she is looking for a proper analysis of the development of the regulatory framework. In particular, Waters states the Financial Stability Oversight Council (FSOC) and Office of Financial Research (OFR) should publish an analysis on the development done with the digital assets regulatory framework. It has been seen that the whole crypto community is not in favour of guidance by OCC. The reason being that these regulations will give entire power in the hands of the banks. However, it is yet to be seen what kind of impact does Waters’ letter have on the administration.
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