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US Bank Regulator “Worried” With Biden Crypto Regulations

US Bank Regulator “Worried” With Biden Crypto Regulations
  • Joe Biden’s administration may dismantle current crypto regulations which may hurt the industry, according to Acting Comptroller of the Currency Brian Brooks.
  • Meanwhile, the SEC filed a lawsuit against Ripple over its XRP sale years back.
  • Ironically, Ripple’s CEO Garlinghouse predicted how Biden’s administration will influence positivity in the crypto industry.

The Biden administration may be bad news for crypto due to new regulations, according to a US banking regulator.

In an interview with CNBC, Acting Comptroller of the Currency Brian Brooks expressed worries over Biden’s crypto regulations. He said that regulators may revert past changes which once protected and supported crypto custodies and businesses.

While Brooks did not comment so much on the Bitcoin rally, he expressed his concerns over the change of administration. “What I am worried about is… there are calls on Capitol Hill to dismantle some of the regulatory protections we put in place,” he said.

Brooks then proceeded to explain the two possible paths for crypto. The first path is that the government will “find ways” to address money laundering and terrorist financing.

He added,

The other path which is a very real potential here is that we politicize some of these tech issues, whether it’s crypto or fintech more broadly. We politicize it by undoing all of the good work this administration has done to make it safer, to make it more real.

Meanwhile, the SEC has filed a lawsuit against Ripple over its allegedly unlicensed sale of XRP years ago. Ironically, Ripple CEO Brad Garlinghouse openly predicted that Biden’s administration will positively impact the crypto industry. Alongside the above, he claimed that this will be much more user-friendly as compared to the Trump Administration.

Additionally, Garlinghouse adopted a wait-and-see approach regarding what Biden’s government hopes to bring before relocating to another country.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.