Acting Comptroller of The Currency and former Coinbase executive, Brian Brooks, recently testified before the US Senate Committee on Banking, Housing and Urban Affairs. Included in his testimony was a section on the growing usage of cryptocurrency and stablecoin across the country.
Brooks said: “Today, roughly 60 million Americans own some type of cryptocurrency, with a total market cap of nearly $430 billion. These figures clearly illustrate that this payment mechanism is now firmly entrenched in the financial mainstream.”
He further stressed that cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services. Transactions are quick, efficient, while providing convenience and security.
Brook noted that there has been a substantial increase in the use of stablecoins throughout the US, demonstrating consumer comfort with its use.
This year the OCC, with Brooks as the Acting Comptroller of The Currency, has shown a great interest in cryptocurrency, clarifying uncertain regulation. In July 2020, the OCC announced that they had given approval to provide cryptocurrency custody services for customers. Then, in September 2020 announced that US national banks and federal savings associations were now permitted to hold reserve currencies for stablecoins.