The top regulator, while speaking in the CNBC’s Squawkbox program, stated that the common people can anticipate fresh guidelines governing cryptos in the weeks ahead.
Brooks pointed out that the fresh guidelines would concentrate on creating regulatory clarity in the budding crypto industry, which he trusts will assist investors in feeling secure while getting exposure in the crypto sector.
“I don’t think we need 50 regulations instead of two, but what we do need is clarity about what’s allowed. We need some guidance, for example, about whether banks can connect directly to blockchains as payment networks. The answer has to be yes. We need answers about [whether] banks can custody cryptocurrency so that institutions feel comfortable adopting. And you saw what happened when we gave that clarity.”
A week before, Coinbase CEO Brian Armstrong cautioned his Twitter followers that he anticipated a fresh bunch of crypto guidelines to be published by the US Treasury and Secretary Mnuchin.
The Chief of Coinbase trusts that the government may work towards self-governance of crypto wallets, emphasizing that the unconfirmed guidelines would hinder the expansion of the fast changing crypto environment.
Brooks further stressed that his bureau’s objective is not to impede growth, but to back what he witnesses as a huge institutional interest in the domain by offering transparency through the sector.
“So you have clarity across a variety of areas that I think you’ll be seeing just in the next 6 – 8 weeks, which will make it easier for crypto investors to know how to invest, to know how institutions can be in this asset class. Those are the things that are driving prices at this point. You know it may have been a bubble two years ago, but with more clarity, institutions that see this as a real thing are going to adopt at scale, which they’ve already started to do. So stay tuned.”