The US government agency Office of the Comptroller of the Currency will reconsider the crypto policy put forward by the previous management last year.
Related: IRS Orders to Report Crypto Transactions Over $10.000
Michael Hsu, who was assigned the role of Acting Comptroller of the Currency on May 10, made the request.He said that OCC has always been concentrated on promoting responsible tech development and that the agency changed the working model for banks and trust institutions making crypto custody operations part of the banking activities.
The officer asked the personnel to analyze those points.
Additionally, Michael Hsu said that his main worry is that actions didn't fully coordinate with all stakeholders. The agency's priority will be a more widespread regulatory outline and stakeholders' interests.It's worth mentioning that during the service of the former OCC head Brian P. Brooks the regulatory issued a paper affirming that federally charted banks are allowed to deliver crypto custodial services.
In April major crypto trading platform Binance US hired Brooks as its CEO.
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Recently the US Treasury issued a report which defines that transactions worth $10.000 and more must be reported to the IRS.