U.S. Bank Regulator Keeps An Open Mind On Bitcoin
Last week, The U.S. Comptroller of the Currency Thomas J. Curry called on U.S. policy makers to have an open mind when it comes to the development of financial technology. His remarks were cheered by the bitcoin community, as Curry's speech was in support of balanced regulation that will help the fintech sector grow.
Rules That Encourage New Business
Curry's speech highlighted the importance of designing regulations that help support financial technology rather than weigh it down. He cited bitcoin as an example of technology in need of regulations that don't hurt its operation.
Many believe that regulation is a necessary step to promote bitcoin's mainstream adoption as much of the public is hesitant to use the cryptocurrency due to it's lacks of government protection. However, some say one of bitcoin's main draws is its lack of regulation, and that imposing government mandates would make the currency less appealing.
Related Link: U.S. Government To Fund Cryptocurrency Research
Working Together
For that reason, Curry has set up a group that will work together with fintech leaders to evaluate new financial products and appropriately monitor them. He proposed setting up an office dedicated to financial innovation as well.
Red Tape
One of the reasons fintech companies are hesitant to integrate with the US' heavily regulated banking sector because they worry about gaining approval. Curry said the working group dedicated to financial technology will help address those concerns and make the sector more accessible to new businesses.
A Win For Bitcoin
The speech was considered a win for the cryptocurrency community, which has been looking for ways to break into the mainstream without being bogged down by traditional banking rules. Curry appears to see bitcoin as a revolutionary technology and is in support of its growing popularity, something that will likely influence U.S. policy in the years to come.
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