“As you begin to carry out the mandate given to you by the American people to restore trust in the federal government, I would like to highlight several areas where you and your team should immediately reverse the actions of your predecessors,” she wrote.
In her letter, Waters (D-Calif.) called on Biden to rescind guidance by the OCC that national banks may hold stablecoin reserves as a service to bank customers.
Waters also is recommending that similar guidance by the OCC that allowed federally chartered banks and federal savings associations to provide cryptocurrency custody services for customers be rescinded.
Each of these recommendations would undo work conducted by Brian Brooks, the Acting Comptroller of the Currency. Brooks was recently nominated to serve a full five-year term by Trump.
“Your appointed officials at the Office of the Comptroller of the Currency (OCC) must also not assume, as their predecessors have, that a law Congress passed over 150 years ago somehow gives, them authority to provide a national bank charter to non-bank fintech or payment companies,” she wrote.
Funny thing about this post from Coindesk is that the author was not sure Maxine even had a clue.
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