The chief of the Office of the Comptroller of the Currency (OCC) has came in support of a balanced approach when it comes to regulating new financial technologies like Bitcoin.
In his speech on Friday, OCC director Thomas Curry called for amalgamating innovation with the traditional risk management practices, saying it would be a “financial win-win” situation for all. To make this happen, he wondered whether the US regulators would be ready to avoid creating superincumbent rules that hamper the growth of newer payment technologies within the existing banking infrastructure.
Curry noted how the memory of 2008’s financial crisis is blinding the regulators to see the “importance of continued innovation in the financial marketplace.” Referring these technologies the bloodline of the US economy, he asked regulators to adapt them fairly to help bank customers.
“It’s our job as a regulator to support and even encourage innovation that helps bank customers,” he stated. “In fact, that’s a hallmark of the national bank charter – its ability to adapt to the changing needs of bank customers.”
Innovation Outside Banking Industry
Stating that most of the said innovations are taking place outside the