Regulatory FUD from the United States Senate Committee on Banking

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If you live in the United States and follow blockchain enthusiasts, your twitterverse may be in a small frenzy this morning. All the fuss is over a letter sent by the United States Senate Committee on Banking, Housing, and Urban Affairs to the Acting Comptroller at the Office of the Comptroller of the Currency. In the letter, the Committee raises concern over the previous Comptroller attempt to provide an onramp to the legacy financial system for the burgeoning cryptocurrency space. The Committee urges the Comptroller to “take a closer look at the procedures and guidelines followed within the OCC regarding the evaluation and approval of the Anchorage, Paxos and Protego charters to ensure that the OCC’s supervision and licensing standards remain both rigorous and equitable among charter applicants.”

This coverage is not to opine on whether or not the content of the letter is good or bad for cryptocurrency. Rather, we simply want to make you aware of its existence. In a healthy democracy, there should always be multiple views and answers for most questions. The more important the question, the more rigor and competing views there should be.

Functioning democracies are not the stuff of Acting Comptroller, or committees on “Banking, Housing, and Urban Affairs.” They are the stuff of you and I, your neighbor, and their neighbor. We encourage you to read the letter, then write your senator and tell them how you feel. Send a copy to the Executive Office of the President of the United States as well. Or here is a thought for those on the 160 character writing system: put your tweet on paper and mail it!

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