The U.S. Office of the Comptroller of the Currency (OCC), which administers the federal banking system, is seeking public comment on proposed rule changes. Most of the potential updates relate to innovations where existing rules may be outdated. Those innovations include cryptocurrency dealings or using blockchain or distributed ledger technologies (DLT) in the back office.
Notably, the new acting Comptroller of the Currency as of last week, Brian Brooks, was formerly Chief Legal Officer at cryptocurrency exchange Coinbase. He joined the OCC in April and initially Chaired the Technology and Systems Subcommittee.
The request for comment asks how DLT is being used and in what activities. It lists potential activities as identity verification, credit underwriting or monitoring, payments processing, trade finance, and records management. The OCC seeks feedback on what areas require clarification in regulatory guidance.
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