OCC’s Brian Brooks testifies to the importance of crypto before US Senate

As part of his statement to the U.S. Senate Committee on Banking, Housing and Urban Affairs, acting Comptroller of the Currency, Brian Brooks, prepared a whole section on crypto assets, including specific mention of stablecoins. 

“Today, roughly 60 million Americans own some type of cryptocurrency, with a total market cap of nearly $430 billion,” Brooks said, adding:

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“These figures clearly illustrate that this payment mechanism is now firmly entrenched in the financial mainstream. Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services because transactions post in real time and provide convenience and security.”

Brooks also mentioned people becoming accustomed to crypto, as seen in stablecoin usage. The government leader subsequently recapped major crypto-related moves by the Office of the Comptroller of the Currency, or OCC, throughout 2020.