Legal Law

Treasury Division Concurrently Encouraging, Discouraging Crypto Adoption

He may not have known what one was when he became president—and, let’s face it, that’s true of pretty much every subject—but, unlike many other things, Donald Trump has learned a thing or two about cryptocurrencies, and he doesn’t like them any more than he likes Nancy Pelosi or people with dark skin. Hates them enough to have ordered Steve Mnuchin to do something about them, which he’s finally gotten around to. Of course, consistency and competence haven’t been any more hallmarks of this administration than open-minded curiosity or learning, and so does it surprise you to learn that two different divisions of the very same Cabinet department—the best-run one we’ve got, or so we are terrifyingly told—would be operating at totally cross-purposes when it comes to imaginary money?

The Office of the Comptroller of the Currency… is trying to counter the perception held by some traditional banks that transactions involving cryptocurrencies present heightened risks that require lengthy and expensive due-diligence checks…. Brian Brooks, who has been acting Comptroller of the Currency since May, wants to set up systems that will enable banks to adopt digital currency safely. “We’re trying to demystify crypto,” he said.

The growth and adoption of cryptocurrency is inevitable, said Mr. Brooks, who previously served as the chief legal officer of digital-currency exchange Coinbase Global Inc.

Um, has he told the president that?

This Regulator Wants to Help Banks Embrace Cryptocurrency [WSJ]

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