Acting Comptroller of the Currency Appointed as Pro-Cryptocurrency Figure

JH Kim

Summary

Rodney Hood, appointed as Acting Comptroller of the Currency, is reported to be a pro-cryptocurrency figure.
Hood has previously made favorable statements about cryptocurrency.
Interpretative Letter 1179 from the OCC is said to be the last official barrier to cryptocurrency custody participation.

Eleanor Terrett, a Fox Business reporter, announced on the 10th (local time) via X (formerly Twitter) that Rodney Hood, Chairman of the National Credit Union Administration (NCUA) Board, is set to be appointed as the Acting Comptroller of the Currency (OCC). She noted that Hood is a pro-cryptocurrency figure and has made favorable statements about it in the past.

Previously, Coinbase sent a letter to the OCC, the Federal Reserve (Fed), and the Federal Deposit Insurance Corporation (FDIC) requesting permission for banks to offer cryptocurrency custody and trading services.

Terrett explained that "Interpretative Letter 1179 from the OCC is the last official barrier preventing banks from engaging in cryptocurrency custody and related activities without prior approval."