OCC: "Federal Regulations Take Precedence Over State"...Concerns in the Virtual Asset Industry
JH Kim
Summary
- The Office of the Comptroller of the Currency (OCC) reaffirmed that federal banking regulations take precedence over state laws.
- Members of the virtual asset industry stated that the OCC’s statement is interpreted as an attempt to expand federal agency oversight of virtual assets.
- There are concerns being raised that the regulatory authority of state governments may be weakened.
On the 9th (local time), Eleanor Terrett, a host of Crypto in America, reported via X (formerly Twitter) that Rodney Hood, acting head of the Office of the Comptroller of the Currency (OCC), reaffirmed that federal banking regulations take precedence over state laws.
Some members of the virtual asset industry interpret the OCC’s statement as an attempt to expand federal agency oversight of virtual assets, raising concerns that the regulatory authority of state governments could be weakened.
JH Kim
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