How bitcoins future will be set in stone depending on what crypto does now

Quick Take

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• Over the past few weeks, we have seen bitcoin hit highs that we have never experienced before. 

• Currently priced above $22,000 at the time of writing, the leading crypto coin has had an exciting 2020.

Over the past few weeks, we have seen bitcoin hit highs that we have never experienced before. Currently priced above $22,000 at the time of writing, the leading crypto coin has had an exciting 2020.

And even the office of the comptroller of the currencies has approved crypto custody at national banks. The former executive at the Coinbase platform and the current acting leader of the OCC, Brian Brooks said that a number of government rules are set to change and Legal policy for crypto has an uncertain future.

Speaking in an interview at the end of last week, Brooks says that he cannot speak as to the specific price movement but suggested that he was worried about the future of the industry. 

He explained:

“All of this is happening in an environment where we’re about to have a change of presidential administrations and there’s calls on Capitol Hill to dismantle some of the regulatory protections we’ve put in place with this stuff.”

Several cryptocurrency proposals, when it comes to regulations, have been put forward over the past few weeks. Even rumours on limitations for self custody crypto wallet.

Brooks further said:

“My agency has tried to make it safer for people to custody in national banks. We’ve talked about banks supporting some of these stablecoin projects. If those protections aren’t in place, I really worry about the environment for these kinds of things.”

Currently, the industry is at a bit of a crossroads when it comes to regulation according to Brooks. He added that one road gives the impression of increasing safety for people in the market but the other one could be a lot worse for the overall industry. Even though there is potential to certainly grow, what happens now will determine what occurs in the future.

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