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The emergence of DeFi requires a revision of banking regulations

Brian Brooks, acting head of the Office of the Comptroller of the Currency of the United States (OCC), announced the need to revise banking regulations in connection with the emergence of decentralized finance (DeFi). In an article for the Financial Times, Brooks said that for the foreseeable future, some banks will be entirely software, so regulators will need to adjust to this reality. According to Brooks, regulators need to develop rules that set limits on the technology itself, not on the people who use it. Currently, most regulations provide for “supervision of people.” “We call it banking regulation, but we actually control the work of the bankers,” he wrote. Brooks said these “outdated rules” need to be revised. US regulators can investigate and regulate the software bank by examining and testing algorithms for compliance with legal requirements. Such banks, Brooks said, can be regulated in the same way as banks that are run by people. Brooks, a former chief lawyer for cryptocurrency exchange Coinbase, has repeatedly raised cryptocurrency regulation issues at the OCC. Recently, the regulator published a letter stating that banks can store stablecoins and transact with public blockchains. However, with the coming to power of the Joe Biden administration, his term is coming to an end. Brooks will step down from office later this week, according to Politico, although an OCC spokesman declined to confirm this information.

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