Share this article
Senate Banking Chairman Asks OCC About Its Planned Crypto Rulemaking
U.S. Senate Banking Committee Chairman Mike Crapo asked to know more about the OCC's potential crypto guidance, but encouraged clear regulation.
By Nikhilesh De
Updated Sep 14, 2021, 9:51 a.m. Published Sep 2, 2020, 2:11 p.m.
U.S. Sen. Mike Crapo (R-Idaho), who heads the powerful Senate Banking Committee, has asked the Office of the Comptroller of the Currency (OCC) to fill his committee in on its Advanced Notice of Proposed Rulemaking for cryptocurrency services.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The OCC, a federal banking regulator, asked the general public to weigh in on how cryptocurrencies were used or treated in the financial sector this past June.
- Around 90 banks, crypto startups, academics and industry organizations provided responses, with some major banks in particular suggesting they would be open to providing cryptocurrency services with some clearer regulation.
- Crapo's letter, dated Sept. 1, asks the OCC to "provide the committee with an update on its findings and the next steps the OCC intends to take with this technology."
- The U.S. needs to create clear rules around cryptocurrency services "without stifling innovation," the letter said.
- With the crypto space offering products and services as "diverse" as elsewhere in finance, Crapo wrote, "These and similar innovations are inevitable, beneficial and the U.S. should lead in their development."
- The Senate Banking Committee has held a number of hearings around the crypto space, as Crapo's letter points out, including on the Facebook-led Libra project.
Also read: US Regulator to Shake Up Banking With Federal Charters for Payment Firms
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Weekend Sell-Off Hits EdgeX’s Nasdaq-Linked Perp as $13M in Longs Liquidated
A large short placed during off-hours sent EdgeX’s XYZ100 perpetual down nearly 4%, exposing risks in equity-index perps when traditional markets are closed.
What to know:
- A newly created wallet executed a short worth roughly $10 million on EdgeX’s Nasdaq 100–linked perpetual, triggering a rapid 3.5% price drop and a liquidation cascade across long positions.
- With U.S. equity markets closed, traders cannot hedge exposure to the Nasdaq, leaving equity-index perps more susceptible to large orders and thin liquidity.
- EdgeX processed about $167 billion in perp volume last month, underscoring how fast-growing crypto derivatives platforms are pushing into tokenized equities.
Top Stories
