Crypto Enthusiast Rodney Hood Named Acting Comptroller of the Currency

The U.S. Treasury Department has announced that Rodney Hood, the former National Credit Union Administration (NCUA) Chairman, will assume the role of Acting Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC). This appointment was reported by FOX News reporter Eleanor Terrett on social media.

Hood, a known supporter of cryptocurrency, has previously emphasized its critical importance to the financial industry and warned that credit unions would lose competitiveness if they did not engage with it. His appointment comes at a time when the crypto industry is eagerly awaiting the lifting of restrictions on national banks engaging in cryptocurrency business without prior approval, as outlined in OCC Interpretive Letter 1179.

Industry insiders, such as Coinbase's Chief Legal Officer Paul Grewal, expect this restriction to be lifted soon. Hood's background and stance on cryptocurrency suggest that he may play a significant role in shaping the OCC's stance on crypto regulation during his tenure as Acting Comptroller.

While the appointment of Hood is a notable development in the crypto space, it is essential to note that the OCC's stance on cryptocurrency has been evolving in recent years. In 2020, the OCC issued Interpretive Letter 1170, which clarified that national banks could provide cryptocurrency custody services. However, the subsequent Interpretive Letter 1179 introduced the requirement for prior approval, which has been seen as a barrier to entry for national banks looking to engage in crypto custody services.

The crypto industry has been eagerly awaiting further clarification and guidance from the OCC on cryptocurrency regulation. Hood's appointment as Acting Comptroller may signal a shift in the OCC's stance on cryptocurrency, potentially paving the way for more banks to enter the crypto space. However, it remains to be seen how Hood's tenure will shape the OCC's approach to cryptocurrency regulation and whether the restrictions on national banks engaging in crypto business without prior approval will be lifted.