Executive Summary
In the last six months, blockchain technology has gone from a complex and arcane topic to increasingly mainstream as the digital technology evolves from concept to use. In July 2020, the OCC allowed banks to provide custody services for digital currencies. In late 2020, Fed Chair Jerome Powell spoke at an IMF conference on digital currency saying, “Given the dollar’s important role globally, it’s essential that we remain on the frontier of research and policy development.” A month later, Brian Brooks is appointed acting Comptroller of the Currency, and a month after that the OCC approved banks use of digital currencies in payment activities. The political environment is shifting too, as key leaders in the new Administration – Gary Gensler (SEC) and Michael Barr (OCC) – have extensive experience with these new payment technologies.
