Odaily News FOX Business reporter Eleanor Terrett posted on X that Rodney Hood, former chairman of the National Credit Union Administration (NCUA), will serve as acting director of the Office of the Comptroller of the Currency (OCC), and the appointment will take effect immediately.
Hood has publicly expressed a positive view on cryptocurrencies, saying in 2021: "I believe the cryptocurrency market is critical not only to credit unions, but to the entire financial services market. Cryptocurrency needs to be part of the credit union system. If you don't have it, it will hurt your ability to compete with other financial service providers."
Regarding regulatory flexibility for cryptocurrencies, Hood noted: “I don’t want to confuse guardrails with heavy-handed regulation.”
It is worth mentioning that the OCC’s interpretative letter 1179 prohibits national banks from engaging in cryptocurrency activities without prior approval, which is the last formal prohibition on financial institutions engaging in cryptocurrency custody and related activities. Cryptocurrency executives, including Coinbase Chief Legal Officer Paul Grewal, said they expect the guidance to be revoked soon.