Rodney Hood, former NCUA chairman who supports cryptocurrency, becomes acting OCC director

Odaily Planet Daily News FOX Business reporter Eleanor Terrett wrote 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 today. Hood has publicly expressed a positive view of cryptocurrencies. In 2021, he said: "I believe that the cryptocurrency market is not only vital to credit unions, but also 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 the regulatory flexibility of cryptocurrencies, Hood pointed out: "I don't want to confuse guardrails with harsh regulation." It is worth mentioning that OCC's interpretive letter 1179 prohibits national banks from engaging in cryptocurrency activities without prior approval. This is the last formal ban on financial institutions participating in cryptocurrency custody and related activities. Cryptocurrency executives, including Coinbase Chief Legal Officer Paul Grewal, said they expect the guidelines to be revoked soon.