The chairman of the US Senate Committee on Banking, Housing and Urban Affairs is urging the Office of the Comptroller of the Currency (OCC) to design a policy on crypto payments.

On 1 September, Sen. Mike Crapo wrote a letter to OCC acting comptroller Brian Brooks advising that it would be “prudent” to provide clarity on payments following the office’s recent announcement that national banks’ and federal savings associations are eligible to custody crypto.

"The U.S. should develop clear rules of the road that protect businesses and consumers without stifling future innovation," read Crapo's statement.

The letter also requested an update on any input the OCC has received related to its Advanced Notice of Proposed Rulemaking (ANPR). The June ANPR offered a comment period up until 3 August. Prompts in the ANPR included aspects related to fintech use in national banks, but Crapo specifically requested feedback related to prompts on ledger technology, cryptocurrencies and emerging payment technologies.

Crapo previously headed up Senate hearings related to blockchain and crypto as chairman of the Banking Committee.