Acting U.S. Comptroller Claims No Rush For Crypto Regulation
Michael J. Hsu called for closer engagement between ministries and highlighted the three most dangerous areas of new industry.
Deputy Currency Commissioner Michael J. Hsu has urged fellow regulators not to lower their standards when dealing with cryptocurrencies under pressure to be “perceived as anti-innovation fools.” . According to the OCC, we must “learn and adapt wisely” to ensure safety, integrity and fairness in our industry.
Su spoke about cryptocurrencies in a speech he gave at Harvard Law School on October 11. The full text of the speech was published on the OCC’s official website.
Starting with an example from his personal experience, Xu criticized the impatience and fear of missing out (FOMO) syndrome that, in his opinion, had a major impact on the regulatory community when it came to crypto.
“The promise of innovation and inclusion often masks cryptocurrencies fueling a gold rush atmosphere that exploits people’s fear of missing out on the next Google or Amazon.”
Reflecting on two approaches to new industries — taming and adapting — Hsu suspects that US regulators have opted for the second approach, making the industry “over-adaptive.” I made my concerns clear. Deeper cooperation between numerous regulatory bodies can rectify this situation. The Deputy Comptroller points to his office’s experience working with the Federal Reserve, the Federal Deposit Insurance Corporation, and at least some state banking supervisors.
Officials also noted three areas where near-term supervisory expectations need clarity. Finders activities specifically related to facilitating crypto trading. Crypto Custody. At this point, he believes the interagency effort is well advanced with only his first two.
Related: US Federal Reserve Vice Chairman Michael Barr Supports Hard Line on Cryptocurrencies, OCC Acting Chairman Not Friendly
In conclusion, Hsu agreed with his reputation as a cryptocurrency skeptic, but reserved the promise of cryptocurrency, which he still considers important.
“Programmability, composability, and tokenization hold promise. Blockchain development has brought these ideas to the fore.”
Su is known for his very cautious approach to cryptocurrencies and repeated warnings to banks about engaging in digital asset markets.
Acting U.S. Comptroller Claims No Rush For Crypto Regulation
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