OCC chief says U.S. regulators should help create a regulatory framework for cryptocurrencies

The interim controller of the currency, Michael Hsu has stated that US regulators should establish a “regulatory area” for digital assets and cryptocurrencies..

Hsu stated this in an interview with the Financial Times US regulators will seek to take a more active role in overseeing the cryptocurrency sector, with an emphasis on minimizing the associated risks for investors and consumers.

“It really comes down to cross-agency coordination,” said Hsu, adding: “If I only talk to some of my colleagues, there is an interest in coordinating these things a lot more.”.

OCC chief says U.S. regulators should help create a regulatory framework for cryptocurrencies
OCC chief says U.S. regulators should help create a regulatory framework for cryptocurrencies

Hsu pointed this out The first meeting of the inter-agency “Sprint” team took place earlier this month. The team consists of representatives from the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Currency Auditor.

Hsu described the group as “small” but “high level”, adding that their job was to “bring ideas to the agencies for consideration” rather than formulating policies.. Stressing the pace of growth and innovation in the cryptocurrency sector, Hsu stated that failure to act now will only make it difficult to monitor the sector going forward:

“The idea is that time is of the essence and when it’s too big it gets harder.”

Hsu isn’t the only one to believe the United States lacks strict guidelines on cryptocurrencies SEC chairman Gary Gensler highlighted “loopholes” in the “current system” regarding cryptocurrencies when speaking to a House committee last month..

Gensler noticed that The US Treasury Department recently focused on “combating money laundering and protecting against illegal activity” in the digital asset industry.

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