Office of the Comptroller of the Currency (OCC) looking to increase oversight of the cryptocurrency market

According to a Financial Times report, the U.S. The Office of the Comptroller of the Currency (OCC) may be looking to increase oversight of the cryptocurrency market through a collaborative effort with other government agencies.

OCC Chief said the U.S. Officials should set a regulatory perimeter for cryptocurrency

The OCC is an independent bureau of the U.S. Department of the Treasury. Its role is to charter, regulate and supervise all national banks and federal savings associations in the country as well as federal branches and agencies of foreign banks.

Michael Hsu, who has been acting controller since May 10, said:

“I would like U.S. officials to work in lockstep to set a regulatory perimeter for cryptocurrencies.”

U.S. cryptocurrency regulations are already complex, with agencies creating their own interpretive guidelines and rules but without any federal law to define jurisdiction and jurisdiction.

Hsu added:

“It really comes down to coordinating across the agencies. Just in talking to some of my peers, there is interest in coordinating a lot more of these things.”

Hsu’s comments come two weeks after he said he had requested a review of all OCC’s pending issues, letters of explanation, and instructions related to cryptocurrency.

Accordingly, the person in charge of the calculation told a hearing by the House Financial Services Committee in Washington, DC that his office, the Federal Reserve, and the Federal Deposit Insurance Corporation. The state can establish an interagency “sprint” policy team to examine the cryptocurrency industry.

Not everyone agrees on increased regulatory scrutiny over the crypto industry.

Former currency controller and current Binance.US CEO Brian Brooks warned of the tight regulatory environment in Washington during CoinDesk’s Consensus 2021 event last month. Brooks called the idea of ​​not accepting a national trust bank as a member of the Federal Reserve as it engages in crypto custody not only a crazy idea but a dangerous one.

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