The Acting Comptroller of the Currency, Michael Hsu, has said that regulatory agencies in the United States should establish a “regulatory perimeter” for cryptocurrencies. During an interview with Financial Times, Hsu indicated that US regulators would take a more active role in policing the crypto asset sector, emphasizing minimizing the associated risks faced by investors and consumers.
OCC wants coordination across regulatory agencies to regulate crypto.
“It really comes down to coordinating across the agencies,” OCC head said, adding: “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.” He noted that the first meeting of the inter-agency, crypto-focused “sprint” team was held earlier this month. The team comprises representatives from the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. OCC head described the group as “small” but “senior,” adding it is tasked with presenting “ideas in front of the agencies to consider” rather than formulating policy.
“The idea is that time is of the essence and if it’s too big that gets harder.”
Hsu emphasized the speed of growth and innovation in the crypto sector, asserting that a failure to begin acting now will only make policing the sector harder in the future. “The idea is that time is of the essence and if it’s too big, that gets harder,” he added. He is not alone in thinking the United States lacks robust regulatory guidelines for crypto assets. Earlier SEC chairman, Gary Gensler, highlighted “gaps” in the “current system” regarding crypto while speaking to a House committee last month.