OCC Chief Urges not to Rush with Crypto Regulation
The acting head of the OOC, Michael Hsu, remarks that the supervisory authorities should not rush with crypto regulation, it is more important to adhere to high standards in their work.
He stated the above in his speech at Harvard Law School. The OOC Chief also noted that the departments should “learn and adapt intelligently” in order to ensure security and justice in the industry.
«In dozens of private conversations I have had with bankers, academics, regulators and politicians, they have admitted that they really don’t understand or trust cryptocurrencies as they exist today […]. However, they feel pressure to unite to avoid being left behind or being perceived as opposed to progress,» Hsu stated.
Hsu believes that there are two types of potential regulation – taming and accommodation. At the same time, he fears that the US authorities preferred the second type. However, under close cooperation between departments, the situation can be corrected.
The head of the OOC also stated certain skepticism regarding the crypto industry, but pointed out the importance of blockchain development.
«My skepticism of crypto stems from a frustration that the most promising innovations have been crowded out by hype and a fixation on trading,» Hsu concluded.
Recall that earlier Michael Hsu assumed some rising confidence in stablecoins provided some proper supervision. So, in 2022, the regulator promised to publish additional recommendations dealing with the integration of cryptocurrencies into the banking product lines.
In addition, in April, the official spoke in favor of tightening the regulation of “stable coins” issuers, calling for them to be equated with depository institutions with mandatory deposit insurance.