The head of the OCC urged not to rush with the regulation of cryptocurrencies

Supervisory authorities should not rush with the regulation of the cryptocurrency industry, adhering to high standards in their work. This opinion was expressed by the acting head of the OCC Michael KhSU.

Acting Comptroller of the Currency Michael J. Hsu Discussed Cryptocurrency and the Regulatory Perimeter in Remarks to the @harvard_law and Program on International Financial Systems ’Roundtable OnStitutation Cry. Read More at https: // t.Co/Wznx0tqiji Pic.Twitter.COM/DBBVARBGAE

– OCC (@USOCC) October 11, 2022

During the speech at the Harvard School, KhSU noted the right to “study and adapt reasonably” for the sake of ensuring security and justice in the industry. In his opinion, the regulators are subject to FOMO in the context of digital assets and are therefore in a hurry.

“In dozens of private conversations that I had with bankers, scientists, supervisory authorities and politicians, they admitted that they really do not understand and do not trust cryptocurrency in the form in which it exists today […]. However, they feel the pressure requiring to join in order to avoid the lag or be perceived as opponents of progress, ”said the khsu.

According to https://gagarin.news/news/sec-warns-of-crypto-earnings-that-are-too-good-to-be-true/ him, there are two approaches to regulation: taming and adaptation. The official expressed the fear that the US authorities chose the second option. Close cooperation between departments can correct the situation, he believes.

KhSU also added that it remains a cryptoquiptic, but pointed out the importance of blockchain development.

“My skepticism in relation to cryptocurrencies follows from disappointment by the fact that the most promising innovations were replaced by a hype and a fixation in trade,” he explained.

Earlier, Michael Khsu made an increase in confidence in stablecoin with proper supervision. The regulator promised in 2022 to provide additional recommendations regarding the integration of cryptocurrencies into the grocery lines of banks.

In April, the official supported the tightening of the regulation of issuers of “stable coins” and called for equating them to depository institutions with compulsory insurance insurance.

Recall that in September, the head of the Bitcoin Torge Coinbase Brian Armstrong criticized the approach of the US authorities to the supervision of the industry.

Prior to this, the founder of Cardano Charles Hoskinson expressed the opinion that the regulation of digital assets should be carried out in the form of public-private partnership by analogy with the Internet.

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