Need more crypto regulation

In the remarks give At the 2021 Policy Summit of the U.S. Financial Technology Council, Acting Currency Comptroller Michael J Hsu called for strengthening the supervision of general crypto companies.

“Large, general-purpose cryptocurrency companies—especially the issuers of highly circulating stablecoins—should accept comprehensive and unified supervision. At the same time, federal and state banking regulators should prioritize the development of policies, personnel, and supervision methods. In order to safely incorporate such companies into the scope of bank supervision. This will clearly distinguish safe and reliable cryptocurrency companies from those that are only partially regulated and have a history of control failures, such as Binance and Tether.”

The Office of the Comptroller of the Currency is responsible for overseeing federally chartered banks operating in the United States. Xu further stated:

“The rapid expansion and mixing of the wholesale and retail activities of some crypto companies has raised the question of whether there should be a separation of Glass-Steagall-like activities in the encryption field.”

Glass-Steagall is a federal law in 1933 that excluded investment and commercial banking, and was repealed in 1999. Hsu finally warned: “In the cryptocurrency field, the rapid growth of users and total market value is only matched by the growth of scams and consumer complaints. “Move fast and break the norm” is a common motto in the technical field. In the financial services environment, It is important to remember that these “things” are people and their money.”

In October, OCC nominee Saul Omarova pressure The Republicans in the Senate handed over her university thesis on Marxism. OCC coordinates with other regulatory agencies expected Issue guidance to banks on how to hold cryptocurrency assets as soon as possible.Xu began Review Tether’s commercial paper reserves for January.