The Office of the Comptroller of the Currency (CCC), the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) of the United States are considering creating an interdisciplinary agency that addresses the regulation of cryptocurrencies and other related issues .
The initiative was proposed by Michael Hsu, recently appointed as director of the OCC , as reported by CriptoNoticias. In a virtual conference by the US House of Representatives Committee on Financial Services, Hsu explained his stance on the ‘piecemeal’ regulations that have been passed so far for crypto assets: ‘The regulatory community has an’ agency-by-agency ‘approach. of the technological changes that are happening ».
At the event, both Hsu and Randal Quarles, vice president of the Board of Governors of the Federal Reserve, and Jelena McWilliams, president of the FDIC, explained how their agencies are addressing the mission of regulating this market. However, the director of the OCC proposes coordinating with his fellow officials to form an interagency team that works in a more collaborative way, as can be seen in the written report of his presentation.
US agency measures cryptocurrency regulation
Quarles, for his part, was in charge of ratifying this unifying position: “We are focused with great attention on issues related to cryptocurrencies to obtain answers and joint visions quickly,” he said, during the event broadcast live on official channels. of the House Financial Services Committee.
Hsu targets cryptocurrencies
Despite taking office on May 10, 2021, Michael Hsu has already made it clear that crypto assets are high on his agenda as director of the OCC. As reported by this medium, one of his first measures was to request a review of what was done by his predecessor, Brian Brooks, who had had a very favorable mandate for the expansion of the cryptocurrency markets. This assessment would be ready for the summer of the Northern Hemisphere, that is, mid-2021.
For example, the current CEO of the Binance exchange – and also with a past at Coinbase – granted several cryptocurrency exchanges such as Kraken banking licenses to operate in the United States. It had also allowed banks to adopt stablecoins to carry out various operations.
