Office of the Comptroller of the Currency (OCC) Michael Hsu said that US regulators should create a “regulatory perimeter” for cryptoassets.
In an interview with the Financial Times, OCC Director Michael Hsu said that US regulators will seek to play a more active role in overseeing the cryptoasset sector, with a focus on minimizing the associated risks that investors and consumers face.
“It really comes down to coordination between agencies,” Hsu said. “In conversations with some of my colleagues, I saw an interest in a much greater degree of coordination on this issue.”
Hsu noted that the first meeting of the cross-sectoral team focused on solving cryptocurrency issues took place earlier this month. The team includes representatives from the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
The director of OCC described the group as “small” but “made up of large regulators.” He added that the challenge for the team is to present “ideas to agencies for further consideration” rather than formulate new rules. Hsu highlighted the speed of growth and innovation in the cryptocurrency sector and said that abandoning action would only make it harder to control the industry in the future:
“The idea is that time is of the essence, and the bigger the industry gets, the harder it is to regulate.”
Hsu isn’t the only one who believes that the United States lacks clear regulatory requirements for cryptoassets. SEC Chairman Gary Gensler recently said that regulators must be prepared to fight cryptocurrency scammers.
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