American financial regulators will form an interagency group to develop clear regulation of the cryptocurrency industry and resolve legal issues related to cryptoassets.
The new Director of the Office of the Comptroller of the United States of America (OCC), Michael Hsu, announced that he is in talks on this issue with Deputy Chairman of the US Federal Reserve (FRS) Randal Quarles, Chairman of the Federal Deposit Insurance Corporation (FDIC) Elena McWilliams and NCUA chairman Todd Harper.
A new working group will be created exclusively to address issues related to cryptoassets. Harper said the NCUA has already set up a new Financial Technology and Innovation division that is tasked with learning about digital currencies.
In turn, Quarls added that the Fed has also begun to actively interact with other agencies to create regulations that will have to be followed by cryptocurrency firms. To do this, it is necessary to work out specific terms, said Quarls. He confirmed that the Fed is focusing on central bank digital currencies. The Federal Reserve began to take part in research on government stablecoins in conjunction with international central banks. Therefore, a new task force can be focused not only on the regulation of cryptocurrencies, but also on exploring the possibilities of the digital dollar.
“Cryptocurrencies are developing rapidly and are attracting a lot of attention. Each department has its own approach to solving problems inherent in this industry. Therefore, it is necessary to unite efforts in order to exchange views more effectively within the framework of the working group and quickly find an appropriate solution. I’m sure it’s achievable, ”said Quarls.
Recall that against the backdrop of a strong decline in the cryptocurrency market, the OCC expressed its readiness to take a less friendly approach to cryptocurrencies, as it was under the former director of OCC Brian Brooks (Brian Brooks).
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