Acting Administrator of the U.S. Office of the Comptroller of Currency: Will take a more cautious approach to crypto regulation - Aliens: AI Crypto News & Markets Updates

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Acting Administrator of the U.S. Office of the Comptroller of Currency: Will take a more cautious approach to crypto regulation

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Aliens

Wed, Nov 17, 2021

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According to Bloomberg News, on November 16, the Acting Administrator of the Office of the Comptroller of the Currency (OCC) of the U.S. Banking Regulatory Authority, Michael Hsu, stated at a financial technology conference hosted by the Federal Reserve Bank of Philadelphia that federal agencies are about to issue a joint statement stating "crypto sprint "(Encrypted sprint) conclusion of the joint research project. He hinted that the OCC, the Federal Reserve, and the Federal Deposit Insurance Corporation had reached conclusions far from industry-friendly. He said that these institutions respond to encryption activities very carefully and adopt a highly cautious approach. Hsu also stated that they should not view the OCC guidelines issued during Trump's administration as encouraging banks to enter the crypto space. The OCC also intends to clarify the explanatory letter previously published. He said that the upcoming version would explain that security and robustness are the most important. Therefore, OCC will proceed cautiously and let the banks maintain the same attitude.

Source: Bloomberg

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