{"id":68494,"date":"2022-10-12T17:56:09","date_gmt":"2022-10-12T14:56:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68494"},"modified":"2025-09-07T14:23:03","modified_gmt":"2025-09-07T11:23:03","slug":"occ-chief-urges-caution-on-crypto-regulation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/occ-chief-urges-caution-on-crypto-regulation\/","title":{"rendered":"OCC Chief Urges Caution on Crypto Regulation"},"content":{"rendered":"<p>Regulators should not rush to regulate the cryptocurrency industry, upholding high standards in their work. This view was voiced by the acting Comptroller of the Currency, Michael J. Hsu.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Acting Comptroller of the Currency Michael J. Hsu discussed cryptocurrency and the regulatory perimeter in remarks to the <a href=\"https:\/\/twitter.com\/Harvard_Law?ref_src=twsrc%5Etfw\">@Harvard_Law<\/a> and Program on International Financial Systems\u2019 Roundtable on Institutional Investors and Crypto Assets. Read more at <a href=\"https:\/\/t.co\/wzNX0tqIJI\">https:\/\/t.co\/wzNX0tqIJI<\/a> <a href=\"https:\/\/t.co\/dbBvaRbGae\">pic.twitter.com\/dbBvaRbGae<\/a><\/p>\n<p>\u2014 OCC (@USOCC) <a href=\"https:\/\/twitter.com\/USOCC\/status\/1579955409145974785?ref_src=twsrc%5Etfw\">October 11, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a speech at Harvard Law School, Hsu noted that agencies must \u201clearn and adapt prudently\u201d to ensure safety and fairness in the industry. In his view, regulators are susceptible to <span data-descr=\"Fear of Missing Out (FOMO) syndrome\" class=\"old_tooltip\">FOMO<\/span> in the context of digital assets and therefore act in haste.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abIn dozens of private conversations I\u2019ve had with bankers, scholars, regulators and policymakers, they admitted that they really do not understand and do not trust cryptocurrency as it exists today [\u2026]. Yet they feel pressure to join in order not to fall behind or be seen as opponents of progress\u00bb, \u2014 noted Hsu.<\/p>\n<\/blockquote>\n<p>He said there are two approaches to regulation: to tame or to adapt. The official expressed concern that the U.S. authorities have chosen the second option. Tight inter-agency collaboration, he said, could fix the situation.<\/p>\n<p>Hsu also added that he remains crypto-skeptical, but pointed to the importance of developing blockchain.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abMy skepticism about cryptocurrencies stems from disappointment that the most promising innovations have been displaced by hype and a focus on trading,\u00bb he explained.<\/p>\n<\/blockquote>\n<p>Earlier, Michael Hsu<a href=\"https:\/\/u1f987.com\/en\/news\/us-banking-regulator-sees-potential-for-greater-trust-in-stablecoins-under-proper-oversight\">allowed<\/a> growth in trust in stablecoins with proper oversight. The regulator<a href=\"https:\/\/u1f987.com\/en\/news\/us-banking-regulator-warns-of-crypto-adoption-risks\">promised<\/a> in 2022 to publish additional guidance on integrating cryptocurrencies into banks\u2019 product lines.<\/p>\n<p>In April, the official<a href=\"https:\/\/u1f987.com\/en\/news\/occ-chief-backs-tighter-regulation-of-stablecoin-issuers\">advocated tightening regulation<\/a> of stablecoin issuers and urged treating them as depository institutions with mandatory deposit insurance. <\/p>\n<p>In September Coinbase chief Brian Armstrong<a href=\"https:\/\/u1f987.com\/en\/news\/brian-armstrong-criticises-us-approach-to-cryptocurrency-regulation\"> criticized the approach of US authorities<\/a> to industry oversight.<\/p>\n<p>Prior to that, Cardano founder Charles Hoskinson<a href=\"https:\/\/u1f987.com\/en\/news\/cardano-founder-urges-us-regulators-to-adopt-internet-style-approach-to-crypto-regulation\">expressed the view<\/a> that regulation of digital assets should be conducted via a public-private partnership modeled on the Internet.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regulators should not rush to regulate the cryptocurrency industry, upholding high standards in their work. This view was voiced by the acting Comptroller of the Currency, Michael J. Hsu.<\/p>\n","protected":false},"author":1,"featured_media":68495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,26],"class_list":["post-68494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=68494"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68494\/revisions"}],"predecessor-version":[{"id":68496,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68494\/revisions\/68496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68495"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}