Randall Quarles, the Federal Reserve’s vice president of supervision, has confirmed that US government agencies are urgently working on a joint regulatory framework for cryptocurrency. “We are currently engaged with the OCC and FDIC in what we are calling Sprint” trying to pull together ideas on crypto regulation.
US agencies collaborating on joint regulatory framework for cryptocurrency
Randall Quarles, the Federal Reserve’s vice president of supervision, talked about regulators’ efforts on cryptocurrency supervision on Tuesday, Reuters Reported. Answering a question from a member of the Senate Banking Committee about cryptocurrency and its illegal use, Quarles referenced the work done by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) on the subject.
He confirmed that US financial regulatory agencies are working together to resolve issues related to cryptocurrency, stating:
We, along with the OCC and the FDIC, are currently engaged in what we are calling a sprint in an effort to bring ideas together.
Quarles noted that the discussion of regulators includes a common regulatory framework, capital treatment and operational remedies. Emphasizing that a joint framework for supervision is “high priority”, he said he hoped to get some results “soon”.
Quarles’ statement on Tuesday reiterates what he told Representative Tom Emmer during a hearing at the House Committee of Financial Services. Quarles and the new acting controller of currency, Michael Hsu, acknowledged that several agencies were coordinating regulatory approaches to cryptocurrency. Soo, who asked for one review After assuming the office of all crypto standards at the OCC, told the committee:
This is a really important issue. I think the rise of crypto has attracted a lot of attention.
The new OCC chief revealed that prior to the meeting, he discussed with Quarles and Chairman Jelena McWilliams from the FDIC, “about putting together an interagency policy sprint team on crypto, possibly because of concerns” the committee has raised .
Quarles also said at the time:
We are focusing on these crypto issues with the aim of having very fast answers, joint views. I am sure this can be achieved.
In addition, the new chairman of the SEC, Gary Gensler, recently said Cryptocurrency exchanges need more regulation. However, Congressman Jim Himes said this week that Congress is Not ready To take action in relation to cryptocurrency and he does not expect crypto legislation to be passed in Congress any time soon.
What do you think about US regulators working on a joint framework for cryptocurrency? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Vicky Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell a product, services, or companies, or a recommendation or endorsement of a product, services, or companies. Bitcoin.com Does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is directly or indirectly responsible for any damage or loss in connection with the use or reliance of any of the materials, goods or services mentioned in this article.