Cryptocurrency News

US regulators should collaborate on ‘regulatory perimeter’ for crypto: OCC chief

Acting controller of currency, Michael sueHas expressed that regulatory agencies in the United States should establish a “regulatory perimeter” for digital assets and cryptocurrencies.

in one The interview With the Financial Times, HSU indicated that US regulators would play a more active role in policing the crypto asset sector, with an emphasis on mitigating the associated risks faced by investors and consumers.

“It really comes down to coordinating across agencies,” Hsu said, “just talking to some of my peers, there’s an interest in coordinating a lot of these things.”

Soo reported that the first meeting of the inter-agency, crypto-focused “Sprint” team took place earlier this month. The team includes representatives from the Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

Suu described the group as “small” but “senior”, tasked with presenting “ideas to agencies to consider” rather than formulating a policy to add to it. HSU emphasized the pace of development and innovation in the crypto sector, stating that failure to start operations right now will make the sector tougher in the future:

“The idea is that time is of the essence and if it is too big then it becomes difficult.”

Along with the SEC president, HSU is not alone in thinking the United States lacks strong regulatory guidelines for crypto assets. Gary gensler, While speaking to the House Committee last month, highlighted the “gaps” in the “current system” regarding crypto.

Gensler reported that the US Treasury Department recently focused on “money laundering and protection from illegal activities” in the digital asset industry.