Tokenization of assets could be the answer to the risky complexities of settling the movement of funds and securities, said Michael Hsu, the acting head of the U.S. Office of the Comptroller of the Currency.
What in the World Is Going on With Crypto Regulation?
Regulatory clarity has fueled crypto bull markets, demonstrated by Japan’s 2016 adoption of crypto as payment and OCC’s 2020 endorsement of crypto engagement. While global strides in clear crypto regulations are evident, particularly in Hong Kong, EU and UK, the US lags, emphasizing the need for enhanced regulatory certainty in the industry’s advancement.
Figure Abandons Quest to be U.S. Chartered Crypto Bank After Three-Year Fight
Figure Technologies, Inc., has pulled its application to become a federally chartered bank in the U.S., ending a three-year rollercoaster ride as regulators clamped down on crypto activity and digital assets banking suffered a black eye when regional lenders associated with the tech world cratered earlier this year.
That Binance Suit Sure Seems Bigger Than Just a CFTC Case
Between Coinbase, Binance, Justin Sun, Do Kwon and Custodia, there has been just so much news over the last week. And that’s largely just the U.S. But Binance is the most interesting, not only for what happened (the Commodity Futures Trading Commission sued it), but also for what didn’t (the Department of Justice hasn’t filed anything). Plus, the CFTC’s Tech Advisory Committee met last Wednesday.
The Short-Sightedness of Run-Amok Regulators
Ric Edelman, founder of the Digital Assets Council of Financial Professionals, talks about a key reason why crypto’s future looks bleaker: an apparent effort to cut it off from U.S. banks.
‘Operation Choke Point 2.0’ may have contributed to SVB’s collapse: Mulvaney
While the existence of “Operation Choke Point 2.0” has not been confirmed, Mick Mulvaney spoke of “rumors” of its existence and the potential side effects of such a policy.
Bitfury CEO: U.S. Government Using Crisis to Choke Off Crypto Access to Banks
Brian Brooks, former head of the OCC and now board member of blockchain technology company Bitfury, says the recent crackdown by regulators on three crypto-friendly banks appears to be a coordinated effort and what some are dubbing “Operation Choke Point 2.0”
Crypto bank Anchorage Digital cuts 20% of staff citing regulatory uncertainty
It’s unclear whether Anchorage Digital’s layoffs relate to the current turmoil in the U.S. banking sector.
U.S. Banking Watchdog: You Can’t Trust Crypto Firms Until They Get Federal Oversight
As it stands, there’s no way for people to know which crypto firms they can rely on, said Michael Hsu, the acting head of the U.S. Office of the Comptroller of the Currency (OCC), in a speech Monday.
U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody
Rep. Patrick McHenry, chairman of the House Financial Services Committee, and Sen. Cynthia Lummis teamed up on a letter questioning regulators about crypto accounting policy.
Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source
US Banking Regulators Warn Banks About Crypto Liquidity Risks
The Federal Reserve and other U.S. banking agencies are warning banks that crypto poses significant liquidity dangers, according to a joint statement issued Thursday, further reinforcing their campaign to generally steer lenders away from digital assets.
Approach with caution: US banking regulator’s crypto warning
The Office of the Comptroller of the Currency (OCC) said the digital asset industry was maturing but was “not yet robust” in its risk management.
OCC makes its staff available for fintech-related discussions
The announcement of one-on-one discussions with the OCC followed the department saying it planned to establish an Office of Financial Technology starting in 2023.
Regulators are ‘spending too much time’ on crypto: Comptroller
Michael Hsu stated that it is starting to worry him that “we’re not spending that time and attention on some other things,” like fintech, which he described as the “future.”
Acting OCC comptroller calls for standards on stablecoins
According to Michael Hsu, representatives from the crypto industry as well as within the U.S. government could work toward setting standards on stablecoins.
Law Decoded: Competing narratives around crypto clash on the Earth Day, April 19-26
The future of crypto adoption will largely depend on which of the competing narratives about digital assets and blockchain’s environmental effects prevails.
Senator pressures OCC nominee over missing Marxism thesis from Moscow Uni
“I don’t think I’ve ever seen a more radical choice for any regulatory spot in our federal government,” said Senator Pat Toomey.
Opposition mounts to Biden’s OCC pick, fears she could ‘regulate crypto into oblivion’
Texas Senator Ted Cruz is among a number of politicians and bankers that are opposed to the nomination of Saule Omarova.
Acting OCC head warns that ‘fools gold’ in DeFi reminds him of lead-up to GFC
While crypto has been mostly weathered past hacks, scams, and crashes, acting OCC head Michael Hsu warns the risks may be multiplying as the technology goes mainstream.