OCC’s New President Will Be More Careful About Cryptocurrency



The new head of the Currency Supervision Office (OCC) said he will review the crypto-related guidance he published last year.

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The new supervisor, Michael Hsu, said in a statement that the federal bank regulator has requested a review of all pending issues, including issues with digital assets and cryptocurrencies. Much of OCC’s crypto guide was published under the auspices of former Financial Affairs Officer Brian Brooks.

“The room point at OCC has always been to promote responsible innovation. For example, we created an Innovation Office and updated the activities of national banks and trust companies. We also interpreted crypto custody services as a part of banking services. I asked the staff to review these actions. ”

Hsu will speak before the House of Representatives Financial Services Committee at a hearing on Wednesday, where all US federal bank regulators will speak.

Hsu stated that banks are very committed to keeping them safe for consumers.

“My broader concern is that these initiatives are not fully coordinated with all stakeholders. Nor do they appear to be part of a broader regulatory environment strategy. ”