Regulators 'spending too much time' on crypto: Controller
Michael Hsu said he was starting to worry that "we're not devoting that time and attention to other things," like fintech, which he describes as the "future."
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U.S. Acting Comptroller of the Currency (OCC) Michael Hsu has expressed concern that regulators are spending “too much time on crypto,” rather than issues more pressing ones, such as technology and banking.
The crypto-skeptical OCC official made the comments during an interview with Reuters on Oct. 13, amid concerns that crypto “takes up a lot of brain space for a very large number of people. people" in the regulatory community.
Hsu has been at the helm of the OCC since May 2021 and is the administrator of the federal banking system and the chief economic officer of the OCC.
During his tenure, he called for greater oversight of crypto businesses and stablecoin standards, while stressing the need for a cautious approach to crypto regulation due to "flags red" with the rapid growth of the sector.
"We spend too much time on crypto," he told Reuters, adding that "it's interesting, there are thorny issues...but compared to other technology issues and banks, I think we are now overweight". crypto.”
Hsu went on to explain that there are other areas to focus on right now, especially when it comes to fintech, which he highlighted last month that required immediate monitoring to avoid a "serious problem or crisis" due to the situation in the sector. rampant expansion, adding:
Michael Hsu said he was starting to worry that "we're not devoting that time and attention to other things," like fintech, which he describes as the "future."
New
U.S. Acting Comptroller of the Currency (OCC) Michael Hsu has expressed concern that regulators are spending “too much time on crypto,” rather than issues more pressing ones, such as technology and banking.
The crypto-skeptical OCC official made the comments during an interview with Reuters on Oct. 13, amid concerns that crypto “takes up a lot of brain space for a very large number of people. people" in the regulatory community.
Hsu has been at the helm of the OCC since May 2021 and is the administrator of the federal banking system and the chief economic officer of the OCC.
During his tenure, he called for greater oversight of crypto businesses and stablecoin standards, while stressing the need for a cautious approach to crypto regulation due to "flags red" with the rapid growth of the sector.
"We spend too much time on crypto," he told Reuters, adding that "it's interesting, there are thorny issues...but compared to other technology issues and banks, I think we are now overweight". crypto.”
Hsu went on to explain that there are other areas to focus on right now, especially when it comes to fintech, which he highlighted last month that required immediate monitoring to avoid a "serious problem or crisis" due to the situation in the sector. rampant expansion, adding:
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