The current Comptroller of the Currency, Michael J. Hsu, highlighted the need to collaborate and coordinate with large “crypto brokers” to better understand the risks of the growing cryptocurrency market, which today has a total capitalization of more than $2. trillions.
Speaking at the Transatlantic Finance Forum on “The Future of Crypto Assets and Regulation,” Hsu pointed to a number of arenas – cryptocurrency exchanges, non-fungible tokens (NFTs) and the metaverse – where anyone with an Internet connection can be reversed by adding:
“The mainstreaming of cryptocurrencies has occurred despite regulatory and legal uncertainty, and a series of scams, hacks, and other disturbing developments. For financial regulators like me, this raises a number of questions. Where should the focus be? attention of regulators? What should be done? By whom? And why?
According to Hsu, the U.S. Office of the Comptroller of the Currency (OCC) reminded banks that they must prove their ability before obtaining federal permission to engage in activities involving cryptocurrencies.
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