U.S. financial regulators to form interagency group to chart a cryptocurrency strategy

U.S. regulators are considering forming an interagency group to develop a strategy for studying the cryptocurrency industry. The remarks were delivered at a hearing of the U.S. House of Representatives Committee on Financial Services.

The group could include representatives from the Office of the Comptroller of the Currency (OCC) within the U.S. Treasury, Fed and FDIC. Acting OCC head Michael Hsu said he had already discussed the matter with the leadership of the agencies.

“I think the growth of cryptocurrencies has attracted a lot of attention,” Hsu said.

Federal Reserve Vice Chair Randal Quarles added that joint work could include creating a legal definition of what a cryptocurrency is in the United States.

Earlier, Hsu said that OCC will revise its governing rules regarding cryptocurrencies.

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