American regulators must assume a more active role in regulating the crypto industry. This view was expressed by Michael Hsu, Acting Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC) within the U.S. Treasury, in an interview with the Financial Times.
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According to him, the success of regulation hinges on coordination among all agencies. He noted that in May a meeting of an interagency working group took place, comprising representatives from the Federal Reserve, the Federal Deposit Insurance Corporation, and the OCC.
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Hsu noted the rapid pace of development of the crypto industry and stressed the importance of regulators’ responsiveness. He warned that delays in decision-making would complicate oversight of the digital-asset space.
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Earlier, Gary Gensler, chair of the U.S. Securities and Exchange Commission, urged Congress to cooperate in regulating cryptocurrency exchanges.
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