US Authority OCC President Calls for Regulation for Cryptocurrency

OCC New President Michael Hsu Wants Cryptocurrency Regulation

Michael Hsu, the new president of the OCC, continues to insist on strict regulation of cryptocurrency. In his latest assessment, Hsu said that different US institutions dealing with this issue should cooperate.

Hsu, who started his duty as the new president of OCC on May 10 and stated that he wanted all pending issues to be reviewed, including the guide published by his institution about cryptocurrencies last year, about a week after taking his seat, wants to make another move.

OCC President Who Seeking Regulation for Cryptocurrencies, Requests Coordinated Work 

According to the Financial Times from the US media, the head of the OCC said that all institutions in the country should work together in a coordinated and step-by-step manner to determine a roadmap for regulations:

“There needs to be coordination between institutions. Some things can only be achieved this way. When I talk to some of my colleagues, I see that they want to cooperate on many issues.”

Hsu, who also attended a meeting of the Financial Services Committee, which is affiliated to the House of Representatives, in May; The OCC stated that the FED and the Deposit Insurance Agency should form a joint working group to explore the cryptocurrency industry quickly.

Reaction from Former President Brian Brooks

After OCC’s new president Michael Hsu seeks regulation for cryptocurrency, Brian Brooks, the previous president of OCC and the CEO of Binance.US, the US arm of Binance, who left the post with Biden’s election as president, mentioned the danger of tightening the regulations.

Brooks, who attended the Consensus conference in May, said in his speech that tightening the regulations was not right, and even that not accepting a national bank from FED membership because it only provides cryptocurrency custody service is a crazy but most importantly dangerous idea.

SEE ALSO; What is Happening at the Cryptocurrency Market?

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