- The Joe Biden administration is filled with distrustful bitcoin regulators.
- New signals that US regulators aim to ‘rein in’ the crypto market.
The Joe Biden administration is filled with distrustful bitcoin (BTC) and other cryptos regulators. This is because of new signals that US regulators aim to ‘rein in’ the crypto market by enabling partnerships between agencies.
Moreover, the US financial authorities gear up to regulate the crypto market actively. However, there are increasing concerns that a lack of proper oversight risks harming the investors. This may take time because the country’s regulators plan to figure out who has the power to oversee the market, according to Financial Times.
The newly appointed Acting Comptroller of the Currency, Michael Hsu, expects that the US officials will work together to set a regulatory perimeter for crypto assets. Treasury secretary Janet Yellen said that bitcoin is a high-risk investment. Even more, there would be a change in methodology to crypto with the Hsu appointment at this position.
More so, another indication that the US is preparing for a new approach. It is the first meeting that happened earlier in May, which focused on crypto regulations. Moreover, it involves three major federal bank regulators. They include the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation.
According to Hsu, blockchain technology is likely here to stand. However, various platforms create innovative and promising payment processing tools. More so, these also risky, potentially leading to a huge shadow banking process.
Moreover, Hsu took over the OCC from Blake Paulson, who stepped into the role after the January step-down took place by Brian Brooks, a former executive of crypto exchange Coinbase and current CEO at Binance.US. In addition, Yellen, Hsu, and their stances towards crypto are not the only change in the regime that could signal to strengthen the regulatory belt around the crypto.
As reported, last week Gary Gensler, Chairman of the US SEC, sworn into office last April. He explained to US lawmakers that he wanted to work with other regulatory agencies and Congress.