- The United States Office of the Comptroller of the Currency will review crypto policies.
- The new OCC Chief Michael Hsu will prioritize the review of key regulatory standards.
- Hsu expressed his concern on the initiatives previously issued.
The new United States Office of the Comptroller of the Currency (OCC) Chief Michael Hsu expressed his concern over crypto-related guidelines that were issued in the past year. According to Hsu, the OCC will review these regulations and address key regulatory standards.
In written testimony, Hsu mentioned that he is focused on priorities for the OCC and “the review of key regulatory standards and pending actions” that Hsu immediately initiated upon taking office.
Hsu pointed out that their focus in the OCC has been to encourage responsible innovation. According to Hsu:
At the OCC, the focus has been on encouraging responsible innovation.
He added that he asked the staff to review some actions in the office. The OCC recently created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. According to Hsu, he “asked staff to review these actions.”
Many of the OCC’s previous crypto guidelines were issued under the wing of the former Acting Comptroller Brian Brooks. These marked a milestone for crypto acceptance in the US banking sector. Now, Brooks is the Chief Executive Officer of Binance.US.