Today the Vice-Chair of the Federal Reserve, Randal Quarles and the new Acting Comptroller of the Currency, Michael Hsu, acknowledged that multiple agencies are coordinating regulatory approaches to cryptocurrencies. At the very least, those agencies are the Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the FDIC.
Responding to a question about cryptocurrencies from Representative Tom Emmer during a Hearing at the House Committee of Financial Services, Hsu said, “This is a really really important issue. I think the rise of crypto has garnered a lot of attention.”
He continued, “Prior to this meeting, Vice Chair Quarles (Fed), Chair McWilliams (FDIC) and I had talked about potentially putting together an interagency policy sprint team just on crypto because of exactly the concerns you’ve described.” All three regulators participated in the House hearing.
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