In a speech yesterday, the acting Comptroller of the Currency, Michael Hsu, was forthright about his opposition to the interpretive letters allowing banks to get involved with stablecoins and crypto custody while Brian Brooks was Comptroller.
“Several interpretive letters gave national banks and federal savings associations (FSA) a green light to engage in certain crypto activities. I had a different perspective and saw red flags in crypto’s rapid growth,” said Hsu.
He pointed to an interpretive letter issued by the OCC in November 2021 under his watch that demanded banks ensure any crypto activities were safe and sound, and notify their regulator before engaging in crypto. More than nine months later, the Federal Reserve issued a similar letter.
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