On Friday, Michael Hsu, Acting Comptroller of the Currency, gave a speech on tokenization and AI. As one of the major U.S. banking regulators, the OCC gets to say which bank tokenization projects get the green light.
While our sources told us that JP Morgan recently received OCC’s clearance to use the cross border blockchain payment network Partior, others have not been so lucky. The USDF Consortium of regional banks has yet to get the go ahead for its interbank payments network and has adapted its approach to using a permissioned network.
During his speech, Hsu was scathing about permissionless public networks, trustlessness and “ponzi-prone tokenomics”. He said the most benefit currently may be using trusted permissioned blockchains to settle tokenized real-world assets.
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