Yesterday, Michael Hsu, Acting Comptroller of the Currency, said that regulators attracting numerous crypto licensees might be overly accommodating. During a talk at Harvard Law, he discussed the concept of bringing cryptocurrency into the regulatory perimeter.
In his view, that can mean crypto is forced to conform to current regulatory standards. Alternatively, regulation should adjust to crypto, acknowledging new possibilities.
In the early 2000s, regulators intended to shield the banking system from structured finance and shadow banking by pushing it outside the perimeter. That’s a mistake they don’t want to repeat.
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