Today Acting Comptroller of the Currency Michael J. Hsu spoke about the OCC’s objectives in regulating stablecoins as protecting consumers and the U.S. dollar. He shared his distinctive perspective of the multiple ways in which stablecoins currently lack interoperability and why it matters.
Early in his talk, Hsu noted that cryptocurrency has a very high penetration amongst the underbanked at 37% compared to 10% for the fully banked. Asked why this is the case, he was frank in observing a feeling that the traditional financial system has let down communities.
But he’s concerned that the crypto sector might not be the answer. “You’ve gotta go in (with your) eyes wide open and understand this stuff,” said Hsu. “Don’t be fooled (into taking) one set of trust vulnerabilities and trading that for another set of trust vulnerabilities.”
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