The Acting Comptroller of the Currency, Michael J. Hsu, has cautioned banks over embracing cryptocurrencies. In a speech during the Fintech Conference at the Federal Reserve Bank of Philadelphia, he said the federal banking agencies recently had a “crypto sprint” and will shortly be making a formal announcement.
“The OCC will also provide clarity on the recently concluded review of crypto-related interpretive letters. The message from both is that the agencies are approaching crypto activities very carefully and with a high degree of caution. We expect banks to do the same,” said Hsu.
While Brian Brooks was Acting Comptroller, he issued three interpretive letters. These included enabling banks to custody digital assets, holding stablecoin reserves and participating in stablecoin networks. Before joining the OCC, Brooks worked at cryptocurrency exchange Coinbase, and had a brief stint afterward at Binance. He is now CEO of Bitcoin mining firm Bitfury.
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