Tuesday, June 22, 2021

U.S regulators are considering establishing an “interagency policy sprint team” to regulate crypto.

The Takeaway:

The U.S financial regulators are considering establishing an "interagency policy sprint team" to address fragmented cryptocurrency regulations.

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Major financial regulators in the United States are considering establishing an interagency group dedicated solely to cryptocurrency matters. The new head of the Office of the Comptroller of the Currency, Michael Hsu, announced that the agency has been in talks with the U.S. Federal Reserve and the Federal Deposit Insurance Corporation about setting up an “interagency policy sprint team” focused “just on crypto.” The recent swing in crypto prices has also influenced the decision of regulators. 

 

“The rise of crypto has got a lot of attention.”

During a hearing of the House Financial Services Committee on Wednesday, the OCC head said that he discussed the initiative with Fed vice chairman of supervision Randal Quarles and FDIC chairman Jelena McWilliams. “This is a really important issue. The rise of crypto has got a lot of attention,” Hsu noted. Quarles said that the Fed has been working with other agencies in a joint effort to come up with a clear regulatory framework for the cryptocurrency industry, including unified definitions. 

 

“Authority is actively involved in central bank digital currency research with international banks.” 

“We’re sort of focused very intently on these crypto issues with the aim of having answers and joint views fairly quickly. I’m sure that will be achievable,” Quarles noted. He further mentioned the Fed’s growing efforts to explore a central bank digital currency, stating that the authority is actively involved in central bank digital currency research with international central banks. “These questions about the digital currency are important. I think we need to do a very careful study of that, not just in this jurisdiction but globally as well,” he said.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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