"Time Is of the Essence" for Crypto Regulation: United States OCC Head

Michael Hsu, the United States’ acting Comptroller of the Currency, expressed in a recent interview with the Financial Times that the US should establish a 'regulatory perimeter' for digital assets and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Additionally, Hsu said US regulators are seeking to take a more active role in enforcing regulations in the cryptocurrency sector.

"It really comes down to coordinating across the agencies,” he said. “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.” These collaborative efforts will focus on laws that will support the protection of individual investors and consumers.

When It Comes to Crypto Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, “Time Is of the Essence”: Michael Hsu

Some collaboration on regulation and enforcement in the crypto space has already taken place. In the interview, Hsu said that a 'small' but 'senior' inter-agency 'sprint team' convened for the first time earlier in May. The group consisted of representatives from the Federal Reserve, the Federal Deposit Insurance Corporation and from his own office.

So far, the sprint team’s goals are to present “ideas in front of the agencies to consider” so that regulations can be formed sooner rather than later: “The idea is that time is of the essence and if it’s too big that gets harder,” Hsu told the Financial Times.

CoinTelegraph pointed out that Hsu is not the only regulatory figure in the United state to have recently pointed out holes in the United States’ crypto regulation strategy.

Speaking to a House committee last month, SEC Chairman Gary Gensler spoke of 'gaps' in the current regulatory landscape. Furthermore, he noted that the United States Treasury has recently focused on “anti-money laundering and guarding against illicit activity” in the digital asset industry.

CNBC reported that Gensler told lawmakers this month that: “allowing the SEC to regulate cryptocurrency exchanges will help ensure investors are protected and prevent market manipulation.”