In a bid to increase oversight of the cryptocurrency market, the US Office of the Comptroller of the Currency (OCC) may be looking to strengthen ties with other governmental agencies.
Crypto markets in the United States thus far have been largely unstructured. Agencies involved are creating their own interpretive guidance and rulemaking outside of the purview of federal legislation, Coindesk reported.
However, this may change now. Michael Hsu, who took over as acting comptroller as of May 10, said he would like US officials to work in lockstep to set a “regulatory perimeter” for cryptocurrencies, a Financial Times report quoted him as saying.
“It really comes down to coordinating across the agencies,” Hsu said, according to the report. “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.”
Hsu’s active interest in wanting intergovernmental agency intervention comes only two weeks after he made a request for a review of all of the OCC’s pending matters, interpretative letters, and guidance relating to digital assets and cryptocurrencies.
Shortly after announcing his request, he told a House Financial Services Committee hearing in Washington, D.C., that his bureau, the Federal Reserve and the Federal Deposit Insurance Corporation may set up an interagency “sprint” policy team to examine the cryptocurrency industry, the report said.
However, not everyone is on board with this decision. Cryptocurrency exchange platform Binance’s US Chief Executive Officer (CEO) Brian Brooks has even warned against a tightening regulatory climate in Washington.