Joint Effort to create a united framework and definition for cryptocurrency is already progress involving the OCC, Fed, and FDIC.
Acting Comptroller Michael Hsu wants to collaborate with his fellow regulators on a unified banking framework for crypto.
The OCC’s virtual hearing of House Financial Services Committee said he discussed with Fed vice chairman and FDIC chairman “This is a really important issue. The rise of crypto has got a lot of attention,” Hsu noted.
Randal Quarles, Vice-Chair of Federal Reserve Board of Governors and Federal Deposit Insurance(FDIC) chair Jelena McWilliams, focused on Internal efforts. The most amount of requests for comment from Industry participants and studies of emerging technology related to Central Bank Digital Currencies.
The hearing brought separate regulators with oversight of national bank together for a hearing entitled “Oversight of Prudential Regulators: Ensuring safety, soundness, Diversity, and Accountability of Depository Institution.”
Answer given by Hsu’s that McWilliams and Quarles have been in conversation about possible “Interagency sprint team” on cryptocurrency regulation related to banking.
Also Read: Indian Government Report Considering Crypto Regulation Instead Of Ban
“We are focused very intently on these crypto issues with the aim of having an answer and joint view very quickly. I’m sure that will be achievable.”
According to Hsu, “Lack of collaboration among Federal regulators on a crypto question is a pain point.”
The Federal Reserve just related guidance for “Novel Institution” that includes standard for some newly OCC chartered firms.
