Just recently, OCC, the banking regulator of the United States welcomed its new head after the departure of Brian Brooks. After taking control of the regulatory structure, the new head has already taken matters into his own hands in terms of cryptocurrency regulations.
According to the reports, the new head is set to review the cryptocurrency regulatory infrastructure and the policies surrounding the industry.
The reports have confirmed that the new head of the Office of the Comptroller of the Currency (OCC) is Michael Hsu. Right after the appointment, Hsu requested to review the system that the OCC staff currently follows for cryptocurrencies.
He has demanded to go through the entire process of how the OCC staff currently goes through the process of introducing new policies for the cryptocurrency industry.
While being appointed as the head of the OCC, Hsu added the point of going through the rulemaking process around cryptocurrencies in his testimony. Michael Hsu had reportedly shared his testimony on Wednesday, May 19 at the Financial Services Committee.
It seems that Michael Hsu had been preparing himself for the appointment as the head of the OCC. He had already prepared his remarks on the cryptocurrency rule-making process at the OCC. He asked that the OCC teams must review and go through the process of cryptocurrency rule-making.
He asked that the OCC teams need to work and come up with policies and updating the framework involving the chartering of trust companies and national banks.
According to Hsu, the framework needs to be updated as to how the cryptocurrency industry interacts with the banking business. He also added that the teams at OCC need to work and launch an Office of Innovation. With every passing day, the cryptocurrency industry has been advancing, gaining more ground mainstream adoption.
More and more companies are adopting cryptocurrencies on their platforms for purchases and transactions. Therefore, it has become extremely important for the OCC to also adapt to the changes and come up with more innovation in the cryptocurrency sector.
He stated that the policy review on cryptocurrencies and the framework will not be a brief process. The process will be detailed and precise to highlight any flaws in systems and policies governing regulatory perimeters from small-time businesses to major financial sectors.
He added that with time, more digital assets are making into the markets with different services and benefits to offer. Therefore, the teams at OCC have to be very tactical and smart when it comes to policymaking. There are no margins of any flaws or mistakes, therefore, the teams must coordinate with crypto-entities in order to have a better understanding of products.
Hsu stated that the ultimate goal of OCC is to provide a safer banking system to the users in the United States and have it linked with cryptocurrencies.