In a speech to the American Council on Financial Technology Councils 2021 Public Policy Summit, Acting Auditor Michael J. Xu called for increased regulation of global crypto firms.
“Large global crypto firms, especially issuers of widespread stack coins, need to adopt comprehensive and standardized supervision. At the same time, federal and state regulators should prioritize the development of policies, personnel and supervisory practices to safely integrate such firms into the bank’s regulatory environment. secure crypto companies from those that are only partially regulated and have loopholes in management in the past, such as Binance and Tether.
The Office of the Comptroller’s Office is responsible for the regulatory oversight of federally accredited banks operating in the United States. Xu further announced:
“The rapid and confusing expansion of wholesale and retail activity in some crypto companies raises the question of whether there should be a Glass-Steagall-style separation in the crypto area.”
Glass Stegal was a federal law from 1933 that banned investment and commercial banking and was repealed in 1999. Xu finally warned: “In the crypto area, the rapid growth of users and the total market value has only been accompanied by an increase in fraud and consumerism. complaints. … »Move fast. “Breaking things” is a common mantra in technology. In the context of financial services, it is important to remember that “things” are people and money. ”
In October, Republicans in the Senate forced JCC candidate Saul Umarova to deliver a Ph.D. dissertation on Marxism. The OCC, in coordination with other regulators, is expected to provide instructions to banks on how to store cryptocurrencies soon. Hsu began examining the reserves of the Tether certificate in January.