Acting OCC head calls for consolidated supervision for crypto firms
Michael Hsu, the acting head of the United States Office of the Comptroller of the Currency, hopes to address gaps in supervision for companies dealing with cryptocurrencies.
In published comments before the Federal Reserve Bank of Philadelphia on Tuesday, Hsu called for consolidated supervision for crypto firms in which regulators or an authorized group could conduct oversight of a company and its subsidiaries to mitigate risk. According to Hsu, the current landscape allows holding companies engaging in crypto activities to potentially avoid regulations through subsidiaries.
“No crypto firm is subject to comprehensive consolidated supervision,” said Hsu. “This means that there are gaps in supervision, and risks can build out of the sight and
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