Michael J. Hsu, acting head of the US Treasury Department’s Office of the Comptroller of the Currency (OCC), has announced it plans to review its guidelines applicable to cryptocurrencies.
In a speech to the United States House Committee on Financial Services, he has said the agency will review the guidelines on cryptocurrencies it has issued in the past. He said:
“At the OCC, the focus has been on encouraging responsible innovation… we created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions.”
While Hsu has promised to be impartial, he has assured his main goal is to keep banks safe for consumers.
We should bear in mind that just because the OCC will be reviewing its guidelines does not mean it will change them. The bureau might be preparing more comprehensive regulations that will support the industry while providing protection, checks and balance.