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US Fed, OCC and FDIC Collaboratively Working to Roll Out Interagency Team For Crypto Regulations

By Tracy Hannes | May 21, 2021
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US-based, high-profile financial regulating agencies are reportedly having plans down their pipeline to set up an interagency team, devoted exclusively to crypto-associated business. 

Specifically, Michael Hsu, the new Director of the Office of the Comptroller of the Currency, reportedly disclosed that the entity is holding discussions with the U.S. Federal Reserve and the Federal Deposit Insurance Corporation, regarding the establishment of an “interagency policy sprint team”, dedicated to “just on crypto.”

During a virtual hearing of the House Financial Services Committee, the OCC Director reportedly claimed that he had brought up the project for debate with Fed vice chairman of supervision Randal Quarles and FDIC chairman Jelena McWilliams. 

“This is a really important issue. The rise of crypto has got a lot of attention”. 

Quarles additionally revealed that the Fed has reportedly been collaborating with different agencies in a joint attempt to roll out a regulatory framework, with sufficient clarity, catering to the crypto sphere, covering unified definitions. 

“We’re sort of focused very intently on these crypto issues with the aim of having answers and joint views fairly quickly. I’m sure that will be achievable.”

Quarles further mentioned the Fed’s extensive efforts to research the potential of a central bank digital currency (CBDC), revealing that the entity is adopting an active attitude towards exploring central bank digital currency with different banks. 

“These questions about the digital currency are important. I think we need to do a very careful study of that, not just in this jurisdiction but globally as well,”

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