Michael Hsu, the new head of the US Monetary Supervisory Office ( #OCC), continues to insist on strict regulation of cryptocurrencies. In his latest assessment, Hsu said that different US institutions dealing with this issue should cooperate.
Hsu, who has just started as the new president of OCC on May 10 and stated that he wants to review all pending issues, including the guide published by his institution last year on cryptocurrencies, about a week after taking his seat, Hsu wants to make a new move.
According to the #Financial #Times from the US media, the head of the OCC said that all institutions in the country should work together in a coordinated and step-by-step manner to determine a roadmap for regulations:
“There should be coordination between institutions. Some things can only be achieved this way. When I talk to some of my counterparts, I see that they want to cooperate on many issues ”
Hsu, who also attended a meeting of the Financial Services Committee, which is attached to the House of Representatives, in May; The OCC stated that the FED and the Deposit Insurance Agency should form a joint working group to explore the cryptocurrency industry quickly.
Reaction from former president Brian Brooks
Brian Brooks, former president of the OCC and CEO of Binance.US, Binance's US arm, cited the danger of tightening regulations.
Brooks, who attended the Consensus conference in May, said in his speech that tightening the regulations was not right, and that even a national bank was not accepted into the FED membership because it only provides cryptocurrencies is a crazy but most importantly dangerous idea.