According to the acting head of the Office of the Comptroller of the Currency (OCC), Michael Hsu, supervisory authorities should not rush to regulate the cryptocurrency sector, adhering to high standards in their work.
During a speech at Harvard Law School, he has pointed out that agencies must "learn and adapt intelligently" to ensure safety and fairness in the industry. In his opinion, regulators are subject to FOMO in the context of digital assets and are therefore in a hurry.
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He has added:
"In dozens of private conversations I have had with bankers, academics, regulators and politicians, they have admitted that they really don't understand or trust cryptocurrencies as they exist today. However, they feel pressure to unite to avoid being left behind or being perceived as opposed to progress."
According to him, there are two approaches to regulation: domestication and accommodation. Hsu has expressed concern the US authorities would opt for the second option. He believes close cooperation between the departments can correct the situation.