The Bank of New York Mellon says US authorities must provide more clarity on who and how regulates the cryptocurrency market. In an interview with Reuters, BNY Mellon CFO, Emily Portney, said a lot of the shadow activity is happening "because of the lack of clarity."
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"Frankly, it is a bit confusing about who actually regulates digital assets and especially crypto... and of course exactly what you can or cannot do," Portney said.
The BNY Mellon CFO added the bank is hoping for more clarity around cryptocurrencies. Portney's comments come after the acting comptroller of the Office of the Comptroller of the Currency (OCC), Michael Hsu, called for bank-like rules for stablecoin issuers as the potential scope of the collateral damage "will continue to grow as long as crypto expands."
In a speech at the Transatlantic Finance Forum's Executive Roundtable, Hsu pointed out that stablecoin issuers subject to bank regulation would give stablecoins holders "confidence that those coins were as reliable and "money good" as bank deposits."
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