The U.S. Office of the Comptroller of the Currency (OCC) will review its crypto-related guidance issued over the past year, its new chief said.
Michael Hsu, the new acting comptroller, said in prepared remarks that he requested a review of all of the federal bank regulator’s pending matters, interpretative letters and guidance, including issues around digital assets and cryptocurrencies.
Much of the OCC’s crypto guidance was issued under the administration of former Acting Comptroller Brian Brooks, and marked what seemed like a watershed moment for the crypto industry’s acceptance from the broader banking sector. Brooks now leads Binance.US..
“At the OCC, the focus has been on encouraging responsible innovation,” Hsu said. “For instance, 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.”
Hsu said that he intends to keep an open mind but is “committed” to ensuring banks remain safe for consumers.