Regulating stablecoin issuers like banks could encourage innovation in the crypto industry, according to top U.S. banking regulator Michael Hsu.Speaking at an event on Thursday, Hsu – the acting comptroller of the Office of the Comptroller of the Currency (OCC) – told attendees that increased regulations for the stablecoin industry could also make innovations … [Read more...] about OCC Chief Hsu Says Regulation Could Boost Stablecoin Innovation
OCC
OCC Nominee Omarova Withdraws From Bank Regulator Consideration
“As a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system, Saule would have brought invaluable insight and perspective to our important work on behalf of the American people. But unfortunately, from the very beginning of her nomination, Saule was subjected to inappropriate personal attacks that were far beyond the pale. I am … [Read more...] about OCC Nominee Omarova Withdraws From Bank Regulator Consideration
OCC Highlights Digital Assets in Risk Report for Banks
“This includes ensuring sufficient knowledge and expertise in the underlying products and services and processes to identify and address strategic, operational, compliance, and reputational risks. Sound risk management of crypto-related product offerings includes alignment with a bank’s strategic goals, risk appetite, resources and expertise,” the report said. Source link … [Read more...] about OCC Highlights Digital Assets in Risk Report for Banks
Democratic senators oppose President Biden’s OCC Omarova nomination
A group of five Democratic senators has reportedly rejected President Joe Biden’s nominee, Saule Omarova, to head the Office of the Comptroller of the Currency (OCC). Omarova’s nomination as a bank regulator was initially opposed by three members of the Senate Banking Committee — Senators Jon Tester, Mark Warner, and Kyrsten Sinema — on a phone call with panel chairman Sen. … [Read more...] about Democratic senators oppose President Biden’s OCC Omarova nomination
OCC Wants Banks to Seek Permission Before Offering Crypto Services
The Office of the Comptroller of the Currency (OCC) wants banks to be very sure they can provide crypto services before they do so. The federal bank regulator published an interpretative letter Tuesday telling banks to be very clear they can comply with existing regulations around stablecoins and other cryptocurrency services if they want to begin offering custody or node … [Read more...] about OCC Wants Banks to Seek Permission Before Offering Crypto Services