Acting comptroller of the Office of the Comptroller of the Currency (OCC), Michael Hsu has revealed that regulating stablecoin issuers like banks, could help innovations thrive in the crypto industry.
Acting OCC Chief Speaks On The Need For Stablecoin Regulation
The top U.S banking regulator revealed this during an event on Thursday, where he repeatedly spoke to attendees about the importance of regulating the stablecoin industry, albeit like banks, and how the regulation, could directly impact innovations.
“While innovation thrives in uncertain environments, solid foundations can help, especially when it comes to money and trust.”
Meanwhile, his call for regulation might be more like a public opinion on the regulatory front.
Especially seeing as the stablecoin market has continued to grow at an almost alarming rate, surpassing a $150 billion market cap in 2020.
Now, that growth may seem to have caught the eyes of many lawmakers and regulators who are becoming increasingly restless over the ability to properly regulate the booming industry.
Not only that, but regulators are also worried about the risks inherent from a potential run on stablecoin issuers if a market crash happens.
Interestingly, Hsu’s suggestion that stablecoin issuers should be regulated like banks, is in direct agreement with earlier recommendations made by the President’s Working Group on Financial Markets (PWG).
The PWG’s stablecoin report which was published some two months ago also asked Congress to enact a law that would treat stablecoin issuers like banks.
Without a doubt, Hsu’s tenure as acting OCC chief has shown more receptiveness towards crypto in general. In fact in a much better way better than his predecessor Brian Brook.
Recall that after Hsu took office last May, he immediately ordered a review of all the crypto-related guidance that the OCC had issued under Brooks.
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- DappRadar: Strong Possibility of DeFi Shakeout In 2022 Amid Crypto User Exodus
- YouTube’s Head of Gaming Joins Polygon Studios, CEO Praises NFT and Crypto
- Bitcoin And Ethereum Sell Off Nearing An End- CNBC Host Jim Cramer
- Crypto News: Thailand To Regulate Cryptocurrencies As Means of Payment
- YouTube’s CEO Hints That NFTs Might Be Coming To The Video Sharing App
- Will McDonald’s Accept Dogecoin Following Elon Musk’s Challenge?
- Bitcoin’s Positive Correlation With The Stock Market Index Records A Mild Increase
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?