US Senator Asks Top Financial Regulator To Roll Back Crypto Guidelines Set in Place for Banks: Report – Lopoid Crypto News

US Senator Asks Top Financial Regulator To Roll Back Crypto Guidelines Set in Place for Banks: Report – Lopoid Crypto News #Senator #Asks #Top #Financial #Regulator #Roll #Crypto #Guidelines #Set #Place #Banks #Report #Lopoid Crypto News Welcome to Lopoid

US Senator Elizabeth Warren is reportedly asking the Office of the Comptroller of the Currency (OCC) to drag again the crypto pointers it set in place for banking establishments.

According to a brand new report by Bloomberg, Warren is circulating a letter in the Senate that may ask the OCC to roll again its steering involving a variety of interpretations, together with the definition of stablecoins, that finally enabled banks to supply crypto custody providers to shoppers.

Warren is asking the OCC to work with different regulatory companies to create an strategy “that adequately protects consumers and the safety and soundness of the banking system.”

Warren’s letter finds that the present OCC requirements don’t adequately keep in mind the issues and monetary dangers of banking establishments venturing into the world of crypto.

Says Warren’s letter, as cited by Bloomberg,

“Cryptocurrencies are highly volatile assets that offer few, if any, protections to retail investors… We are concerned that the OCC has failed to properly address the shortcomings of the preceding interpretive letters and the risks associated with crypto-related banking activities, which have grown more severe in recent months.”

Though the letter has but to be seen by Acting OCC Head Michael Hsu, he says he appears ahead to responding to Warren.

Hsu says he believes the OCC has completed effectively so far because the banking system continues to be in “good shape” regardless of latest turmoil in the crypto markets.

Says Hsu, based on the report,

“I am a very strong believer that anything that comes into the banking system in crypto has to be safe, sound, and fair, and we’re going to do what’s necessary in a way that’s sustainable, durable, [and] robust. I think we’re doing a pretty good job. See exhibit A: a whole bunch of stuff happened, and the banking system is in pretty good shape, knock on wood. I think part of that is the actions we’ve taken.”

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