OCC acting chief Michael Hsu acknowledged the positive impacts of tokenizing real-world assets but lamented the significant drop in interest in retail assets due to "fraud, scams, and hacks."
The office, first announced in October 2022, builds on and incorporates the Office of Innovation which the regulator established seven years ago to enforce responsible financial innovation.
Silvergate has been living on borrowed time since it failed to file its latest financial report with the U.S. Securities and Exchange Commission by the already extended deadline.
The Office of the Comptroller of the Currency wants to develop a new arm to fully grasp the changing finance landscape while keeping the federal banking system "safe" and "fair."
Anyone who digs and conducts independent research finds that it’s not at all clear why there are thousands of digital currencies, and as Michael Hsu notes, there are no clear answers as to how the massive returns available in DeFi are generated.
Three U.S. agencies tasked with regulating digital currency could be about to join forces to form an “interagency sprint team” in order to better shape digital currency regulation.