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."
The OCC states that the bank failed to meet Bank Secrecy Act requirements and ordered it to appoint a compliance committee and hire a BSA officer.
The OCC, the FDIC and the Federal Reserve have said in a joint statement that they’ll focus on a long-term policy strategy in 2022 after this year’s policy sprints.
The FDIC is working with the Federal Reserve and other agencies on how to regulate the digital currency industry, with one of its proposals being that all stablecoins must prove that they are backed 1:1 by highly liquid assets.
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.
White House describes Omarova as “one of the country’s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets.”
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.
Michael Hsu has requested that staff at the OCC review their approach to digital currency, including updating its charter framework for banks and other institutions, and setting up a new Office of Innovation.
Protego Trust Company has received conditional approval from the Office of the Comptroller of the Currency to become a federally chartered digital currency bank.
Prior to his appointment as Acting Comptroller in May 2020, Brian Brooks worked as general counsel at Coinbase.
Digital currency custodian Anchorage has become the first bank to receive a national charter from the Office of the Comptroller of the Currency (OCC).