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After the attacks and bankruptcies in the markets, the US authorities drew attention to the urgency of cryptocurrency regulations. Today’s announcements provide new information about history. Regulation of cryptocurrencies has some advantages and disadvantages. But when? Details are in our news.
US Crypto Currency Description
A high-ranking US official gave a hint about the history of cryptocurrency regulation with his latest statement. Acting Comptroller of the Currency Michael Hsu, the current head of one of the US federal banking regulatory agencies, told a bankers’ meeting in New York that the price collapse in the cryptocurrency market has given regulators enough time to “take the right steps.” Regulators see the drop in prices as an opportunity for more accurate, comprehensive and permanent regulations. As a matter of fact, when prices fall, the entry of new investors to the market decreases and transaction volumes decrease. Naturally, potential risks are also weak. Hsu said the following in his statement at the annual Bank Policy Institute conference;
“This industry was growing very fast and we had a lot of curiosity and questions. Then the collapse of Terra brought chain failures and collapse in the markets. After the collapse, regulators’ interest in digital assets in the banking sector began to cool.”
Banks and Cryptocurrency
Hsu said an inter-agency regulatory process to establish broader ground rules for banks to interact with cryptocurrencies remains active, but is moving more slowly.
“The general road map is the same. But now you have a little more breathing room to get it right. We are trying to create a safe, healthy and fair legal ground. “Regulators should be aware of the fact that crypto is a very exciting thing, but they should avoid appearing to endorse or promote it when talking about how it will be regulated.”
After his speech, a banking industry representative pressed Hsu about the Securities and Exchange Commission’s guidance note from earlier this year on how to account for the custody of digital assets and crypto-related transactions. The man who asked the question said that the directory discourages most banks from participating in crypto currency hoarding. Hsu declined to comment directly on the work of another regulator, but cautioned that oversight for cryptocurrencies is more complex than for other securities.
“This complexity is not something that cannot be solved, but it will take time and we must take a much more careful step.”
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