Acting Comptroller of the Currency Michael J. Hsu prioritized "restoring public trust in the federal banking system" after the liquidity crisis, consequent market disruptions and bank failures early in the calendar year.
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In an address to the 2023 Institute of International Bankers Annual Washington Conference, Acting Comptroller of the Currency Michael J. Hsu highlighted parallels between jurisdictional and "supervisability" risk in global banking and in crypto.
Acting OCC Comptroller Michael J. Hsu called for greater interagency and international coordination on cryptocurrency regulation to "ensure safety, soundness and fairness and encourage responsible innovation."
Acting Comptroller Michael J. Hsu urged regulators to monitor the nature of the relationship between TradFi and DeFi warning that applying traditional finance regulations and concepts to a decentralized cryptocurrency industry may downplay and disguise the significant risks associated with cryptocurrencies.
Participants in the EU-U.S. Joint Financial Regulatory Forum highlighted cross-border interagency coordination on (i) financial stability, (ii) climate-related financial risks, (iii) banking and insurance regulation and supervision, (iv) capital markets, (v) operational resilience, (vi) digital finance and (vii) AML/CFT compliance.