{"id":500726,"date":"2022-10-14T06:36:08","date_gmt":"2022-10-14T03:36:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/regulators-are-spending-too-much-time-on-crypto-comptroller\/"},"modified":"2022-10-14T06:36:08","modified_gmt":"2022-10-14T03:36:08","slug":"regulators-are-spending-too-much-time-on-crypto-comptroller","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/regulators-are-spending-too-much-time-on-crypto-comptroller\/","title":{"rendered":"# Regulators are &#8216;spending too much time&#8217; on crypto: Comptroller"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e5f9dc4ba7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e5f9dc4ba7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/regulators-are-spending-too-much-time-on-crypto-comptroller\/#%E2%80%9D_Regulators_are_%E2%80%98spending_too_much_time_on_crypto_Comptroller_%E2%80%9C\" >&#8221; Regulators are &#8216;spending too much time&#8217; on crypto: Comptroller &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Regulators_are_%E2%80%98spending_too_much_time_on_crypto_Comptroller_%E2%80%9C\"><\/span>&#8221; Regulators are &#8216;spending too much time&#8217; on crypto: Comptroller &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZjFlZjNkOWQtZjQ0YS00NmNlLTlhOWUtNDRhOTM0ODUzYjdlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>United States Acting Comptroller of the Currency (OCC) Michael Hsu has expressed concerns that regulators are spending \u201ctoo much time on crypto,&#8221; rather than more pressing issues, such as <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and banking.\u00a0<\/p>\n<p>The crypto skeptic OCC head made the comments during an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/occs-hsu-bank-fintech-partnerships-here-stay-while-crypto-hogging-brain-space-2022-10-13\/\">interview<\/a> with Reuters on Oct. 13, as he outlined a worry that crypto is \u201coccupying a lot of brain space for an awful lot of people\u201d in the regulatory community.<\/p>\n<p>Hsu has been at the helm of the OCC since May 2021 and serves as the administrator for the federal banking system and chief economic officer of the OCC. <\/p>\n<p>During his tenure, has called for greater supervision of crypto firms and standards around stablecoins, while also stressing the need for a cautious <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach to crypto regulation due to \u201cred flags\u201d with the sector\u2019s rapid growth. <\/p>\n<p>&#8220;We&#8217;re spending too much time on crypto,&#8221; he told Reuters, adding that &#8220;it&#8217;s interesting, it has thorny issues&#8230; but relative to other technology and banking issues, I think we&#8217;re now kind of overweight crypto.&#8221;<\/p>\n<p>Hsu went on to explain that there are other areas that need to be focused on at present, specifically relating to fintech, something which he emphasized last month <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/us-bank-regulator-warns-crisis-risk-fintech-proliferation-2022-09-07\/\">required<\/a> im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te oversight to avoid a \u201csevere problem or crisis\u201d due to the sector\u2019s rampant expansion, adding:<\/p>\n<blockquote><p>&#8220;The persistence of the occupation of brain space, it\u2019s starting to worry me now that we\u2019re not spending that time and attention on some other things.&#8221;<\/p><\/blockquote>\n<p>The OCC head said he thinks fintech is the future, and therefore it needs proper time and considerations to help the sector thrive sustainably. <\/p>\n<p>&#8220;This is the future, so let&#8217;s do the future right,&#8221; he said. <\/p>\n<p>These sentiments are in stark contrast to Hsu\u2019s views on crypto, given that he described the sector as \u201can immature industry based on an immature technology,\u201d during a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.occ.gov\/news-issuances\/speeches\/2022\/pub-speech-2022-126.pdf\">lecture<\/a> at a Harvard Law School roundtable on Oct. 11. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Rep. McHenry gives progress report on stablecoin legislation, says it\u2019s an \u2018ugly baby\u2019<\/em><\/strong><\/p>\n<p>Hsu also outlined concerns with the crypto sector&#8217;s apparent fear of missing out (FOMO) syndrome which he argued fosters wild speculation as opposed to innovation.<\/p>\n<blockquote><p>\u201cPromises of innovation and inclusion often mask crypto\u2019s promotion of a gold rush vibe that exploits people\u2019s fear of missing out on the next Google or Amazon.\u201d<\/p><\/blockquote>\n<p>\u201cMy skepticism of crypto stems from a frustration that the most promising innovations have been crowded out by hype and a fixation on trading,\u201d Hsu added. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/occ-s-hsu-says-regulators-are-spending-too-much-time-on-crypto-reuters\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Regulators are &#8216;spending too much time&#8217; on crypto: Comptroller &#8220; United States Acting Comptroller of the Currency (OCC) Michael Hsu has expressed concerns that regulators are spending \u201ctoo much time on crypto,&#8221; rather than more pressing issues, such as technology and banking.\u00a0 The crypto skeptic OCC head made the comments during an interview with&#8230;<\/p>\n","protected":false},"author":1,"featured_media":500727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZjFlZjNkOWQtZjQ0YS00NmNlLTlhOWUtNDRhOTM0ODUzYjdlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,76556,75269,70934,8575],"class_list":["post-500726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-fintech","tag-us-government","tag-regulation","tag-usa"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/500726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=500726"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/500726\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/500727"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=500726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=500726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=500726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}