U.S. Acting Comptroller of the Currency (OCC) Michael Hsu argues regulators are spending too much time on crypto, and that other areas such as fintech need attention.
, while also stressing the need for a cautious approach to crypto regulation due to “red flags” with the sector’s rapid growth.
"We're spending too much time on crypto," he told Reuters, adding that"it's interesting, it has thorny issues... but relative to other technology and banking issues, I think we're now kind of overweight crypto." 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 monthimmediate oversight to avoid a “severe problem or crisis” due to the sector’s rampant expansion, adding:
"The persistence of the occupation of brain space, it’s starting to worry me now that we’re not spending that time and attention on some other things." The OCC head said he thinks fintech is the future, and therefore it needs proper time and considerations to help the sector thrive sustainably.These sentiments are in stark contrast to Hsu’s views on crypto,
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