Acting U.S. OCC Comptroller: Reviewing all digital asset guidelines issued last year

The U.S. Office of the Comptroller of the Currency (OCC) is reviewing all digital asset guidance issued last year, including interpretive guidance, conditional trust licenses and other issues related to digital assets, Acting Comptroller Michael Hsu said at a virtual news conference Wednesday.

Acting U.S. OCC Comptroller: Reviewing all digital asset guidelines issued last year

“I’ve instructed the team to put everything on the table and let’s consider everything, such as the constraints of the decisions that have been made, the things that have been proposed, what the current progress is… so you know, it’s basically encouraging my team to think broadly about everything while being pragmatic,” he said.

Hsu said the review includes conditional state trust licenses issued to some crypto companies as well as other companies’ applications for such licenses. The ultimate goal is to determine the “overall strategy” for digital assets.

It was that perspective, he believes, that inspired a cross-departmental sprint team made up of members of the OCC, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).

Our instructions to the team were to first agree on the terminology,” Hsu said. Definitions can help on a cross-departmental basis when it comes to precision.”

Once the group has created a common set of definitions, it can then proceed to identify risks in the digital asset industry and determine the next steps around regulation.

Hsu said the hope is that the different regulators who may have jurisdiction over digital assets will work together to determine the most favorable regulatory framework, including oversight of trading platforms.

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