Listen to “best angels” in cryptography; coin checker advises banks

The Acting U.S. Comptroller of the currency has advised banks looking to offer cryptocurrencies and digital assets to exercise caution.
Michael Hsu, a former Federal Reserve employee and current Comptroller of the currency, made the announcement at the central bank’s virtual conference.
According to the HSU, regulations are being developed to adapt to the rapidly changing financial landscape.
Under the Senate infrastructure bill, the United States is debating a tax on cryptocurrencies.

One of the main revolutions caused by cryptocurrencies took place in the financial industry. Banks touted to replace financial institutions have examined the leverage of the growing industry, with some already investing in crypto.

Crypto has seen companies such as Standard Chartered, BNY Mellon, Goldman Sachs, Citi Bank, UBS, Morgan Stanley, JP Morgan Chase and many others look more deeply into the sector. But Michael Hsu has other clues for the banks. 

Michael Hsu advises banks to listen to “best angels” in cryptography

Michael Hsu, a former Federal Reserve official who is now the Comptroller of the currency, advised banks to be careful when they want to offer cryptocurrencies to their customers.

Speaking at the Consumer Bankers Association (Cba Live) virtual conference, Hsu explained that banks ‘ interest in cryptocurrencies has increased in the last 12-18 months. Hsu attributed this increased interest to increased consumer demand.

According to the HSU, banks should consider “best angels” before offering cryptocurrencies, rather than chasing customers ‘ dollars. Hsu put forward this request because of growing regulatory tensions by authorities.

Crypto bid needs a regulated environment

In an earlier statement, Acting Superintendent Michael Hsu shared his concerns about cryptocurrencies and banks seeking to offer digital assets to their customers.

Acting Chief na of OKC

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