US regulators urgently working on joint cryptocurrency regulation

US government agencies have confirmed that Randal Quarles, the Federal Reserve's vice president of surveillance, is urgently working on a common regulatory framework for cryptocurrencies. “Together with the OCC and the FDIC, we are currently dealing with what we call a sprint to bring together the views on 'crypto regulation'. US agencies collaborate on the common regulatory framework for cryptocurrencies Randal Quarles, vice president of oversight of the Federal Reserve, spoke Tuesday about regulators' efforts on cryptocurrency surveillance, Reuters reported. Quarles cited the work of the Currency Supervisory Office (OCC) and the Federal Deposit Insurance Corporation (FDIC) on this issue, in response to a question by a member of the Senate Banking Committee regarding cryptocurrency and its illegal use. He confirmed that the US financial regulators are working together to solve cryptocurrency issues, and that together with the OCC and the FDIC we are currently in what we call a sprint to gather ideas about it. Quarles noted that the discussions by regulators included a common regulatory framework, capital treatment and operational treatment. Stressing that the joint monitoring framework is "high priority", he said he expects results "soon". Quarles' statement on Tuesday reflects what he told Representative Tom Emmer at the hearing before the House Financial Services Committee. Quarles and the currency's new surrogate controller, Michael Hsu, acknowledged that several agencies are coordinating regulatory approaches to cryptocurrencies. Hsu, who called for a review of all crypto standards at the OCC after taking office, told the committee: This is a really important issue. I think the rise of crypto money has attracted a lot of attention. The new OCC president announced ahead of his meeting with Quarles and F President Jelena McWilliams.

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