Crypto and DeFi disintermediate banking in new ways, says OCC head - 1 views
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jeff0brown0 on 20 Sep 21Acting Comptroller of the Currency Michael Hsu said the agency is working with a number of other financial regulators to coordinate digital asset regulation. Regarding cryptocurrencies and decentralized finance, Hsu "said it is necessary for regulators to 'ensure that crypto/DeFi activities that take place within the banking system or are facilitated by banks are trustworthy.'" However, since most DeFi activity "takes place outside of the regulated banking system, it is unclear whether Hsu's remarks can be interpreted as reflecting OCC's aspiration to extend its purview over DeFi platforms."