In an October 13 interview, Micheal Hsu, United States Acting Comptroller of the Currency (OCC), mentioned the extra attention regulators are directing on cryptocurrency.
Micheal has been serving as the OCC head since May 2021 and is also serving as the administrator for the federal banking system and the chief economic officer of the OCC. His interview revealed that the regulators have been focusing excessively and spending too much time on crypto, considering the high proportionality of threats it includes. However, in this process, other significant topics like fintech organizations, banking, and technology are getting neglected, which he described as the future.
He acknowledged the security threats and concerns that crypto brings. However, he termed the sector driven by fear of missing out (FOMO) syndrome, where one follows another mindlessly, thus leading to wild speculations in contrast to the expected innovation. He stated that his hesitancy of crypto hails from the frustration of the competent innovations not getting the deserving attention.
Going forward on the subject, the OCC head said that some of the areas which call for significant attention in the present scenario include the topics and organizations from the fintech sector. The fintech sector needs urgent and efficient supervision, considering the rapid expansion it has been displaying would lead to severe problems or crises.
He suggested that the fintech be the future, and thus, investing appropriate attention, time and consideration would enhance the sector’s sustainability. Investing in the correct sector would only facilitate the development of the future.
However, Michael’s recent comment contrasts his past opinions from a lecture at Harvard Law School on October 11, where he described the industry as immature based on immature technology.