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US Fed, OCC and FDIC to set up interagency team for crypto regulations

Major financial regulators in the United States are considering establishing an interagency group dedicated solely to cryptocurrency matters.

The new head of the Office of the Comptroller of the Currency, Michael Hsu, announced that the agency is in talks with the US Federal Reserve and the Federal Deposit Insurance Corporation about the establishment of an “intergency policy sprint team” focused on “just crypto”. . “

At a virtual hearing of the House Financial Services Committee on Wednesday, the OCC chief said he discussed the initiative with Randal Quarles, the Fed’s vice president of supervision, and FDIC chairman Jelena McWilliams. “This is a really important issue. The rise of crypto has received a lot of attention,” Suu said.

Quarles said the Fed is working with other agencies with a clear regulatory framework for the cryptocurrency industry, including integrated definitions, stating:

“We are focusing very closely on these crypto issues, aiming for answers and joint consideration fairly quickly. I am sure this can be achieved.”

Quarles also noted the Fed’s growing efforts to locate the central bank digital currency, stating that the authority is actively involved in central bank digital currency research with international central banks. “These questions about digital currency are important. I think we need to study this very carefully, not only in this jurisdiction but also globally,” he said.

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