OCC acting director says that crypto needs a single consolidated supervisor
Join Our Telegram channel to stay up to date on breaking news coverage The cryptocurrency industry has had its fair share of problems and scandals throughout the years, but so far, 2022 was arguably one of the worst years in its history. The prolonged crypto winter led to the collapse of Terra blockchain in May, followed by the collapse of the FTX exchange in November. As a consequence, a massive number of other businesses have failed as well in response. Addressing the Institute of International Bankers, the Comptroller of the Currency, Michael Hsu, spoke of these and other incidents, comparing them to the situation surrounding the Bank of Credit and Commerce International (BCCI) which fell in the 1990s. He noted that FTX and BCCI did not operate in the same countries, but one thing that they had in common was the lack of a home regulator. Acting Comptroller of the Currency Michael J. Hsu discusses the failure of the Bank of Credit & Commerce International in 1991 that l...