Massachusetts Democrat Elizabeth Warren is circulating a letter among her Senate colleagues that would ask a key US bank regulator to withdraw legal guidance that has underpinned Wall Street’s foray into crypto.
Warren wants the Office of the Comptroller of the Currency to pull a series of Trump-era interpretations that paved the way for banks to offer services like crypto custody for clients. The letter, a draft copy of which was reviewed by Bloomberg News, calls on the OCC to work with the Federal Reserve and the Federal Deposit Insurance Corp. to replace them with an approach “that adequately protects consumers and the safety and soundness of the banking system.”
Warren is currently asking colleagues to sign on to the letter, and plans to soon send a final version to OCC acting head Michael Hsu, said an aide for the senator.
When asked about the draft letter on Thursday, Hsu said that he hadn’t yet seen it and that he looked forward to responding.
“I am a very strong believer...
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