Senator Elizabeth Warren of Massachusetts is garnering support among colleagues on Capitol Hill for a letter that would ask the Office of the Comptroller of the Currency (OCC) to withdraw crypto guidance banks have relied on.
Warren is asking fellow Senators to sign on to the letter, according to reporting from Bloomberg News, and plans on sending a final version of it soon to Acting Comptroller of the Currency Michael Hsu, who leads the office.
The legal guidance targeted by Warren deems it appropriate for banks to hold deposits that act as reserves backing stablecoins, laying the foundation for banks to offer other crypto-related services to customers. The request, reviewed by Bloomberg News, asks the OCC to work with the Federal Reserve and Federal Deposit Insurance Corporation to develop a new approach.
An outspoken advocate on regulating the crypto industry, Warren has pushed agencies to establish better protections for consumers. The letter being circulated reportedly states,...
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