Acting Comptroller of the Currency Michael J. Hsu urged his fellow regulators not to lower their standards when dealing with crypto under the pressure of “being perceived as anti-innovation luddite.” According to the OCC, it’s necessary to “learn and smartly adapt” to ensure safety, soundness, and fairness regarding the industry.
Hsu made his remarks on crypto during his speech at the Harvard Law School on Oct. 11. The full text of the speech was published on the Office of the Comptroller of the Currency's (OCC’s) official website.
Having started from his private experience example, Hsu criticized the rush and fear of missing out (FOMO) syndrome, which, in his opinion, heavily influenced the regulator community when it comes to crypto:
“Promises of innovation and inclusion often mask crypto’s promotion of a gold rush vibe that exploits people’s fear of missing out on the next Google or Amazon.”
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