Michael Hsu, the acting US currency auditor, recently stated in an interview with the Financial Times that the US should establish a “regulatory area” for digital assets and cryptocurrencies. In addition, according to Hsu, U.S. regulators are seeking a more active role in enforcing regulations in the cryptocurrency sector.
“It really comes down to the coordination between the agencies,” he said. “Only when I speak to some of my colleagues is there an interest in coordinating a lot more of these things.” These joint efforts will focus on laws that help protect individual investors and consumers.
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When it comes to crypto regulation, “Time is of the essence”: Michael Hsu
Some cooperation in regulation and enforcement in the crypto space has already taken place. In the interview, Hsu said that a “small” but “high-ranking” inter-institutional “sprint team” met for the first time in early May. The group consisted of representatives from the Federal Reserve, the Federal Deposit Insurance Corporation and his own office.
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So far, the goal of the sprint team has been to “present ideas to the agencies to be considered” so that regulations can be formed sooner rather than later: “The idea is that time is of the essence and when it is too big it becomes more difficult , Hsu told the Financial Times.
CoinTelegraph pointed out that Hsu is not the only regulator in the United States who recently pointed out loopholes in the United States’ crypto regulatory strategy.
Gary Gensler, chairman of the SEC, spoke to a House committee last month about “loopholes” in the current regulatory landscape. Additionally, he noted that the U.S. Treasury Department recently focused on combating money laundering and protecting against illegal activity in the digital asset industry.
CNBC reported that Gensler told lawmakers earlier this month, “If the SEC can regulate the exchange of cryptocurrencies, it will help protect investors and prevent market manipulation.”