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Acting US Comptroller Michael Hsu Says He's Looking to the Lessons of 2008 for Crypto Regulation
Summary: Acting Comptroller of the Currency Michael Hsu says he's looking to the lessons learned from the 2008 financial crisis and aftermath to build new guardrails. More than a decade ago, shadow bank activity and considerable market froth led to what became known as the Great Recession. Hsu said he sympathizes with the growing mistrust of ...
Acting Comptroller of the Currency Michael Hsu says he's looking to the lessons learned from the 2008 financial crisis and aftermath to build new guardrails. More than a decade ago, shadow bank activity and considerable market froth led to what became known as the Great Recession. Hsu said he sympathizes with the growing mistrust of financial institutions, but the crypto promise is nascent and under-developed for the scale it's operating on.
Now, he sees "elements" of the conversations he was having in the lead up to the crisis in discussions related to crypto markets, among other sectors. Considerable froth and price swings that departed from fundamental expectations were hallmarks of the lead-up to '08, according to Hsu, and he's hearing many of those buzzwords again. For that reason, he's looking to step in earlier than regulators did a decade ago.
By Amy Liu
Tags: Crypto,Michael Hsu,OCC,Regulation
Link: Acting US Comptroller Michael Hsu Says He's Looking to the Lessons of 2008 for Crypto Regulation [Copy]
