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The Acting Comptroller Of OCC Said That Stablecoins Put Vulnerable Groups At risk
Summary: During an interview with Coindesk on Monday, the Acting Comptroller of the Office of the Comptroller of the Currency (OCC) Michael Hsu said that the cryptocurrency industry is thriving in innovation, but in the field of stablecoin, too much innovation is dangerous. Hsu emphasized that without stronger safeguards, vulnerable groups may be at risk. Hsu cited ...
During an interview with Coindesk on Monday, the Acting Comptroller of the Office of the Comptroller of the Currency (OCC) Michael Hsu said that the cryptocurrency industry is thriving in innovation, but in the field of stablecoin, too much innovation is dangerous.
Hsu emphasized that without stronger safeguards, vulnerable groups may be at risk. Hsu cited a Morning Consult poll from July to August. 37% of respondents who did not have a bank account said they had cryptocurrency, compared with only 10% of bank consumers.
Hsu said: “We want to be really careful about who is in this space and why, and what the risks for them are."
In addition, Hsu believed the risk of a run requires stablecoin issuers to increase transparency.
By Mary Liu
Tags: Michael Hsu,OCC,Regulation,Stablecoin
Link: The Acting Comptroller Of OCC Said That Stablecoins Put Vulnerable Groups At risk [Copy]
