Acting OCC Chief Tells Senate Panel Crypto Custody Charter Is Under Review

In testimony before the Senate Banking Committee, Michael Hsu said some past crypto initiatives had not been done “in coordination with all stakeholders.”

Aug 3, 2021 at 2:53 p.m. UTC

Updated Sep 14, 2021 at 1:34 p.m. UTC

White House Agenda Depends On Navigating Congressional Thicket — Gary Gensler, chairman of the U.S. Securities and Exchange Commission, center, and Michael Hsu, acting head of the Comptroller of the Currency, right, walk to the West Wing of the White House in Washington, D.C., U.S., on June 21, 2021.

The acting head of the Office of the Comptroller of the Currency told a U.S. Senate committee on Tuesday morning that past crypto-related initiatives at the bank regulator are under review.

Michael Hsu told the Senate Banking Committee the inclusion of some crypto services in the regulator’s national trust charter was not done “in coordination with all stakeholders.” Hsu added, however, that he supported giving charters to financial technology companies.

“Put simply, denying a charter will not make the problem go away, just as granting a charter will not automatically make a fintech safe, sound and fair,” Hsu said. “I will expect any fintechs that the OCC charters to address the financial needs of consumers and businesses in a fair and equitable manner and support the important goal of promoting the availability of credit."

CORRECTION (August 3, 23:20 UTC): Hsu is the acting Comptroller of the Currency, not the acting director of the OCC.

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OCC Crypto Custody Michael Hsu

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