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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.”
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.
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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.
Read more: Senate Banking Chairman ‘Concerned’ by OCC’s Crypto Charters
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
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- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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