Amid significant volatility in the cryptocurrency markets, as well as an uptick in crypto-related frauds and scams, Acting Comptroller of the Currency Michael Hsu today praised the “quiet trustworthiness of banks,” and highlighted the OCC’s “careful and cautious” approach to crypto activities by national banks.
This approach, Hsu said, “helped mitigate the risk of contagion from crypto to the banking system.” He added that since the 2008 financial crisis, various reforms have “strengthened the banking system, making it more resilient, more fair and more trustworthy. . . . [T]his has proven valuable with the rapid rise and fall of crypto this past year.”