Banking Watchdog Says U.S. Government Blind to Full Crypto Risks

The U.S. needs to “level up” its oversight of crypto to address blind spots into firms that are seeking to take over a broad swath of banking functions, says acting head of the Office of the Comptroller of the Currency.

• Michael Hsu, who runs agency that regulates national banks, makes case for more crypto rules two days after the President’s Working Group on Financial Markets issued a report that advocated for greater oversight
• Hsu argues in Wednesday speech that “the rebundling of banking services by fintechs and the fragmented supervision of universal crypto firms pose significant medium- to ...