Bloomberg Law
Oct. 11, 2022, 5:42 PM

US Bank Watchdog Says ‘Immature’ Crypto Industry Full of Risks

Katanga Johnson

A top Wall Street bank watchdog said the crypto industry has a long way to go in winning over regulators.

“Crypto today is an immature industry based on an immature technology,” Acting Comptroller of the Currency Michael Hsu said on Tuesday. He added that the comment wasn’t meant to be disparaging, but that the industry still needs to deal with “the unabating volume of scams, hacks, and fraud.”

Michael Hsu, acting director of the Office of the Comptroller of the Currency
Photographer: Ting Shen/Bloomberg

Digital-coin giants have increasingly argued that blockchain technology lets them offer financial services akin to those that consumers expect from banks, brokerages and investment firms. Hsu said Tuesday that he’s concerned ...