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

The acting director 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.”

This story is developing and will be updated.