In testimony before the Senate Banking Committee, Michael Hsu said some past crypto initiatives had not been done “in coordination with all stakeholders.”
The White House and Congress have yet to offer policy clarity for the crypto industry. Their agenda isn't focused on innovation and growth.
“It really comes down to coordinating across the agencies,” said the acting comptroller. "There is interest in coordinating a lot more of these things.”
Sherrod Brown specifically pointed to the OCC trust charters granted to Paxos, Protego and Anchorage.
"We created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions," Acting Comptroller Michael Hsu said.
Hsu was part of the Fed's bank supervision division. Brooks, now CEO of Binance.US, pushed crypto-friendly rules while in D.C.