On May 2, the Federal Reserve and other senior U.S. regulators are moving forward with their landmark plan to allow big banks to hold more long capital, despite some critics calling for the plan to be scrapped. According to people familiar with the matter, key officials have decided to tweak the original proposal rather than restart drafting, and some of them are pushing for it to be finalized as early as August. Abandoning the plan unveiled last July will almost certainly delay finalization until after the U.S. elections in November. There has been speculation that the Federal Reserve, the Office of the Commissioner of the coin (OCC) and the Federal Deposit Insurance Corporation (FDIC) will overhaul the proposal. Some lawmakers and regulators have raised concerns, while Fed Chair Jerome Powell and Vice Chair Barr, who oversees banking supervision, said they expect "broad and substantial changes." Barr said in March that criteria related to operational, market and credit risk could be adjusted. These and other measures help determine how little capital banks need to hold under long scheme.

U.S. House Financial Services Committee Chairman Patrick McHenry (R-North Carolina) and Sen. Cynthia Lummis (R-Wyoming) sent a letter to prudential regulators along with colleagues from both parties: the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Fed), The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) urged these regulators not to enforce the SEC's crypto accounting bulletin (SAB 121). The letter states that SAB 121 was issued without consultation with any of your respective institutions and requires custodians to recognize liabilities and corresponding offsets on their balance sheets, measured at the fair value of the digital assets under custody by the customer. This accounting approach deviates from established accounting standards, does not accurately reflect the custodian's basic legal and economic obligations, and exposes consumers to a greater risk of loss.

Ripple CEO Brad Garlinghouse said at the DC Fintech Week conference that even if Ripple wins the SEC lawsuit, certain U.S. banks are still wary of accepting cryptocurrencies, and they will say that even if you win the lawsuit, the U.S. government is still hostile to cryptocurrencies, and the OCC (Office of the Comptroller of the Currency) is also hostile to cryptocurrency. Until that changes, U.S. banks won't meaningfully get involved.

PANews reported on November 8 that according to CoinDesk, Michael Hsu, acting administrator of the Office of the Comptroller of the United States (OCC), said at the DC Fintech Week event in Washington that asset tokenization may be the answer to the complexity of capital and securities flow risk. "The point of tokenization is to solve a real problem, and that problem is settlement," HSU said. It's boring background work, but it's extremely important. Whenever an asset changes hands in the financial world, the transaction usually passes through multiple entities and checks its validity before it is cleared and settled, officially falling into the hands of the recipient. Trading at any of these tiers carries a certain risk of failure. If done correctly, tokenization promises to break this and simplify it. ” But when it comes to the crypto space, Hsu remains skeptical, arguing that the divide between crypto and tokenization seems to be growing, and that "cryptocurrencies tend to be driven by speculation and are still riddled with fraud, scams, and hacks."

According to a report by the Financial Associated Press on November 7, Michael Hsu, acting director of the Office of the Comptroller of the Currency (OCC), said that in terms of banking supervision, artificial intelligence must comply with relevant systems, and AI must meet fair, safe, and industry health standards.

Michael Hsu, acting auditor general of the Office of the Comptroller of the Currency (OCC), said at the DC Fintech Week event that asset tokenization could be the answer to the complexity of capital and securities flow risk, but cryptocurrencies "tend to be driven by the hope of speculative gains, and it remains riddled with fraud, scams and hacks."

The Office of the Comptroller of the Currency (OCC) will host a workshop on tokenization in February 2024 to initiate a public conversation about the transformative potential of tokenizing "real-world" financial assets and liabilities, with a special emphasis on laying the groundwork for "responsible innovation." Hyun Song Shin, Economic Advisor and Head of Research at the Bank for International Settlements (BIS), will deliver a keynote speech at the symposium. The panel will explore the legal basis of tokenization, tokenization use cases, risk management considerations, and economic research on tokenization. It is worth mentioning that the OCC has always discouraged banks from participating in cryptocurrency businesses. In early 2023, the OCC, along with two other banking regulators, issued a collective statement warning banks of the potential risks associated with cryptocurrencies. （Cointelegraph）

The Office of the Comptroller of the Currency (OCC), the U.S. Treasury Department's independent agency that oversees U.S. commercial banks, will hold a workshop on tokenization in February 2024, Golden Finance reported. The panel will explore the legal basis of tokenization, tokenization use cases, risk management considerations, and economic research on tokenization. The OCC promised to broadcast the conference live later this year and post the registration form on its website. The OCC has been blocking banks from participating in cryptocurrencies through its explanatory letters. In early 2023, it issued a collective statement along with two other banking regulators warning banks of the potential risks associated with cryptocurrencies. In March 2023, the agency announced the creation of the Office of Financial Technology, which will expand OCC's technology focus and help it keep pace with the rapid development of the banking industry.

Odaily Planet Daily News The U.S. Federal Deposit Insurance Corporation (FDIC) released a "Risk Assessment" report on Monday, which devoted an entire chapter to cryptocurrencies, claiming that "digital assets pose unique risks to the financial stability of the United States." The report stated that the FDIC is generally aware of rising interest in cryptocurrencies, and as this interest increases, the FDIC determines that more information is needed to better understand the associated risks. One of the FDIC's greatest concerns is the "dynamic nature" of digital assets, which makes it difficult to assess their possible impact on the financial system. Areas of opacity listed by the FDIC include fraud, legal uncertainty and "immature risk management practices." One problem with cryptocurrencies, the FDIC said, is the unpredictability of deposit inflows and outflows, which could create liquidity risk when banking digital asset firms. The FDIC also believes that stablecoins are dangerous because they are prone to runs, and if outflows increase rapidly, the balance sheets of banks holding stablecoin reserves may develop holes. In its report, the FDIC highlighted a joint statement issued in January with the Office of the Comptroller of the Currency (OCC), in which the FDIC and OCC urged banks to exercise caution in ensuring that cryptocurrency-related activities "can be conducted in a safe and sound manner, permitted by law, and in compliance with applicable laws and regulations." laws and regulations". (Decrypt)

According to PANews news on August 2, according to Bloomberg News, the website of the U.S. Office of the Comptroller of the Currency (OCC) showed that blockchain lending company Figure Technologies Inc. withdrew its bank license application submitted to the regulatory agency on July 31. Figure applied for the license in 2020. In an emailed statement, a company spokesman said the withdrawal of the banking license application was due to the company's focus on other growth areas. According to news yesterday, blockchain lending company Figure Technologies Inc. laid off 90 people this week, accounting for about 20% of its total workforce. The company is also planning an initial public offering (IPO) for its lending unit "LendCo" next year and has already started interviews with bankers.

Odaily Planet Daily News Michael Hsu, acting director of the U.S. Office of the Comptroller of the Currency (OCC), said at an event at the American Bankers Association that achieving decentralization, security, and scalability at the same time "is not possible on a public blockchain." possible". "The cryptocurrency industry remains largely self-referential and disconnected from the real world, despite years of mainstream attention, billions of dollars in venture capital and millions of hours of code," he said. Promising, but still immature and fraught with risk." Hsu also believes that through tokenization, it is theoretically possible to merge order, transaction and settlement into a single step, eliminating these frictions — provided the technology is interoperable with central bank currencies and real-world settlement systems, and requires the creation of tokens. the legal basis for the transformation. (Coindesk)

According to news on June 18, Michael Hsu, acting director of the U.S. Office of the Comptroller of the Currency (OCC), said at an event of the American Bankers Association on Friday that asset tokenization is a major advance in the future of finance, but decentralized blockchains may There are too many problems to deal with this trend. He believes that tokenization does not require decentralization and trustlessness, and achieving decentralization, security, and scale at the same time is impossible for public blockchains. According to Hsu, the crypto industry remains largely self-referential and disconnected from the real world, despite years of being in the mainstream spotlight, touting billions of dollars in venture capital and millions of hours of code commitments. The industry is immature and fraught with risks.

US OCC Head Is Keen on Tokenization—But Not on Decentralized Blockchains Michael Hsu, the acting head of the U.S. Office of the Comptroller of the Currency, has acknowledged the potential of tokenization of assets, but believes decentralized blockchain networks aren't ideal for the use case. He believes that simultaneously nailing decentralization, security and scale is "not possible with a public blockchain," and that the crypto industry remains largely self-referential and disconnected from the real world.