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Acting Comptroller Michael Hsu has called for stronger oversight of cryptocurrency risks as banks increasingly interact with fintech and crypto firms. Hsu emphasized the need for tighter supervision to limit banking exposure during crypto market fluctuations, crediting proactive regulation for this protection. Additionally, a letter from the deputy Treasury Secretary urged Congress to address national security risks posed by virtual assets, highlighting concerns about the inability of banks to flag Hamas crypto transactions. Vivek Ramaswamy criticized the current regulatory approach, calling it 'regulation by enforcement' and describing it as anti-American in an interview with Brian Sozzi.
[THE BLOCK] Former SEC Chair Jay Clayton says the crypto industry is 'pushing US market infrastructure forward'
A letter from the deputy Treasury Secretary implored Congress to help “protect against the national security risks created by virtual assets.” It warned that banks can't reliably flag Hamas crypto transactions. https://t.co/sQT2rrFBXQ
🚨 BREAKING: U.S. REGULATOR PUSHES FOR TIGHTER CRYPTO OVERSIGHT Acting Comptroller Michael Hsu stressed the need for stronger supervision as banks increasingly interact with fintech and crypto firms. He credited proactive regulation for limiting banking exposure during crypto… https://t.co/9iWwdLuHjO