A key US watchdog wants officials to set up a ‘regulatory perimeter’ for cryptocurrencies

Critics have long highlighted bitcoin's usage in offense.

Cesc Maymo/Getty Images

A US banking regulator said he’d like to find a "regulatory margin " for cryptocurrencies.
Michael Hsu told the Financial Times that there was growing interest in regulating crypto.
US and global officials have expressed worries that retail investors could get burnt by bitcoin.
See more information on Insider's company page.

The US' Comptroller of the Currency has said that he hopes officials will put up a "regulatory margin " for cryptocurrencies.

Michael Hsu, that oversees the country's nationwide banks, also told the Financial Times that agencies restarting the US monetary system want to coordinate "a good deal more" on the $1.5 trillion cryptocurrency marketplace, which has thrived in 2021 but shrunk sharply two weeks ago.

The comments were among the clearest signs yet that US regulators plan to have a more active part in the cryptocurrency market.

"It really comes down to organizing across the bureaus," Hsu explained. "Just in talking to a number of the peers, there is interest in organizing a ton more of these things. "

Officials across the globe fear that the crypto flourish is sucking in amateur traders who could become badly burnt. Bank of England governor Andrew Bailey mentioned earlier in May that people should "buy them only if you're prepared to drop all of your cash. "

In the US, there are growing signs that President Joe Biden's administration wants to have a more hands-on approach compared to Donald Trump's White House.

Biden's Treasury Secretary Janet Yellen said in February that "the abuse of both cryptocurrencies and virtual assets is a growing problem. " She highlighted their use in money laundering, terrorism and drug trafficking.

Hsu, who was appointed as Acting Comptroller by Yellen, said invention in finance through technologies such as blockchain and also the rise of fintech companies advised him of this fiscal crisis. He said new technologies brought great promise, but also terrific risk.

Read the original article on Business Insider

Article Source and Credit feedproxy.google.com http://feedproxy.google.com/~r/businessinsider/~3/E3-GLzeP4TU/cryptocurrency-bitcoin-regulation-us-watchdog-btc-rules-michael-hsu-2021-5 Buy Tickets for every event – Sports, Concerts, Festivals and more buytickets.com