If crypto becomes "too big," Michael Hsu says that it will be much "harder" to establish regulations.
Michael Hsu, the United States’ acting Comptroller of the Currency, expressed in a recent interview with the Financial Times that the US should establish a 'regulatory perimeter' for digital assets and Cryptocurrencies. Additionally, Hsu said US regulators are seeking to take a more active role in enforcing regulations in the cryptocurrency sector.
"It really comes down to coordinating across the agencies,” he said. “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.” These collaborative efforts will focus on laws that will support the protection of individual investors and consumers.
When It Comes to Crypto Regulation, “Time Is of the Essence”: Michael Hsu
Some collaboration on regulation and enforcement in the crypto space has already taken place. In the interview, Hsu said that a 'small' but 'senior' inter-agency 'sprint team' convened for the first time earlier in May. The group consisted of representatives from the Federal Reserve, the Federal Deposit Insurance Corporation and from his own office.
So far, the sprint team’s goals are to present “ideas in front of the agencies to consider” so that regulations can be formed sooner rather than later: “The idea is that time is of the essence and if it’s too big that gets harder,” Hsu told the Financial Times.
CoinTelegraph pointed out that Hsu is not the only regulatory figure in the United state to have recently pointed out holes in the United States’ crypto regulation strategy.
Speaking to a House committee last month, SEC Chairman Gary Gensler spoke of 'gaps' in the current regulatory landscape. Furthermore, he noted that the United States Treasury has recently focused on “anti-money laundering and guarding against illicit activity” in the digital asset industry.
CNBC reported that Gensler told lawmakers this month that: “allowing the SEC to regulate cryptocurrency exchanges will help ensure investors are protected and prevent market manipulation.”
Michael Hsu, the United States’ acting Comptroller of the Currency, expressed in a recent interview with the Financial Times that the US should establish a 'regulatory perimeter' for digital assets and Cryptocurrencies. Additionally, Hsu said US regulators are seeking to take a more active role in enforcing regulations in the cryptocurrency sector.
"It really comes down to coordinating across the agencies,” he said. “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.” These collaborative efforts will focus on laws that will support the protection of individual investors and consumers.
When It Comes to Crypto Regulation, “Time Is of the Essence”: Michael Hsu
Some collaboration on regulation and enforcement in the crypto space has already taken place. In the interview, Hsu said that a 'small' but 'senior' inter-agency 'sprint team' convened for the first time earlier in May. The group consisted of representatives from the Federal Reserve, the Federal Deposit Insurance Corporation and from his own office.
So far, the sprint team’s goals are to present “ideas in front of the agencies to consider” so that regulations can be formed sooner rather than later: “The idea is that time is of the essence and if it’s too big that gets harder,” Hsu told the Financial Times.
CoinTelegraph pointed out that Hsu is not the only regulatory figure in the United state to have recently pointed out holes in the United States’ crypto regulation strategy.
Speaking to a House committee last month, SEC Chairman Gary Gensler spoke of 'gaps' in the current regulatory landscape. Furthermore, he noted that the United States Treasury has recently focused on “anti-money laundering and guarding against illicit activity” in the digital asset industry.
CNBC reported that Gensler told lawmakers this month that: “allowing the SEC to regulate cryptocurrency exchanges will help ensure investors are protected and prevent market manipulation.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Crypto Mining Company Argo Reduced Losses by 85% in 2023
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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