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The top banking regulator in the US emphasizes the importance of coordinated action. The environment could even support prices in the long term.
In the USA, there are increasing indications of an imminent stricter regulation of crypto currencies. He hoped that the authorities would jointly create a "regulatory framework", said Michael Hsu, the new head of banking supervision OCC, to the "Financial Times".
Coordinating activities and approaches is vital, Hsu said. The willingness to do so is there. Recently there had been a meeting between the Ministry of Finance conducted OCC, the Federal Reserve Federal Reserve and the deposit insurance fund. One does not have the goal of doing politics, emphasized Hsu. Rather, they want to work out specific proposals to further develop the crypto sector.
Hsu has only been in office for a few weeks as head of the OCC (Office of the Comptroller of the Currency) banking supervision. Previously, he worked in an executive position for the Fed . Treasury Secretary Janet Yellen recently said he was one of the "most talented and principled regulators" she has ever worked with .
After a brief sideways movement, prices picked up again on Monday afternoon. The market capitalization of all cryptocurrencies rose by five percent to 1.62 trillion dollars, according to data from the analysis house Coinmarketcap. Bitcoin is trading at just under $ 37,000, while Ethereum is above $ 2500.
Any regulatory projects in the USA had regularly weighed on prices in the past . The US government recently announced that it would give the IRS more powers over transactions in cryptocurrencies. For example, companies and crypto exchanges should write an automatic message when a customer receives transactions of $ 10,000 or more .
The Securities and Exchange Commission SEC seeks in the debate over tougher regulation for more influence. The new SEC boss Gary Gensler pleaded a week ago to better protect investors by applying the same rules to the crypto market as to the stock market, for example. Gensler had also campaigned for more cooperation between the authorities.
Gensler has previously taught cryptocurrencies at the elite MIT university. Industry experts therefore suspect that he is interested in sensible and progressive regulation that does not rely on bans per se, as is the case in other countries around the world. In the past, experts had emphasized that this environment - despite all the uncertainty - should support rather than weigh on prices in the long term.
"Crypto assets are a speculative investment"
The Irish director general of the Central Bank for Financial Supervision, Derville Rowland, is much more confrontational. "Crypto assets are a pretty speculative, unregulated investment," she said in an interview with the Bloomberg news agency. "Investors should really be aware that they can lose their entire investment."
Your voice has weight in Europe. Rowland will chair the Standing Committee on Investment Management of the European Securities and Markets Authority (ESMA) in July. The group helps prepare regulations for the fund industry.
