OCC, SEC discuss the state of cryptocurrency

In separate events, Securities and Exchange Chairman Gary Gensler and Acting Comptroller of the Currency Michael Hsu discussed efforts underway to adapt to the digitization of banking and finance and determine how fintechs, payment platforms, and digital assets fit into the regulated system. 

• In remarks before the Aspen Security Forum, Gensler voiced concern about “a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight.”
• In testimony before the Senate Banking Committee, Hsu elaborated on the formation of the Digital Asset Sprint Initiative, an interagency effort featuring a series of sprints to provide a coordinated and timely response to issues raised by rapid growth in this area.

More: ICBA offers primers on decentralized finance and stablecoins, including what they mean for community banks and their potential impact on payments.