Crypto Industry’s Custody, Ownership Rights Are 'Fundamental Problems' That Need Solving - US Official
Categories: Crypto News US
The recent collapse of the TerraUSD (UST) stablecoin has demonstrated that custody and ownership rights are underdeveloped for the size, scope, and ambitions of the crypto industry, according to the US Acting Comptroller of the Currency Michael J. Hsu.The comptroller presented his opinion at the DC Blockchain Summit event which took place on May 24 in Washington, D.C., USA. Last month, in his remarks before the Institute of International Economic Law at Georgetown University Law Center, the comptroller discussed the architecture of stablecoins and the need to ensure interoperability between the tokens whose value is pegged to the US dollar.He argued that without interoperability between the USD-based stablecoins, “the risk of digital ecosystems being fragmented and exclusive (with walled gardens) is heightened.” The Office of the Comptroller of the Currency (OCC) is part of the US Department of the Treasury. The bureau charters, regulates, and supervises US national banks, federal savings associations, as well as federal branches and agencies of foreign banks.