Michael Hsu, head of the U.S. Office of the Control of the Currency (OCC), “is a stablecoin publisher cryptocurrency He said companies should develop a technical standard similar to the widespread internet practice created in the early days of the internet.
“Stablecoin Holders Cryptocurrency Companies Should Agree Together and Set a Standard”
Speaking at the symposium “Artificial Intelligence and the Economy: Identifying a Path for Responsible and Inclusive Artificial Intelligence” in Washington DC, Hsu said:
“To ensure stablecoins are open and inclusive, an attempt to establish a standard similar to that done by the Internet Engineering Task Force and the World Wide Web Consortium in the early years of the internet needs to be initiated. This initiative needs representatives from not only crypto and Web3 companies, but also academia and government.”
Hsu noted that the OCC is willing to work with other government departments, such as the National Institute of Standards and Technology, for such an initiative, arguing that stablecoins are not interoperable because they lack common standards.
OCC and other US financial institutions at the US President’s Financial Markets Working Group Tether and after acknowledging that stablecoin issuers like Circle should be treated like regulated banks, they actually decided how to regulate stablecoins.
The OCC chairman is also recognized as a member of the Financial Stability Oversight Council. The Financial Stability Oversight Council is investigating whether stablecoins pose a potential risk to the US financial system.
*Not investment advice.