OCC Joins Fed for New Crypto Legislation
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- OCC joins with the Feds for new crypto legislation.
- OCC to intervene more crypto firms and establishments as intermediaries along with the Federal Reserve.
- New report on digital currency to be out soon.
The news regarding the upcoming new Digital Currency report is the mainstream topic these days amidst the crypto industry, till the launch though. As many predict and as per the current negotiations and news revelations, the new report and legislation on the digital currency is expected to be in favor for the crypto sector.
As many analysts depict once the new crypto report comes out officially, there will be a massive boom in the overall market. In spite of all this, the Office of Comptroller of the Currency (OCC) will be now joining together with the Federal Reserve to work on the new crypto report.
OCC’s Collaboration Strategies
The high official of the OCC, Michael J. Hsu points out various strategies that the OCC and the Federal Reserve have to work together to achieve the new crypto report. Significantly, he states that the entire crypto industry is worth about $2 Trillion, and so it has to be handled carefully as it is extremely sensitive.
Firstly, Michael J. Hsu states that in order to come up with a well rounded report satisfying all, certain collaborations of various prominent crypto firms are needed. This includes crypto exchanges, Non Fungible Tokens (NFT) sector, the Metaverse, and many other prominent firms from all attributes of the crypto and blockchain technology.
Secondly, he continues that the crypto industry lacks a prominent defined legal rules and regulations, being vulnerable to numerous cyber crimes, scams, hacks and much more.
Moreover, he states that if the current situation continues, most of the people and investors into crypto will lose their trust. In addition, he adds that if such an event is said to occur, then all those holding the stablecoins will withdraw their holding immediately unaffected. However, such an act will affect and completely demolish the entire crypto industry.
Besides, a few days back the Fed chair Jerome Powell even acknowledged openly that the new report will be out within weeks.
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