A senior Federal Official, Michael Hsu, is expected to take over as head of OCC (Office of the Comptroller). However, will he use the position to influence the implementation of virtual dollar and crypto regulations?
According to the Wall Street Journal on 3rd May, Janet Yellen, US Treasury Secretary, will announce the appointment in a few weeks. Hsu will play a vital role, supervising the nation bank operations, which are about 100 in number. What is OCC and its role in regulations? Well, it is a Treasury division with a prominent influence in legal protocols. The body operates independently.
Blake Paulson, the current Comptroller, will be the new Chief Operating Officer and Deputy Comptroller. That is according to the source. Will the leader help to address wealth inequality? That is the analysts’ take on Democrat’s beliefs.
The US government is busy choosing nominees for various posts. It lately confirmed Gary Gensler as the SEC chairman.
Keep in mind that the new leadership will be effective only if the United States agrees to launch the digital dollar, CBDC. The authorities may have to cooperate with the national banks for proper currency implementation.
The US on Crypto Regulation
Do these appointments have any impact on the digital market? Sure, this is an attempt by the US governments to handle cryptocurrency regulation. Yellen indicated her wariness concerning the cryptocurrency market, responding to inflation as it affects the government’s spending strategy. Inflation is among the reasons individuals are turning to digital coins. Bitcoin has penetrated most businesses in the US, with the possibility of Bitcoin ETF coming out this year.
Authorities across the world are questioning the popularity of Bitcoin. However, institutional and retail investors are supporting the coin. Recently, Visa stated that Bitcoin has the qualities of digital gold.
Meanwhile, as Bitcoin is gaining ground in the US, the officials are working to implement regulations on this leading asset. What should we expect from Gary Gensler, the SEC Chairman, with better know-how of blockchain technology? Investors are hoping for major progress from an individual with a crypto-friendly stance.