FTX illustrates need for a “unified home country supervisor,” according to acting comptroller Michael Hsu Hsu shared “important lessons for crypto” in his address on preserving public trust in traditional banking According to one of the United States’ most prominent banking officials, cryptocurrency companies that operate many organizations in various nations should be under the […]
In his speech, Hsu offered “valuable lessons for crypto” on upholding global confidence from traditional banking.
“To be clear, not all global crypto players will do this. But we won’t be able to know which players are trustworthy and which aren’t until a credible third party, like a consolidated home country supervisor, can meaningfully oversee them.” Previously, Kristin Smith, CEO of the Blockchain Association, a well-known charity in the U.S. crypto industry, advocated for Congress to take charge of cryptocurrency law and turn it into a more “transparent process.” One where the entire market is “comprehensively” examined.Smith had claimed that despite the process being “extremely slow” and authorities “stepping in” in the interim, the industry wants U.S. lawmakers to lead crypto-legislation.
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