Governmental agencies of the US are speeding up their work towards forming a joint framework for crypto regulation. Randal Quarles who is the Vice Chairman of the Federal Reserve says formulating the crypto legislation is the utmost priority of the US regulators. While Jim Himes, who is the US Senator, suggests that no crypto legislation is expected sooner, not even in a couple of years. There are serious policy matters that need to be taken care of immediately.
As per the latest development within the US regulators’ working, it has been informed that the regulators have speeded up the crypto legislation process. Randal Quarles of Fed Reserve has said that preparing the draft legislation is on the top priority agenda of the regulators. He said further that crypto is undoubtedly been misused for illicit activities and immediate action is warranted. He stated that the work is under progress which is aimed towards addressing and getting rid of the issues on an urgent basis.
Quarles pointed out that Fed Reserve is working closely with FDIC as well as OCC and soon joint crypto legislation will be presented for approval. He claimed that the proposed legislation will provide for a general regulatory structure. In addition, the structure would also provide for treatments such as operational and capital. He stressed that results are expected soon as the agenda of crypto regulation is on high priority.
Earlier during the hearing of the in-house Financial Services Committee, he made a statement that evidently contradicts his recent statement.
Meanwhile, Michael Hsu, who has recently held the reigns of OCC had lately said that he had asked his staff to review crypto standards. He claimed that this is an issue that requires immediate attention and cannot be brushed under the rug further. Later on, Quarles also endorsed Hsu’s statement and stated that they have to come up with solutions and answers as quickly as possible. The task at hand is quite doable because all the US regulators on the same page claimed Quarles.
Meanwhile, the Chairman of US SEC, Gary Gensler, had also suggested that crypto trading platforms need to be sensually regulated. They cannot be forever left to their whims and fancy said, Gensler.
But within the US House of Senators, the situation is total to the opposite. Senator Jim Himes was seen recently suggesting that crypto regulation is not a priority matter of the Government. There are serious policy matters which need to be addressed immediately. Crypto regulation is something which could wait a couple more years but it certainly cannot be neglected totally, expressed Himes.
The US is certainly in a situation where there is no consensus amongst the lawmakers and the executives of regulators.