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News Release 2022-60 | May 24, 2022

Acting Comptroller Discusses Vulnerabilities, Volatility with Cryptocurrency

WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today discussed vulnerabilities in the cryptocurrency framework and recent volatility with stablecoins in remarks at the DC Blockchain Summit 2022. In his remarks, the Acting Comptroller discussed the fragmented ecosystem of cryptocurrency, risk of contagion, and underdeveloped custody and ownership rights. He also emphasized the Office of the Comptroller of the Currency’s careful and cautious approach to cryptocurrency to ensure the safety and soundness of the federal banking system.

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