Fed’s Quarles Says It’s ‘High Priority’ – Regulation Bitcoin News

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U.S. government agencies are urgently working on a common regulatory framework for cryptocurrencies, confirmed Randal Quarles, vice president of the Federal Reserve. “We are working together with the OCC and the FDIC on what we call a sprint, seeking to unite views on crypto regulation.

U.S. Agencies Collaborating on a Common Regulatory Framework for Cryptocurrencies

Federal Reserve System Vice President Randal Quarles spoke of regulators’ efforts to control cryptocurrency on Tuesday, Reuters reported. Answering a question from a member of the Senate banking committee on cryptocurrency and its illegal use, Quarles referenced work done by the Office of the Supervisor of Currency (OCC) and the Federal Depository Insurance Corporation (FDIC) on this issue.

He confirmed that U.S. financial regulatory agencies are cooperating in dealing with problems related to cryptocurrency, stating:

We, together with the OCC and the FDIC, are now engaged in what we call sprinting, seeking to unite views on just that.

Quarles noted that the discussions that regulators do include a common regulatory framework, capital treatment, and operational treatment. Stressing that a common framework for oversight is a “high priority”, he said he expects to have some results “soon”.

Quarles’ statement on Tuesday reiterates what he said to Representative Tom Emmer during a Hearing at the House Financial Services Committee. Quarles and the new Interim Controller of the Currency, Michael Hsu, acknowledged that many agencies are coordinating regulatory approaches to cryptocurrencies. Hsu, who requested a review of all crypto standards at the OCC after he took office, told the committee:

This is a really really important thing. I think the growth of crypto has paid a lot of attention.

The new OCC chief revealed that before the meeting, he had discussed with Quarles and President Jelena McWilliams of FDIC “about possibly joining an interagency political sprint team just on crypto because of precisely the concerns” the committee had raised.

Quarles also said at the time:

We focus very carefully on these cryptic problems in order to have answers, common views, fairly quickly. I am sure that will be achievable.

In addition, new SEC President Gary Gensler recently said that cryptocurrency exchanges need more regulation. However Congressman Jim Himes said this week that Congress is not ready to take action on cryptocurrency and he does not expect crypto legislation past in Congress soon.

What do you think of U.S. regulators working on a common framework for cryptocurrencies? Let us know in the comments section below.

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