Share this article
Acting OCC Chief Tells Senate Panel Crypto Custody Charter Is Under Review
In testimony before the Senate Banking Committee, Michael Hsu said some past crypto initiatives had not been done “in coordination with all stakeholders.”
Updated Sep 14, 2021, 1:34 p.m. Published Aug 3, 2021, 2:53 p.m.
The acting head of the Office of the Comptroller of the Currency told a U.S. Senate committee on Tuesday morning that past crypto-related initiatives at the bank regulator are under review.
STORY CONTINUES BELOW
Michael Hsu told the Senate Banking Committee the inclusion of some crypto services in the regulator’s national trust charter was not done “in coordination with all stakeholders.” Hsu added, however, that he supported giving charters to financial technology companies.
“Put simply, denying a charter will not make the problem go away, just as granting a charter will not automatically make a fintech safe, sound and fair,” Hsu said. “I will expect any fintechs that the OCC charters to address the financial needs of consumers and businesses in a fair and equitable manner and support the important goal of promoting the availability of credit."
CORRECTION (August 3, 23:20 UTC): Hsu is the acting Comptroller of the Currency, not the acting director of the OCC.
Read more: Senate Banking Chairman ‘Concerned’ by OCC’s Crypto Charters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto industry insiders meet with key senators on market structure bill negotiation
Executives and lobbyists are attending a meeting today with Senator Tim Scott and others to hash out the ongoing talks over crypto's most important policy effort.
What to know:
- The crypto industry is have another meeting with U.S. Senate lawmakers who are working on the market structure bill.
- The legislation will return to negotiations in January, and this may mark the last big chance this year for industry representatives to clarify their positions in the talks.
Top Stories
