OCC Head Reflects on BCCI, FTX Disasters By CoinEdition

• Acting Comptroller of the Currency Michael J. Hsu talks about the downfall of BCCI and FTX.
• Hsu notes the similarities between the two events.
• He also offers his insights on the implications for crypto policymakers.

Acting Comptroller of the Currency Michael J. Hsu recently held a press conference to discuss the importance of fostering trust in the global banking system.

Hsu noted that until a central regulator is in place, crypto firms with subsidiaries in multiple countries will be able to take advantage of loopholes in different jurisdictions. He also gave his support for the implementation of stricter Basel III-regulated capital requirements.

The collapse of FTX was one of the most alarming events in the crypto world. In a few short days, the exchange went from being on top of the world to becoming a cautionary tale.

The incident served as a wake-up call for regulators, who scrambled to develop a framework that would prevent a similar incident from occurring.

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