Crypto FUD Weekly: U.S. plans cryptocurrency crackdown
Crypto FUD Weekly: U.S. plans cryptocurrency crackdown

U.S. financial authorities are preparing to actively regulate the $1.5 trillion cryptocurrency market amid growing concerns of a lack of oversight, the Financial Times reports.

Why it matters: New efforts under the Biden administration reflect a break from the Trump-era approach, in which the administration at times encouraged cryptocurrency use within the financial system.

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Michael Hsu, who was appointed this month as acting U.S. Comptroller of the Currency, told the FT that he wants U.S. officials to work together to set a "regulatory perimeter" for crypto.

Hsu testified at a congressional hearing earlier this month that, after seeing fintechs create new payment processing tools, "it is hard not to feel some dΓ©jΓ  vu" to the years preceding the 2008 financial crisis.

The new techniques give rise β€œto a large and less regulated shadow banking system," he said.

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