The major economic regulators in the United States are considering creating an intergovernmental group dedicated exclusively to cryptocurrency issues.
Michael Shaw, the new head of the Bureau of Currency Control, announced that the agency is in talks with the US Federal Reserve and FDIC to create an “internal political race team” focused on “cryptocurrencies only”.
At a virtual hearing at the House Financial Services Committee, the chair of the OCC said he discussed the initiative with Deputy Federal Reserve Superintendent Randall Quarles and FBI chair Jelena McWilliams. “This is a very important question,” Shaw said.
Quarles said the Fed has worked with other agencies to develop clear rules for the cryptocurrency industry, including standard definitions, and said:
Somehow we focused so hard on these coding issues in order to get general answers and opinions fairly quickly. I am sure this can be accomplished. ”
Quarles also noted the Fed’s increasing efforts to study the central bank’s digital currency, saying that the government is actively participating in the central bank’s digital currency research in cooperation with international central banks. “These digital currency issues are important. I think we need to look closely at this, not just in this jurisdiction, but around the world,” he said.