May 21, 2021

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This week, there were important virtual currency developments at two of the principal federal banking agencies, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).  Both of these developments occurred as the markets for digital currencies showed substantial volatility.  First, in testimony before Congress on Wednesday, Acting Comptroller of the Currency Michael Hsu expressed concerns about the OCC’s recent actions for digital currency companies and stated that he had “asked staff to review these actions.”[1]  Second, the FDIC published a request for information (RFI) about digital assets and the banking system.[2]  Comments on the RFI are due by July 16, 2021.

I. Office of the Comptroller of the Currency

Prior to Acting Comptroller Hsu’s appointment by Treasury Secretary Yellen, the OCC was…

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