Michael Hsu expressed concern that "we're not focusing that time (cryptocurrency) and effort on some other things," such as fintech, which he regarded as the "future."
States has voiced concerns that authorities are focusing too much on cryptocurrency rather than other crucial challenges such as technology and banking.
The crypto-skeptic OCC chairman made the remarks in an interview with a local media outlet on Oct. 13, expressing concern that crypto is taking up a lot of brain space for a lot of individuals in the regulatory world.
Hsu, the OCC's administrator for the federal banking system and top economic officer, has been at the head since May 2021.
During his tenure, he has advocated for greater oversight of crypto businesses and stablecoin standards, as well as a cautious approach to crypto legislation owing to "red flags" with the sector's rapid expansion.
“We're spending too much time on crypto, he told local media outlets, adding that it's intriguing, and has thorny issues... but I think we're now kind of overweight crypto in comparison to other technological and financial challenges.”
Hsu went on to say that there are other issues that need to be prioritized right now, notably fintech, which he said last month required immediate control to avoid a catastrophic problem or crisis owing to the sector's rapid expansion.
The OCC chairman believes that fintech is the future and that it requires adequate time and attention to let the industry thrive sustainably.
He remarked, "This is the future, so let's do it precisely."
These comments contrast sharply with Hsu's views on cryptocurrency, which he labeled as an "immature market built on an immature technology" at a lecture at a Harvard Law School roundtable on Oct. 11.
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