Michael Hsu, who runs a key U.S. banking agency, said the recent fiery collapse of TerraUSD (UST) and the wider drama that came with it should serve as a “wake-up call” to the industry, which he argued has grown too fast.
Hsu, the acting chief of the Office of the Comptroller of the Currency (OCC), spoke at the DC Blockchain Summit in Washington on Thursday, saying the cryptocurrency industry has an unhealthy “dependency on hype” that he thinks is getting worse.
The self-described “crypto skeptic” said he does see some benefits to the rise of digital assets, but noted he’s satisfied with his agency’s moves to ensure that it’s difficult for traditional banks to become overly exposed to crypto.
This is a developing story and will be updated.
Read more: US Senators Lummis and Gillibrand Set to Propose Crypto Oversight Bill Next Month
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