Analysis: OCC’s Hsu is proud of saving TradFi from crypto crash – Ledger Insights
During a recent IntraFi podcast, acting Comptroller of the Currency Michael Hsu was asked about the achievements he was most proud of during his tenure at the OCC. He mentioned only two examples, including the fact that the 2022 crypto downturn did not affect the banking system.
“You have two trillions of dollars wiped out over the course of 2022 and the banking system (has) no problem. Why?,” he asked. “If you think back to 2008 with derivatives, you had a couple SIVs (structured investment vehicles) that blew up, and the whole banking system is suddenly in trouble, because it’s super interconnected.”
“And this time, we just made sure to tell banks, look, you can do crypto, but it’s got to be safe, sound…
