WASHINGTON—A cautious approach to cryptocurrencies has proven to be the right course for banks, and consumers would be wise to adopt a similar approach in their own financial lives, according to Acting Comptroller of the Currency Michael J. Hsu.
Speaking at a public meeting of the Treasury department’s Financial Literacy and Education Commission (FLEC), Hsu said the OCC’s “careful and cautious” strategy for crypto activities by banks mitigated the risk of contagion from this year’s events in the crypto markets, Pymnts.com reported.
“Years of reform and rebuilding after the 2008 financial crisis have strengthened the banking system, making it more resilient, more fair and more trustworthy,” Hsu said. “While continued improvements need to be made, this has proven valuable with the rapid rise and fall of crypto this past year.”
Hsu added that millions of people have lost money in crypto this year, according to Pymnts.com, pointing to a Nov. 10 complaint bulletin released by the CFPB that highlighted fraud, theft, account hacks and scams related to crypto assets.
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