Acting OCC head warns that ‘fools gold’ in DeFi reminds him of lead-up to GFC
While crypto has been mostly weathered past hacks, scams, and crashes, acting OCC head Michael Hsu warns the risks may be multiplying as the technology goes mainstream. Acting head of the U.S. Office of the Comptroller of the Currency (OCC) Michael Hsu has warned that the exotic financial products developed in some quarters of crypto and DeFi were reminiscent of those that precipitated the 2008 Global Financial Crisis (GFC).Speaking before the Blockchain Association on Sept. 21, Hsu warned that “innovation for innovation’s sake [...] risks creating a mountain of fool’s good,” drawing....
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The Co-Founder of Dogecoin, Billy Markus, said crypto prices are mainly driven by fools selling to even greater fools. “I agree with the greater fool theory driving most of crypto prices, but I’m honestly wondering what percent you think any crypto is purchased from utility vs greater fool theory From my viewpoint it’s about 99.99% […]
A former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks has been appointed the CEO of crypto exchange Binance.us. Brooks will lead the exchange on May 1st and replace the company’s current lead, Catherine Coley. Binance has hired an individual with ties to Washington, as the company’s American trading platform Binance.us will have Brian Brooks lead the exchange. According to the Wall Street Journal’s Alexander Osipovich, the former acting boss of the Office of the Comptroller of the Currency (OCC) will join the exchange at the end of....
Wu Zhengfu, a top-level official in the People's Bank of China, has made a public announcement that April Fools day jokes are now officially banned in the country. A formal statement, now released on the PBoC website, states that "at this stage, all public informational and media institutions must not make statements of fraudulent comedy, directly or indirectly, on the day of April 1, nor act as a platform for individuals to write such statements, nor hyperlink to such statements, nor use April 1 as the day for whimsical announcements". According to Zhengfu, the People's Bank of China does....
The head of the body in charge of overseeing U.S. banks named cryptocurrency and decentralized finance (DeFi) activity among factors contributing to disintermediation of the banking system. On Sept. 15, speaking at a meeting of the Exchequer Club — a group of senior economic and financial policy professionals headquartered in Washington, D.C. — Acting Comptroller of the Currency Michael Hsu delivered remarks on the topic of safeguarding trust in banking.In the speech, Hsu named reducing inequality, adapting to digitalization, acting on climate change and guarding against complacency as the....
It's the first of April, and while I don't particularly care to spend an hour making up a story that will probably fail to make you laugh, I leave the deed to Zappos.com, who's April Fools' Day joke is worth mentioning. Just in case you've been living under a rock, Zappos.com is a huge online shoe and clothing store. The company posted a breaking news story that may appeal to bitcoin fans: The company says it'll be issuing refunds for returns in bitcoin. CEO Tony Hsieh broke the news in front of the company's Customer Loyalty Team to silence and a few coughs. One employee jumped up in....