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Home»Regulation»Acting OCC chief says tokenization holds huge promise, but crypto is still risky
Acting OCC chief says tokenization holds immense promise, but crypto still risky
Regulation

Acting OCC chief says tokenization holds huge promise, but crypto is still risky

2023-11-08No Comments3 Mins Read
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The acting head of the US Office of the Comptroller of the currency (OCC), Michael Hsu, said he is optimistic about the transformative potential of tokenization, but remains wary of the crypto due to its high levels of risk.

Hsu made the statement during a talk during DC Fintech Week in Washington on November 7.

While he spent most of his time talking about banking supervision, he also highlighted the benefits of tokenization in streamlining the settlement of funds and securities. On the other hand, he dismissed cryptocurrencies as a speculative asset class that remains a risky business.

Tokenization is promising

Hsu believes that tokenization offers a breakthrough solution to a crucial financial challenge that has plagued the human financial system for millennia: settlement.

Hsu said:

“Tokenization aims to solve an actual problem, and that problem is the solution.”

Hsu explained that in traditional finance, every transfer of assets involves multiple intermediaries and checks to verify its validity before it can be officially settled in the recipient’s hands.

These layers of verification processes often incur additional costs that may ultimately be borne by the customer, adding an element of risk to the transaction. Furthermore, these processes are often mired in outdated systems and methodologies, causing significant delays and risks.

According to Hsu:

“Tokenization holds the promise of destroying and simplifying that – if done right.”

He added that there is increasing interest in tokenization, and the OCC is organizing a symposium on tokenization in February to lay a good foundation for the application of the technology.

Crypto is too risky

However, the acting chief’s optimism about tokenization comes with reservations about the broader cryptocurrency industry.

See also  Defi Advocacy Group urges Doj to reconsider liability for developers

Hsu highlighted the growing divide between tokenization and cryptocurrencies, characterizing the latter as primarily driven by speculative profits. He added that:

“There increasingly appears to be a divide between crypto on the one hand and tokenization of real-world assets on the other.”

The acting chief said cryptocurrencies come with all kinds of risk factors that institutions are reluctant to deal with. Hsu added that the industry is still fueled primarily by speculation and the desire to make money.

Hsu also emphasized that KYC (Know Your Customer) issues do not affect tokenization, while it is almost impossible to tell who owns a particular wallet on a blockchain. He also expressed skepticism about the illegal financial activities in the sector, saying:

“It is still full of fraud, scams and hacks.”

Hsu said technologies need to solve real problems to gain traction among the population, and that crypto is still searching for the problem it can solve.

Hsu’s position reflects the regulatory challenges facing the cryptocurrency industry, which has faced issues related to investor protection, market manipulation and the lack of clear regulatory frameworks.

Despite the innovations and opportunities within the crypto space, the prevalence of fraudulent activity is still a major concern for regulators and investors alike.

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